Commerce’s Office of Innovation and Entrepreneurship Invests in the Jobs and Industries of the Future
Guest blog by Matt Erskine, Acting Assistant Secretary for Economic Development
To mark the one-year anniversary of the White House Startup America Initiative, in January President Obama sent Congress a proposal to expand tax relief and unlock capital for startups and small businesses that are creating jobs.
When he launched the initiative a year ago, the president sought to promote the success of entrepreneurs across the country. The private sector responded with the Startup America Partnership, launching new entrepreneurial networks all across the country. AOL co-founder and member of the President’s Jobs Council, Steve Case, and the Kauffman Foundation joined to form the Startup America Partnership, which is a nonprofit alliance of entrepreneurs, major corporations and service providers that has mobilized more than $1 billion in business resources to serve as many as 100,000 startups over the next three years.
This year, the administration unveiled several new agency actions to accelerate the growth of young, job-creating companies, at the same time that new entrepreneur-led regional coalitions are launching throughout the nation.
One of those efforts will fuel regional innovation. In the coming months, the Department of Commerce’s Economic Development Administration (EDA), along with several Federal partners, will launch the third round of the i6 Challenge, a multiagency competition which funds regional collaborations to bring innovative, ground-breaking ideas from the lab to the marketplace, creating new startups and jobs across the country. Commerce is also launching a new initiative to connect entrepreneurs with the resources made available through the Startup America Partnership and its partners.