In order to promote new, small businesses in our state, establish a state-funded, business incubation program that will both fund and mentor new owners of small businesses.
Applicants will submit their business plans to a review panel for admission into the program. Once accepted, the program will offer a small grant as seed money for the business, and the program will offer mentorship to the business owners/managers. After each round of incubation, the business will be evaluated for continued viability, and with each new round of incubation, an additional low-interest, small business loan will be offered.
The program will be structured so that bad ideas fail quickly and successful ideas largely fund the program (before being released of their contract).
When relevant, intellectual property generated as a result of the program funding will become public domain. Encourage unemployed workers (with appropriate experience, education, etc) to participate in this program.