Senate Bill 245 Summary

• Amends the Delaware Strategic Fund and Delaware Technical Innovation Fund to allow institutions of higher education to help foreign-born student entrepreneurs obtain proper legal immigration status, including Optional Practical Training (OPT) and H1-B/EB-2 visas.

• Adds a new duty for the Division under the Delaware Technical Innovation Program to coordinate with Delaware institutions of higher education to identify and sponsor legal status for entrepreneurs who are current graduate students or graduated within the last three years.

• Allows the Delaware Strategic Fund to coordinate with higher education institutions for business retention, expansion, recruitment, and formation purposes while assisting with immigration status sponsorship.

• Encourages creation and development of new businesses and technologies in Delaware by leveraging existing funding frameworks without establishing a new program or requiring additional funding.

• Models the amendments after Global Entrepreneur in Residence Programs successfully operating at thirteen universities in six states.