A bill to strengthen entrepreneurial education, and for other purposes.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Today's Entrepreneurs are America's 
Mentors Act'' or the ``TEAM Act''.

SEC. 2. DEFINITIONS.

    In this Act--
            (1) the terms ``Administration'' and ``Administrator'' mean 
        the Small Business Administration and the Administrator 
        thereof, respectively; and
            (2) the term ``small business concern'' has the meaning 
        given that term under section 3 of the Small Business Act (15 
        U.S.C. 632).

SEC. 3. OFFICE OF ENTREPRENEURIAL EDUCATION.

    (a) In General.--The Small Business Act (15 U.S.C. 631 et seq.) is 
amended--
            (1) by redesignating section 45 (15 U.S.C. 631 note) as 
        section 46; and
            (2) by inserting after section 44 (15 U.S.C. 657q) the 
        following:

``SEC. 45. ENTREPRENEURIAL EDUCATION.

    ``(a) Office of Entrepreneurial Education.--
            ``(1) In general.--There is in the Administration an Office 
        of Entrepreneurial Education, which shall develop and provide 
        innovative entrepreneurial information, education, and 
        resources, to promote prospective entrepreneurs and successful 
        small business concerns.
            ``(2) Director.--The head of the Office of Entrepreneurial 
        Education is the Director of the Office of Entrepreneurial 
        Education, who shall report to the Associate Administrator for 
        Entrepreneurial Development.
            ``(3) Duties.--The Director of the Office of 
        Entrepreneurial Education shall--
                    ``(A) manage the online courses, online 
                publications, and other online resources provided by 
                the Administration to entrepreneurs and small business 
                concerns;
                    ``(B) manage the youth entrepreneurship programs of 
                the Administration, including--
                            ``(i) online resources for youth 
                        entrepreneurs; and
                            ``(ii) coordination and outreach with 
                        entrepreneurial development service providers 
                        that provide counseling and training to youth 
                        entrepreneurs desiring to start or expand small 
                        business concerns;
                    ``(C) coordinate with nonprofit and other private 
                sector partners to share educational materials on money 
                management and financial literacy for entrepreneurs and 
                small business concerns; and
                    ``(D) provide assistance and courtesy services to 
                individuals and foreign dignitaries visiting the United 
                States who are interested in issues relating to 
                entrepreneurs and small business concerns.
    ``(b) National Primary and Secondary School Entrepreneurial 
Education Program.--
            ``(1) In general.--Not later than 1 year after the date of 
        enactment of the Today's Entrepreneurs are America's Mentors 
        Act, the Associate Administrator for Entrepreneurial 
        Development (referred to in this subsection as the `Associate 
        Administrator') shall establish a program under which the 
        Associate Administrator may make grants to nonprofit 
        organizations, including small business development centers, 
        SCORE chapters, women's business centers, and other resource 
        partners of the Administration, to provide technical assistance 
        to primary and secondary schools for the development and 
        implementation of curricula and mentoring programs designed to 
        promote entrepreneurship.
            ``(2) Application.--A nonprofit organization desiring a 
        grant under this subsection shall submit to the Associate 
        Administrator an application that contains--
                    ``(A) a description of the goals of the project to 
                be funded using the grant;
                    ``(B) a list of any partners that plan to 
                participate in the project to be funded using the 
                grant; and
                    ``(C) any other information that the Associate 
                Administrator determines is necessary.
            ``(3) Report.--Not later than 1 year after the date on 
        which a nonprofit organization receives a grant under this 
        subsection, the nonprofit organization shall submit to the 
        Associate Administrator a report that describes--
                    ``(A) the individuals assisted using the grant;
                    ``(B) the number of jobs created or saved through 
                the use of the grant; and
                    ``(C) any other information concerning the use of 
                the grant that the Associate Administrator may require.
            ``(4) Authorization of appropriations.--There are 
        authorized to be appropriated to carry out this subsection 
        $3,000,000 for each of fiscal years 2013, 2014, and 2015.''.
    (b) Report on Best Practices of Entrepreneurial Education and 
Training Programs.--
            (1) Report required.--Not later than 180 days after the 
        date of enactment of this Act, the Director of the Office of 
        Entrepreneurial Education shall submit to the Committee on 
        Small Business and Entrepreneurship of the Senate and the 
        Committee on Small Business of the House of Representatives a 
        report that describes best practices of entrepreneurial 
        education and training programs throughout the United States.
            (2) Contents.--The report submitted under paragraph (1) 
        shall include--
                    (A) a description of any programs that the Director 
                of the Office of Entrepreneurial Education determines 
                are exemplary, including national programs, regional 
                programs, State programs, and local programs; and
                    (B) a summary of entrepreneurial education and 
                training programs carried out by--
                            (i) the Federal Government;
                            (ii) State and local governments; and
                            (iii) as nonprofit organizations and 
                        private sector groups.

