SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Today's Entrepreneurs are Advancing 
Mentorship Act of 2012'' or the ``TEAM Act of 2012''.

SEC. 2. OFFICE OF ENTREPRENEURIAL SUPPORT.

    (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 SUPPORT.

    ``(a) Office of Entrepreneurial Support.--
            ``(1) In general.--There is in the Administration an Office 
        of Entrepreneurial Support, 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 
        Support is the Director of the Office of Entrepreneurial 
        Support, who shall report to the Associate Administrator for 
        Entrepreneurial Development.
            ``(3) Duties.--The Director of the Office of 
        Entrepreneurial Support 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) Entrepreneurial Support Program.--
            ``(1) In general.--Not later than 1 year after the date of 
        enactment of the TEAM Act of 2012, 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, women's business centers, chapters of the Service 
        Corps of Retired Executives, and other resource partners of the 
        Administration, local government entities, and appropriate 
        private sector organizations or entities to provide technical 
        assistance for the development and implementation of curricula 
        and mentoring programs designed to promote entrepreneurship.
            ``(2) Application.--An entity 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 an entity receives a grant under this subsection, the 
        entity 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--
                    ``(A) $1,000,000 for fiscal year 2013;
                    ``(B) $2,000,000 for fiscal year 2014; and
                    ``(C) $3,000,000 for fiscal year 2015.''.
    (b) Report on Best Practices of Entrepreneurial Support 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 Support 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 Support 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) nonprofit organizations and private 
                        sector groups.

SEC. 3. EMERGING LEADERS PROGRAM.

    Section 8 of the Small Business Act (15 U.S.C. 637) is amended by 
inserting after subsection (n) the following:
    ``(o) Emerging Leaders Program.--
            ``(1) Definitions.--In this subsection--
                    ``(A) the term `eligible small business concern' 
                means a small business concern that--
                            ``(i) has been in business for at least 2 
                        years;
                            ``(ii) has at least 1 employee;
                            ``(iii) demonstrates growth potential, 
                        including the ability to create jobs; and
                            ``(iv) has an owner or operator that 
                        participates in the day-to-day executive-level 
                        management of the small business concern; and
                    ``(B) the term `Emerging Leaders Program' means the 
                Emerging Leaders Program established under paragraph 
                (2)(A).
            ``(2) In general.--
                    ``(A) Program authorized.--Not later than 1 year 
                after the date of enactment of the TEAM Act of 2012, 
                the Administrator shall establish an Emerging Leaders 
                Program to provide specialized training and executive-
                level mentoring to eligible small business concerns.
                    ``(B) Mission.--The Emerging Leaders Program shall 
                provide educational and technical assistance to 
                eligible small business concerns focusing on the next 
                level of growth, leadership, and operational 
                strategies, including the development of a strategic 
                plan.
                    ``(C) Authority to contract.--In order to carry out 
                the Emerging Leaders Program, the Administrator may 
                enter into contracts or cooperative agreements with, or 
                make grants to, a national service provider.
            ``(3) Community partners.--To encourage community support 
        and engagement, the Administrator may enter into memoranda of 
        understanding with for-profit, nonprofit and government 
        entities to jointly support and deliver localized training and 
        provide executive-level mentoring under the Emerging Leaders 
        Program. A memorandum of understanding entered into with an 
        entity under this paragraph shall not be construed to 
        constitute or imply an endorsement by the Administration of any 
        product or service of the entity.
            ``(4) Recruitment.--The Administrator shall place special 
        emphasis on recruiting eligible small business concerns in 
        emerging, underserved, rural, and urban markets.
            ``(5) Authorization of appropriations.--There is authorized 
        to be appropriated to the Administration to carry out the 
        Emerging Leaders Program $2,000,000 for each of fiscal years 
        2013 through 2015.''.

SEC. 4. PERFORMANCE MEASURES AND REPORTING.

    (a) In General.--To demonstrate program impact, the Administrator 
shall develop performance measures for the Emerging Leaders Program 
established under section 8(o) of the Small Business Act, as added by 
this Act, and the Entrepreneurial Support Program established under 
section 45(b) of the Small Business Act, as added by this Act.
    (b) Public Availability.--The Administrator shall collect and post 
information relating to the Emerging Leaders Program and the 
Entrepreneurial Support Program on the website of the Administration, 
including--
            (1) the number of small business concerns participating in 
        the Emerging Leaders Program and the number of grant applicants 
        and grant recipients under the Entrepreneurial Support Program;
            (2) the race, ethnicity, and gender of individuals 
        participating in the Entrepreneurial Support Program, and the 
        location of their business headquarters and regions of 
        operation;
            (3) demographic and statistical information relating to 
        small business concerns and individuals that participated in 
        the Emerging Leaders Program or the Entrepreneurial Support 
        Program, during the 5-year period following their participation 
        in the program;
            (4) the annual revenues of each participating small 
        business concern;
            (5) the annual number of jobs created or retained by each 
        participating small business concern;
            (6) the amount of new financing obtained by each 
        participating small business concern;
            (7) the amount of new contracts obtained by each 
        participating small business concern; and
            (8) the amount of Federal tax paid by each participating 
        small business concern.
    (c) GAO Report.--Not later than 2 years after the date on which the 
Administrator establishes the Emerging Leaders Program, the Comptroller 
General of the United States 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 contains a 
comprehensive analysis of the economic impact of the Emerging Leaders 
Program and the Entrepreneurial Support Program, including the 
information required to be collected and posted under subsection (b).
Output: Today's Entrepreneurs are Advancing Mentorship Act of 2012 or TEAM Act of 2012 - Amends the Small Business Act to establish within the Small Business Administration (SBA) an Office of Entrepreneurial Support, headed by a Director, to develop and provide innovative entrepreneurial information, education, and resources to promote both prospective entrepreneurs and successful small businesses.

Requires: (1) the SBA's Associate Administrator for Entrepreneurial Development to establish a program of technical assistance grants for the development and implementation of curricula and mentoring programs designed to promote entrepreneurship, and (2) the Director to report to the congressional small business committees on best practices of U.S. entrepreneurial education and training programs.

Directs the SBA Administrator to establish an Emerging Leaders Program of specialized training and executive-level mentoring to certain small businesses, with an emphasis on small businesses in emerging, underserved, rural, and urban markets.

Requires: (1) the Administrator to develop performance measures for the Emerging Leaders and Entrepreneurial Support Programs, and (2) the Comptroller General to submit to the small business committees a comprehensive analysis of the economic impact of such Programs.