Assembly Commerce and Economic Development Committee Statement to Assembly, No. 4751 (October 20, 2022)

Summary

An Assembly Commerce and Economic Development Committee statement to Assembly, No. 4751, State of New Jersey, dated October 20, 2022, reporting the bill favorably. The bill requires the NJ Business Action Center in the Department of State to establish a mentorship program matching experienced entities with new entities. Mentors would be encouraged to share experiences of transitioning to a new form of commerce, such as from brick-and-mortar to online, and ways to avoid common pitfalls. The center is to seek help from chambers of commerce to recruit participants and set terms including minimum quarterly and in-person meetings.

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ASSEMBLY COMMERCE AND ECONOMIC DEVELOPMENT COMMITTEE

STATEMENT TO

ASSEMBLY,
No. 4751

STATE
OF NEW JERSEY

DATED: OCTOBER
20, 2022

The Assembly Commerce and Economic Development Committee
reports favorably Assembly Bill No. 4751.

This bill requires the NJ Business Action Center, in
the Department of State, to establish a mentorship
program to match entities with experience in particular areas with new
entities seeking to learn from entities that are experienced in those areas.

The goal of the program is to facilitate the sharing
of knowledge to confront common challenges in an evolving economy. Under the
program, participating mentor entities will be encouraged to share with mentee
entities those mentor entities’ experiences transitioning to a new form of
commerce, such as transitioning from brick-and-mortar to online or
transitioning to the sale of a product or service that the mentor entity did
not previously have experience selling, and suggestions to avoid common
pitfalls when transitioning to a new form of commerce.

The bill requires the center to seek the assistance of
chambers of commerce and other local organizations to solicit the participation
of businesses in the program and to compile a list of mentor and mentee
businesses to be matched by the center. The center is also required to
establish the terms and conditions by which entities may participate in the
program including requirements for minimum quarterly and in-person meetings
between mentor and mentee entities.

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