The state of Missouri is set to experience a significant boost in entrepreneurship with the recent signing of the Right to Start Act into law. This legislation, part of a nationwide initiative with roots in Kansas City, aims to eliminate barriers for new entrepreneurs and overlooked business owners, ultimately energizing the state’s economy. Advocates of the bill, including Missouri Sen. Travis Fitzwater, believe that advancing entrepreneurship will benefit all Missourians by prioritizing startup businesses and providing essential tools for their success.
Governor Mike Parson signed the Right to Start Act (SB 894 and 825) on Tuesday, with the law set to take effect on August 28, 2024. The bipartisan support for the legislation in both the Missouri House and Senate highlights the widespread public and political backing for fostering entrepreneurship in the state. The creation of an Office of Entrepreneurship within the Missouri Department of Economic Development is a key provision of the Act, aimed at promoting policies and initiatives to support the growth of small businesses with less than 10 employees.
The Right to Start initiative, led by economic growth expert Victor W. Hwang, is a national effort to make entrepreneurship a civic and community priority. Missouri’s adoption of the Right to Start Act makes it the second state, after Nevada, to enact such legislation and create an Office of Entrepreneurship. Hwang commended Missouri for its leadership in supporting entrepreneurship and emphasized the importance of continuing to advance entrepreneurship at the state level.
The Act includes several stipulations to support new businesses in Missouri, such as requiring the Commissioner of Administration to report on contracts awarded to businesses operating for less than three years. Additionally, recommendations will be made to improve access and resources for minority-owned, women-owned, and veteran-owned businesses. These measures aim to create a more inclusive and supportive environment for startups and young companies in the state.
Jason Grill, chief government affairs officer for Right to Start, highlighted the growing momentum of the initiative at various levels of government. Policy recommendations and Right to Start Acts are being considered across the country, reflecting the increasing recognition of the economic impact and importance of entrepreneurship. Efforts to reduce barriers and support new businesses are gaining traction, with a focus on fostering innovation and job growth.
One of the longstanding priorities of the Right to Start initiative is non-compete reform, which aims to remove barriers for entrepreneurs looking to start new businesses. The recent announcement by the Biden Administration to ban non-compete agreements was welcomed by Hwang and Right to Start, as these agreements have historically hindered entrepreneurship and job creation. The decision is expected to benefit new business startups and job growth, aligning with the goal of fostering a more vibrant entrepreneurial ecosystem in America.
In conclusion, the signing of the Right to Start Act in Missouri marks a significant step towards supporting entrepreneurship and removing barriers for new businesses in the state. With bipartisan support and a focus on creating a more inclusive environment for startups, the Act is expected to drive economic growth and innovation in Missouri. As the momentum of the Right to Start initiative continues to grow nationally, the future looks promising for aspiring entrepreneurs and overlooked business owners in Missouri and beyond.
