Detailed Instructions: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Problem: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).
Solution:
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.