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LB 100

Adopt the Business Innovation and Startup Act

109th Legislature (2025-2026) Introduced by Beau Ballard and 2 co-sponsors

Establishes a Nebraska Office of Entrepreneurship to boost startups five years or younger with targeted funds, contracts, licenses relief, and 5% allocation goals.

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Bill Summary · LB 100

Summary of LB100 — Adopt the Business Innovation and Startup Act

Purpose and Intent

LB100 establishes a dedicated Office of Entrepreneurship, Innovation, and Startups within the Nebraska Department of Economic Development. The core goal is to support and strengthen the state's entrepreneurship ecosystem by building infrastructure, expanding collaboration, and improving access to resources and capital—particularly for startups and underserved regions/demographics. The act emphasizes serving small, young businesses (generally those in operation five years or less) and aligning state policy with broader economic development objectives.

Key Provisions

Section 1: Short Title

  • The act may be cited as the “Business Innovation and Startup Act.”

Section 2: Creation and Duties of the Office

  • Creates an Office of Entrepreneurship, Innovation, and Startup Development within the Department of Economic Development.
  • Staffing: The office must employ at least one full-time employee and other personnel to develop and strengthen policies and programs supporting innovation and entrepreneurship statewide, including for underserved groups and areas.
  • Functions:
    • Collaborate with stakeholders to support entrepreneurship, technical assistance, and access to capital.
    • Serve as a learning hub and point of contact for businesses five years old or younger interacting with state government.
  • Reporting: An annual report due by July 1 each year (beginning 2026) covering:
    • Impacts of recent state legislation on business, innovation, and entrepreneurship.
    • Office efforts to support and grow businesses.
    • Strategic goals for the current year and next five years.

Section 3: Legislative and Agency Reporting on Young Businesses

  • By July 1, 2026 and annually thereafter, the Director of Economic Development must file a report on:
    • Number and dollar value of state contracts awarded to young businesses (under five years) and a geographic/demographic breakdown.
    • Percentage of contracts and total contract value going to young businesses.
    • Recommendations to improve access to state contracts for Nebraska-based young businesses, including underserved groups.
  • Policy Goal: Beginning July 1, 2026, state agencies are encouraged to award 5% of total state contracts to young Nebraska-based businesses.

Section 4: Workforce Development Reporting

  • By July 1, 2026 and annually thereafter, the Commissioner of Labor must report:
    • The share of workforce development funding allocated to helping individuals start new businesses or to entities/services aiding young businesses (under five years) in Nebraska.
    • The total dollar amount available for such activities.
  • Policy Goal: Beginning July 1, 2026, 5% of workforce development funding is encouraged to support programs/entities aiding young startups or services for them.

Section 5: Economic Development Funds Reporting

  • By July 1, 2026 and annually thereafter, the Director of Economic Development must report:
    • The percentage and total dollars of economic development funds awarded to young startups or to entities/services aiding them.
    • Encouragement to allocate 5% of economic development funds to these groups starting 2026 onward.

Section 6: Business Licenses and Registrations

  • Beginning July 1, 2026, state agencies and political subdivisions are encouraged to eliminate business licenses and registrations for enterprises with their principal place of business in Nebraska (i.e., reduce regulatory barriers for startups).

Section 7: Venture Capital Investment

  • Beginning July 1, 2026, the state investment officer is encouraged to invest up to 5% of investable state funds in venture-capital funds that commit to investing dollar-for-dollar in Nebraska-based startups under five years old.
  • This provides a potential capital pathway to early-stage startups.

Affected Parties

  • Startups and businesses ≤5 years old, especially those in Nebraska and in underserved geographic/demographic segments.
  • State agencies, departments (notably Economic Development and Labor), and local workforce development boards.
  • Venture capital and investment entities participating in state-backed or state-facilitated programs.
  • General contractors and suppliers through state procurement leverage for young businesses.

Procedural and Timeline Highlights

  • Introduced: January 10, 2025.
  • Hearing: January 27, 2025 (Committee: Business and Labor; Chair: Senator Kathleen Kauth).
  • Fiscal notes available: January 24, 2025 and January 28, 2025.
  • Provisions become increasingly actionable beginning July 1, 2026 (annual reporting, 5% contract/funding allocation targets, license/registration changes, and venture capital investment criteria).

Fiscal Notes (Overview)

  • Separate fiscal notes exist for LB100, with dates in late January 2025. They likely assess the cost of establishing the new office, reporting requirements, and programmatic funding implications. Details are not provided here but are available as part of the bill’s fiscal documentation.

This summary captures the bill’s aims to foster Nebraska entrepreneurship through a dedicated office, targeted reporting, regulatory relief, and a push to direct more state contracts, workforce funds, and economic development dollars toward young, Nebraska-based startups.

Compiled from official sources — confirm details with the bill’s official record.

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