California Techquity Innovation Program.

Existing law establishes the Office of Small Business Advocate (CalOSBA) within the Governor's Office of Business and Economic Development to advocate for causes of small business and to provide small businesses with the information they need to survive in the marketplace. Existing law prescribes the duties and functions of the Small Business Advocate, who is also the Director of CalOSBA. This bill would, upon appropriation by the Legislature for the purposes of these provisions, establish the California Techquity Innovation Program, to be administered by CalOSBA, to provide grants to advance equity in technology-based business and finance sectors in California. The bill would specify that grants would be awarded for expansion or operation of technology incubators, technical assistance, professional coaching, mentoring, workforce training initiatives, and research, as specified. The bill would establish the California Techquity Innovation Program Fund for purposes of supporting the program. The bill would require CalOSBA to establish guidelines in order to maintain oversight of the California Techquity Innovation Program, including, but not limited to, guidelines for grant approval, program operations, and reporting by grant recipients, as specified. The bill would require the office to annually report to the Legislature on programs and activities undertaken pursuant to these provisions and to post that report on its internet website.