Swalwell Introduces Bill to Encourage Entrepreneurship among College Students

November 10, 2015
Press Release
Legislation would establish competitive grant program to fund university business incubators

WASHINGTON, DC – U.S. Representative Eric Swalwell (CA-15) introduced the Start-Up America’s Students Act, a bill that would create a competitive grant program to establish, expand, or improve business incubators operated by or affiliated with universities and colleges. Swalwell is the chair of the Future Forum, a group of the youngest Democratic Members of Congress focused on issues and opportunities for millennial Americans. Future Forum members Derek Kilmer (D-WA), Patrick Murphy (D-FL), Ruben Gallego (D-AZ), and Hakeem Jeffries (D-NY) joined as original cosponsors.

“Because of rising student loans, entrepreneurship among young Americans is at 24-year-low. We shouldn’t let student loan debt hold millennials back from pursuing their entrepreneurial dreams,” said Swalwell. “Universities and colleges can provide the perfect environment to foster innovation and entrepreneurship. However, many schools lack the resources to invest in an incubator. I’m honored to join my Future Forum colleagues to introduce the Start-up America’s Students Act to give more students opportunities to get businesses off the ground.”

University business incubators (UBI) are defined as facilities on college campuses that provide shared spaces, resources, guidance, and assistance in creating and growing student-owned small businesses. For example, at UBIs across the country, students can work with university faculty and local business owners to learn valuable lessons about running a business. This bill would create the first ever competitive grant program within the Small Business Administration to specifically fund college business incubators.

Swalwell today is touring the Qualcomm Institute, a business incubator affiliated with University of California, San Diego with local Rep. Scott Peters (D-CA). Following the tour, they will host a Future Forum interactive town hall for UCSD students.