This bill proposes the establishment of an Office of Entrepreneurship within the Office of Economic Development in West Virginia. It introduces a new article, designated as 5B-2P, which outlines the purpose and functions of the Office. The Office of Entrepreneurship will focus on strengthening policies and programs that support the growth of entrepreneurship across various demographic segments and geographic areas. It will also provide technical support and resources to entrepreneurs, particularly those who have been in operation for not more than five years, and serve as a point of contact for these businesses in their interactions with state agencies.

Additionally, the bill mandates the Office of Entrepreneurship to submit an annual report to the Legislative Commission detailing the number and dollar amount of state contracts awarded to newer businesses, including demographic breakdowns and recommendations for improving access to state contracts. The Office is encouraged to ensure that at least five percent of state contracts are awarded to businesses that have been operating for five years or less and are based in West Virginia. Furthermore, all records and communications of the Office will be kept confidential and not considered public records.

Statutes affected:
Introduced Version: 5B-2P-1, 5B-2P-2, 5B-2P-3, 5B-2P-4, 5B-2P-5, 5B-2P-6