Entrepreneur resource network

Thinking about starting your own business? You may get some help from a new law.

Sponsored by Rep. Julie Bunn (DFL-Lake Elmo) and Sen. Terri Bonoff (DFL-Minnetonka), a new law will establish a website where entrepreneurs can access both public and private resources to help establish and grow their businesses.

The Minnesota Entrepreneur Resource Virtual Network will be created to provide small business owners with access to technical assistance, grants and other support services. As stated in the law, the network is designed to assist in the creation of new Minnesota ventures, the growth of existing businesses, and the ability of Minnesota entrepreneurs to compete globally.

The network will be established under the umbrella of the Department of Employment and Economic Development; however, no state money will be used. Instead, the law asks DEED to seek private funding to establish the network.

A report to the Legislature is required by Sept. 30, 2010, on progress made toward establishing the network.

The law will leverage an existing collaboration between DEED and the Minnesota Chamber of Commerce called “BusinessConnection,” which provides general information to aspiring business owners.

Bunn said her bill can be considered “phase two” of what BusinessConnection represents. The new phase will include an upgraded interface for the website, among other things. Bunn said an eventual “phase three” — a true one-stop shop for starting, registering, licensing and growing businesses — is hoped for at some point in the future.

Signed April 30 by Gov. Tim Pawlenty, the law is effective May 1, 2010.

HF2839/ SF2758*/CH283