As part of President Obama's national strategy to stimulate economic growth, the White House has announced the launch of the Startup America Partnership, a private-sector alliance that will work to increase the development, prevalence, and success of innovative high-growth firms in the United States.
Funded in part by the Case and Ewing Marion Kauffman foundations, the partnership will marshal private-sector resources to spur entrepreneurship in the U.S., with a focus on three key areas: Acceleration and Scale, Education, and Commercialization. AOL co-founder and Case Foundation chair Steve Case will serve as chairman of the alliance's board, which will include Kauffman Foundation CEO Carl Schramm as a founding member.
To date, more than a dozen firms have pledged support for the partnership, including a $200 million commitment from Intel Capital for new investment in U.S. companies, $150 million from IBM to fund programs that promote entrepreneurship, a $4 million expansion of HP's Learning Initiative for Entrepreneurs, and a $5 million expansion of the Blackstone Charitable Foundation's LaunchPad program. Additional events and programs will be hosted by Facebook, the Network for Teaching Entrepreneurship, Ernst & Young LLP, the Pearson Foundation, Google, and New Markets Education Partners.
"America's story has been forged in large part by entrepreneurs who have, against great odds, created innovative products and services that have changed the world — and created millions of jobs," said Steve Case. "Our nation once again looks to these creative risk-takers to unleash the next wave of American innovation, and I am pleased that President Obama has made supporting and celebrating entrepreneurs a major priority of his economic strategy. I am honored to chair the Startup America Partnership, and look forward to working with the White House to champion the creation of new start-ups, and help accelerate the growth of speed-ups."