SEC. 4. MASTER OF BUSINESS ADMINISTRATION SCHOLARSHIP PILOT PROGRAM.

    (a) In General.--The Administrator may award not more than 100 
scholarships of not more than $1,500 on a merit-reviewed, competitive 
basis to students who are pursuing a Masters of Business Administration 
degree.
    (b) Requirements.--
            (1) Agreement to provide assistance.--A student receiving a 
        scholarship under subsection (a) shall enter into an agreement 
        with the Administrator under which the student shall, during 
        the fiscal year during which the student receives the 
        scholarship, provide free technical assistance, counseling, and 
        other assistance to small business concerns and entrepreneurs 
        on a full-time basis for a period of 1 or 2 weeks.
            (2) Requirements.--The Administrator shall ensure that--
                    (A) not less than 50 percent of the students 
                receiving a scholarship under subsection (a) are 
                students at an institution of higher education (as 
                defined in section 101 of the Higher Education Act of 
                1965 (20 U.S.C. 1001)) where entrepreneurship 
                opportunities are limited;
                    (B) the activities carried out under agreements 
                under paragraph (1) support a variety of small business 
                concerns and entrepreneurial projects, including 
                independent investigator-led projects, 
                interdisciplinary projects, and multi-institutional 
                projects (including virtual projects); and
                    (C) each student receiving a scholarship under 
                subsection (a) has a mentor to help the student relate 
                the academic course of study of the student to the 
                assistance to be provided under the agreement under 
                paragraph (1).
            (3) Data collection.--A student receiving a scholarship 
        under subsection (a) and a small business concern or 
        entrepreneur receiving assistance under an agreement under 
        paragraph (1) shall agree to provide to the Administrator 
        information relating to the use and result of the assistance 
        provided and employment status until the end of the 3-year 
        period beginning on the expected graduation date of the 
        student.
    (c) Failure To Comply With Agreement.--If a student receiving a 
scholarship under subsection (a) fails to comply with the agreement 
entered under subsection (b)(1), the amount of the scholarship received 
by the student shall, upon a determination of such a failure, be 
treated as a Federal Direct Unsubsidized Stafford Loan under part D of 
title IV of the Higher Education Act of 1965 (20 U.S.C. 1087a et seq.), 
and shall be subject to repayment, together with interest thereon 
accruing from the date of the award, in accordance with terms and 
conditions specified by the Administrator (in consultation with the 
Secretary of Education) in regulations under this section.
    (d) Authorization of Appropriations.--There are authorized to be 
appropriated to the Administrator $200,000 for each of fiscal years 
2013 through 2015 to carry out this section.
    (e) Sunset.--The Administrator may not award a scholarship under 
this section after September 30, 2015.

SEC. 5. REGIONAL ENTREPRENEURIAL COMPETITIONS.

