The proposed legislation, known as the Business Innovation and Startup Act, aims to enhance economic development in Nebraska by establishing the Office of Business, Entrepreneurship, and Innovation within the Department of Economic Development. This office will focus on creating policies and programs to support innovation and entrepreneurship, particularly in underserved demographic segments and geographic areas. It will also assist businesses that have been operating for five years or less in their interactions with state government and will be responsible for preparing annual reports detailing the impact of state legislation on business and entrepreneurship, as well as strategic goals for the future.

Additionally, the bill encourages state agencies and local workforce development boards to allocate a percentage of contracts and funding to new businesses and those providing services to them. Starting July 1, 2026, the legislation promotes the elimination of business license and registration fees for new businesses and mandates that a portion of state investment funds be directed towards venture capital funds that invest in businesses under five years old. Overall, the act seeks to foster a supportive environment for new businesses in Nebraska, ensuring they have access to necessary resources and opportunities for growth.