For purposes of this article, the following terms shall be defined as follows:
(a)“Accelerate California: Inclusive Innovation Hub” is a network of interrelated firms, local governments, economic development organizations, educational entities, and industry professionals that collectively drive economic growth within a defined geographic area and for defined underserved business owners and underserved markets that are selected by the office and is responsible for all of the following:
(1)Carrying out the state’s objectives of
the Accelerate California: Inclusive Innovation Hub Program.
(2)Serving as the primary agent responsible for coordinating services and resources and maintaining the Accelerate California: Inclusive Innovation Hub agreement with the office.
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For purposes of this article, the following terms shall be defined as follows:
(a)
“Accelerate California: Inclusive Innovation Hub” is a network of interrelated firms, local governments, economic development organizations, educational entities, and industry professionals that collectively drive economic growth within a defined geographic area and for defined underserved business owners and underserved markets that are selected by the office and is responsible for all of the following:
(1)
Carrying out the state’s objectives of
the Accelerate California: Inclusive Innovation Hub Program.
(2)
Serving as the primary agent responsible for coordinating services and resources and maintaining the Accelerate California: Inclusive Innovation Hub agreement with the office.
(3)
Serving as the primary liaison to the state and the office.
(b)
“Accelerate California Entrepreneurship Fund” means the program administered by the office to award acceleration grants to entrepreneurs and small businesses participating in the Accelerate
California: Inclusive Innovation Hubs.
(c)
“Applicant” means one or more entities that submit an application to the office. Eligible applicants shall be one or more of the following:
(1)
A fully accredited institution of higher education.
(2)
A private nonprofit corporation engaged in economic development activities.
(3)
A county or municipality in this state that has a preexisting economic development department or program or both.
(4)
A public economic development institution such as
a workforce investment board or an economic development corporation.
(5)
A Community Economic Resilience Fund regional stakeholder.
(d)
“Community Economic Resilience Fund Region” means a region established pursuant to Section 14531 of the Unemployment Insurance Code.
(e)
“GO-Biz” means the Governor’s Office of Business and Economic Development.
(f)
“Office” means the California Office of the Small Business Advocate within GO-Biz.
(g)
“Underserved” means, with respect to geographic areas and business owners, currently or have historically experienced relatively limited access to resources, such as early-state investment capital, technical assistance, mentorship, financial services, community engagement, and investment.
(1)
Underserved geographic areas shall include low-wealth or rural regions, or regions designated or otherwise termed as disadvantaged by a federal entity.
(2)
Underserved business owners shall include entrepreneurs and the owners of startup businesses that are women, minority, formerly incarcerated, disabled, or veterans. For purposes of this paragraph, “startup” means a company in the first stages of operations, such as prerevenue and proof of concept. “Startups” may be founded by one or more entrepreneurs who want to develop a product or service for which they believe there is demand. “Startups” generally start with high costs and limited revenue and typically look for capital from a variety of sources, such as angel or venture capitalists.