    (a) In General.--The Administrator, acting through the Associate 
Administrator for Field Operations, shall establish a program to host 
regional competitions and a national conference to address regional 
challenges through entrepreneurial research and business planning.
    (b) Program Requirements.--
            (1) Regional offices.--The regional administrator of each 
        regional office of the Administration shall--
                    (A) identify a prominent public-private issue that 
                challenges a broad range of individuals in the region;
                    (B) sponsor a single regional competition among 
                local small business concerns, inventors, and 
                entrepreneurs under which persons or groups of persons 
                submit research and business plans to address the issue 
                identified under subparagraph (A);
                    (C) provide outreach to universities, colleges, 
                business communities, industry leaders and 
                organizations, and nonprofit organizations to promote 
                the competition and to request proposals for research 
                and business plans;
                    (D) in coordination with the Director of the Office 
                of Entrepreneurship Education, select the 3 research or 
                business plans that best address the issue identified 
                under subparagraph (A); and
                    (E) submit to the Administrator a report that 
                contains the research or business plans selected under 
                subparagraph (D).
            (2) Conference.--
                    (A) In general.--The Administrator, acting through 
                the Associate Administrator for Field Operations, shall 
                organize a single national conference for the 
                presentation of the research and business plans 
                selected under paragraph (1)(D) by the regional 
                administrators.
                    (B) Panel.--
                            (i) In general.--The Administrator shall 
                        designate 11 employees of the Administration to 
                        serve on a panel that shall select, from among 
                        the research and business plans presented at 
                        the conference, 1 plan from each region that 
                        best addresses the issue identified under 
                        paragraph (1)(A) for that region.
                            (ii) Members.--The Administrator shall 
                        designate as a member of the panel under clause 
                        (i)--
                                    (I) 1 employee of the principal 
                                office of the Administration; and
                                    (II) 1 employee from each of the 
                                regional offices of the Administration.
            (3) Grant.--
                    (A) In general.--The Administrator shall award a 
                grant of $50,000 to each person or group of persons who 
                submitted a plan selected under paragraph (2)(B).
                    (B) Report.--Not later than 1 year after the date 
                on which the Administrator awards a grant under 
                subparagraph (A), the recipient of the grant shall 
                submit to the Administrator a report on the use of the 
                grant.
            (4) Authorization of appropriations.--There are authorized 
        to be appropriated to the Administrator $750,000 to carry out 
        this section.

SEC. 6. STUDY ON ENTREPRENEURIAL DEFERMENT OF STUDENT LOANS.

    Not later than 180 days after the date of enactment of this Act, 
the Administrator, in consultation with the Secretary of Education, 
shall submit to Congress a report that includes detailed 
recommendations for legislation--
            (1) establishing a program to forgive student loans in a 
        manner that assists youth entrepreneurship by making available 
        capital for business formation; and
            (2) establishing a program to defer student loan repayments 
        in a manner that assists youth entrepreneurship by making 
        available capital for business formation.

Summary: Today's Entrepreneurs are America's Mentors Act or TEAM Act - Amends the Small Business Act to establish in the Small Business Administration (SBA) an Office of Entrepreneurial Education, headed by a Director, to develop and provide innovative entrepreneurial information, education, and resources to promote prospective entrepreneurs and successful small businesses. Directs the SBA's Associate Administrator for Entrepreneurial Development to establish a program of grants to nonprofit organizations to provide technical assistance to primary and secondary schools for the development and implementation of curricula and mentoring programs designed to promote entrepreneurship. Requires the Director to submit to the congressional small business committees best practices of US entrepreneurial education and training programs. Authorizes the SBA Administrator to award up to 100 scholarships per year to students pursuing a Masters of Business Administration degree. Requires each student, in return for such scholarship, to provide, on a full-time basis for one to two weeks, free technical assistance, counseling, and related assistance to small businesses and entrepreneurs. Directs the Administrator to establish a program to host regional competitions and a national conference to address regional challenges through entrepreneurial research and business planning. Requires the Administrator to recommend to Congress legislation for establishing programs to forgive or defer student loan payments in order to assist youth entrepreneurship by making capital available for business formation.