What's happening
This bill establishes a statewide education and training program to help New Yorkers aged 50 and older become entrepreneurs and small business developers.
Why it matters
Expands economic opportunity for older adults. by targeting New Yorkers aged 50 and over, a group often overlooked in workforce development, to help them build new careers as entrepreneurs, potentially reducing age-related unemployment or underemployment.
Ensures statewide access. by requiring the program to be available in every economic development region, addressing geographic disparities and making it easier for older residents in both urban and rural areas to participate.
Promotes active participation and visibility. by mandating outreach and information sharing on the department’s official website, which could help increase awareness and encourage more older adults to consider business ownership.
Aims to boost the small business sector. by specifically encouraging and supporting later-in-life entrepreneurship, which can bring diverse experience and stability to New York’s economy while addressing demographic shifts such as an aging population.
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Who cares
Headline styles
Train Older Adults as Entrepreneurs
Plain English, a few words. Used as the page title.
Sponsors
History
- Substituted by A7206
- Advanced to third reading
- 2nd report cal.
- 1st report cal.731
- Reported and committed to finance
- Referred to commerce, economic development and small business
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Train Older Adults as Entrepreneurs
Vetoed · Sponsor Albert A. Stirpe
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
4575
2019-2020 Regular Sessions
IN SENATE
March 15, 2019
Introduced by Sen. MAY -- read twice and ordered printed, and when printed to be committed to the Committee on Commerce, Economic Development and Small Business
AN ACT to amend the economic development law, in relation to establishing a program to provide education and training to individuals fifty years of age and older regarding the transition to an entrepreneur and small business developer
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subdivision 47 of section 100 of the economic development law is renumbered subdivision 48 and a new subdivision 47 is added to read as follows:
47. to develop and implement a program to provide education and training to individuals fifty years of age and older regarding the transition from a current job, retirement or other life status to an entrepreneur and small business developer. Such education and training program shall be available in each economic development region of the state established in article eleven of this chapter, and shall be designed to encourage and increase participation by such individuals in the development of small businesses in this state, as defined in section one hundred thirty-one of this chapter. Information regarding such training program shall be made available on the official website of the department.
§ 2. This act shall take effect on the ninetieth day after it shall have become a law. Effective immediately, the addition, amendment and/or repeal of any rule or regulation necessary for the implementation of this act on its effective date are authorized to be made and completed on or before such date.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD10777-01-9
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
Title of bill
An act to amend the economic development law, in relation to establishing a program to provide education and training to individuals fifty years of age and older regarding the transition to an entrepreneur and small business developer
Purpose
The purpose of this bill is to encourage and increase participation in small business development by individuals age 50 or older.
Summary of provisions
Section 1: adds a new subdivision 47 to section 100 of the economic development law instructing the commissioner to develop education and training for individuals 50 years of age and older regarding transitions into life as an entrepreneur and small business developer. The bill provides that such training will be made available in each economic development region of the state and that information about the training will be made available on the department's website.
Section 2: Establishes the effective date. Allows for immediate addi- tion, amendment, or repeal of rules or regulations necessary for imple- mentation.
Justification
While entrepreneurship commonly is viewed as a young person's pursuit, survey data in recent years shows a growing trend among those aged 50 and older of starting their own business or entrepreneurial venture. In fact, the Ewing Marion Kauffman Foundation in 2014 found the same .percentage of new businesses were started by older entrepreneurs-those age 60 and up-as by those between 18 and 29. The Kauffman Foundation also reports that over the last two decades, the share of new entrepre- neurs between 55 and 64 nationwide increased more than for any other age range; this share of new entrepreneurs in this age group grew from less than 15 percent in 1996 to more than 25 percent in 2016. In New York City alone, chambers of commerce and other groups that work with aspir- ing business owners report that city residents over age 50 have grown from a very small slice of their clientele to one-quarter or more.
Seniors who start their own businesses often have several advantages over their younger counterparts, including significant years of work experience and deep networks. Their start-ups create new jobs, open up previously held jobs to younger applicants, boost the economy and gener- ate new tax revenue. Studies show "encore entrepreneurship" also can promote good health and delay the need for seniors to tap into tax-fund- ed social support systems. As our population statewide continues to age, the trend toward encore entrepreneurship will likely become even more pronounced. Yet no formal programs or services are in place to support aspiring senior entrepreneurs' unique needs, which can range from the most basic "how-tos" to expanded technology skill sets. This bill would require development of programs and services geared to supporting those age 50 and older-many of whom may have spent decades working for others-who want to transition into starting up their own business venture.
Legislative history
New bill FISCAL IMPLICATIONS:
To be determined
Effective date
90 days after enactment
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.