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Startups Get Backing From The White House

February 2nd, 2011 | No Comments | Posted in News

President Obama recently announced a new initiative that is part of a White House effort to promote entrepreneurship and job creation. The Startup America Partnership will encourage private sector investment in startups which will lead to job creation. This new partnership will be partly funded by the Case Foundation and the Kauffman Foundation. Steve Case the co-founder of AOL will be the chair. The Partnership’s goals can be summarized as (a) to increase the number of new high growth firms that are creating quality jobs, economic growth and innovation (b) to honor and celebrate entrepreneurship as one of the core values in America and a source of competitive advantage and (c) to inspire and empower individuals and communities, which are ever growing in diversity, to build great American companies. The campaign will involve the White House, tech companies, entrepreneurs and universities. Already companies have started committing to the initiative. Intel Capital intends to put in 200 million into US companies while IBM will use $150 million to fund programs that promote new business opportunities and entrepreneurs in the U.S in 2011. HP will invest $4 million in its HP Learning Initiative for Entrepreneurs in 2011. Facebook on its part will launch the Startup Days which will be a series of events around the country that will aim at providing entrepreneurs with design support to build off its platform.

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