April 23, 2008 - The House Special Committee on Small Business today heard and passed HB 2555, a bill sponsored by Representative David Pearce that would establish an Entrepreneurial Development Council and fund. A companion bill was filed in the Senate by Senator Frank Barnitz.The purpose of the legislation is to provide a mechanism for entrepreneurs of all sizes to join together to protect their intellectual property interests such as copyrights, patents and trademarks. Witnesses cited examples where small entrepreneurs were cheated out of the benefit of their inventions by larger interests with the financial ability to support lengthy litigation processes, resulting in small business failure and loss of good ideas born in Missouri to interests in other states and countries. In one case, even the Federal government had allegedly infringed on a patent on a defense article, according to one witness.
The bill would establish a council appointed by the Governor and establish a fund that could accept appropriations, gifts, and registration fees for entrepreneurs. Entrepreneurs wishing to avail themselves of the protection afforded by the Council would need to register and pay a registration fee. The fund would be used to help defend intellectual property of registered entrepreneurs and would be allowed to make low interest loans and grants to assist those registered with marketing and other start up costs.
The bill was supported by several witnesses including Ben Jones, President-elect of the MEDC and President of America's Heartland Economic Partnership, Ray McCarty representing Associated Industries of Missouri and the Missouri Economic Development Council, and several entrepreneurs and professors. There was no opposition expressed to the Committee and the bill was approved on a unanimous vote.
