What's happening
This bill promotes and supports "encore entrepreneurship," helping New Yorkers age 50+ start small businesses through education, training, and advisory committees.
Why it matters
Addresses unique challenges and opportunities for New Yorkers aged 50+. by requiring education and training tailored to their needs as they transition into entrepreneurship, recognizing that older adults may face different barriers or possess different strengths compared to younger entrepreneurs.
Establishes a formal advisory committee. with representatives from economic development, small business support, senior organizations, and experienced "encore entrepreneurs," ensuring that policymaking and recommendations reflect the real-world needs and insights of older adults starting businesses.
Could foster economic inclusion and workforce engagement among older adults. by promoting small business creation, which can supplement retirement income, combat age discrimination in traditional employment, and tap into the experience and networks of an aging workforce.
May stimulate local economies and job creation. by encouraging the growth of small businesses (defined as fewer than 50 employees), potentially leading to increased employment and community development, especially as New York’s population ages.
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Who cares
New Yorkers age 50 or older starting their first small business
The bill would provide education, training and resources tailored to their transition from work, retirement or another life status into entrepreneurship.
State Office for the Aging and Department of Economic Development
The bill would require joint recommendations on expanding encore entrepreneurship and direct the department to implement an education and training program.
Economic development professionals and small business support specialists
They would be included on an advisory committee established to help develop recommendations for expanding encore entrepreneurship.
Senior citizens organizations and successful encore entrepreneurs
They would have seats on the advisory committee helping shape recommendations to the governor and Legislature.
Headline styles
Help Seniors Start Businesses
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to aging
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
7939
IN SENATE
March 4, 2020
Introduced by Sen. MAY -- read twice and ordered printed, and when printed to be committed to the Committee on Aging
AN ACT to amend the elder law and the economic development law, in relation to encore entrepreneurship
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subdivisions 15 and 16 of section 202 of the elder law, subdivision 15 as amended by section 31-b of part AA of chapter 56 of the laws of 2019 and subdivision 16 as added by chapter 455 of the laws of 2016, are amended and a new subdivision 17 is added to read as follows:
15. to periodically, in consultation with the state director of veterans' services, review the programs operated by the office to ensure that the needs of the state's aging veteran population are being met and to develop improvements to programs to meet such needs; [and]
16. to the extent appropriations are available, and in consultation with the office of children and family services, conduct a public education campaign that emphasizes zero-tolerance for elder abuse. Such campaign shall include information about the signs and symptoms of elder abuse, identification of potential causes of elder abuse, resources available to assist in the prevention of elder abuse, where suspected elder abuse can be reported, contact information for programs offering services to victims of elder abuse such as counseling, and assistance with arranging personal care and shelter. Such campaign may include, but not be limited to: printed educational and informational materials; audio, video, electronic, other media; and public service announcements or advertisements[.]; and
17. to, in cooperation with the department of economic development, make recommendations to the governor and legislature on expanding encore entrepreneurship in the state, to empower individuals fifty years of age or older to establish small businesses. The director and the president of empire state development shall establish an advisory committee to carry out the provisions of this subdivision. Such committee shall include, but not be limited to, economic development professionals,
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD10777-02-0
S. 7939 2
small business support specialists, senior citizens organizations, and successful encore entrepreneurs. For purposes of this subdivision the term "encore entrepreneur" shall mean a person fifty years of age or older who is starting a small business for the first time, and the term "small business" shall mean a business that is located within the state, independently owned and operated and employs not more than fifty persons.
§ 2. Section 134 of the economic development law is amended by adding a new subdivision 13 to read as follows:
13. initiate and implement a program to provide education and training specific to the needs of individuals fifty years of age or older regarding the transition from a current job, retirement or other life status to an encore entrepreneur and small business developer. Such program shall address the unique issues faced by such entrepreneurs and identify and disseminate helpful and relevant information and resources to assist such individuals with such transition. For purposes of this subdivision the term "encore entrepreneur" shall mean a person fifty years of age or older who is starting a small business for the first time, and the term "small business" shall mean a business that is located within the state, independently owned and operated and employs not more than fifty persons.
§ 3. 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.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
Title of bill
An act to amend the elder law and the economic development law, in relation to encore entrepreneurship
Purpose
This bill directs the Office for the Aging and the Department of Econom- ic Development to expand encore entrepreneurship in the state, to empower individuals fifty years of age or older to establish first time small businesses.
Summary of provisions
Section 1 adds a new subdivision 17 to section 202 of the elder law to ask the Office for the Aging, in coordination with the Department of Economic Development, to establish a task force to make recommendations to the governor and the legislature to empower individuals fifty years of age and older in establishing small businesses. Establishes a defi- nition of encore entrepreneur as a person fifty years of age or older who is starting a small business for the first time.
Read the full memo (630 words)
Section 2 adds a new subdivision 13 to section 134 of the economic development law to require that the Division of Small Business establish a program to provide education and training specific to the unique needs of encore entrepreneurs as defined in section 1 and that addresses their unique issues. Establishes a definition of encore entrepreneur as a person fifty years of age or older who is starting a small business for the first time.
Section 3 establishes the effective date.
Justification
While entrepreneurship commonly is viewed as young people'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 will make New York a leader in supporting encore entrepre- neurs. It would bring together the NYS Office for the Aging and Empire State Development to implement innovative programming and information to support this growing population of small business owners. First, it asks SOFA and ESD to create a task force made up of economic development professionals, small business support specialists, senior citizens organizations, and successful entrepreneurs to develop recommendations for the governor and legislature. Second, it requires ESD's Division of Small Business to initiate and implement a program to provide education and training specific to the unique needs of encore entrepreneurs to help their successful transition into their new enterprise.
Legislative history
New bill.
Fiscal implications
To be determined.
Effective date
90 days after becoming law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.