Obama, big business team to aid entrepreneurs

startup_america.top.jpgObama administration officials and leaders of private companies and independent foundations launch the "Startup America Partnership." By Catherine Clifford, staff reporter


NEW YORK (CNNMoney) -- A campaign to promote new businesses and create jobs, bringing together government agencies and businesses such as Intel and IBM, was launched Monday by the Obama administration.

The Startup America Partnership aims to support overall entrepreneurship -- with a focus on high-growth, job-creating industries such as clean energy, medicine, advanced manufacturing and information technology.

From the private sector, the partnership said Intel (INTC, Fortune 500) committed $200 million to expand startup investment, and IBM (IBM, Fortune 500) will invest $150 million in business mentoring programs.

Also participating are Hewlett-Packard (HPQ, Fortune 500), which is investing $4 million, and Facebook, which launched a series of mentoring events across the country.

On the government side, the administration offered a handful of policy suggestions and new investments.

The White House said the administration's new fiscal 2012 budget will propose permanently eliminating capital gains taxes on investments in qualifying small businesses. The tax elimination was introduced as a temporary provision in September, but this new proposal would make the tax break permanent.

The Startup America Partnership will be chaired by Steve Case, the co-founder of America Online who now heads an organization that invests in innovative people and ideas.

What does it do for me and my idea? With so many organizations, agencies and companies involved, the partnership's benefits come in a handful of different shapes and sizes.

Here are some examples of how the partnership intends to make capital more accessible and put entrepreneurs in touch with a support system.

-- The Small Business Administration will commit $2 billion as a match to private sector investment over the next 5 years through the existing Small Business Investment Companies (SBIC) program. SBICs are licensed, privately owned-and-managed investment firms that have helped companies such as Intel and FedEx (FDX, Fortune 500) get off the ground.

-- Facebook, which was a start-up itself only a few years ago, has pledged to launch Startup Days, a series of 12 to 15 events across the country. The events will offer training in new technologies, guest speakers from Facebook, and networking opportunities, among other resources.

-- The Department of Veterans Affairs will start two new programs to help vets launch high-growth businesses: an interactive website walking entrepreneurs through the various resources available to them, and a business incubator in Waukesha, Wis.

-- The U.S. Patent and Trademark Office is offering an alternative for "prioritization examination," giving entrepreneurs with an idea for an invention a plan for a fast-track approval process.

-- Fashion designer Marc Ecko is launching a program at the University of the Arts in Philadelphia aimed at training would-be entrepreneurs in marketing, design and social media skills. Over the next five years, the program will invest in 750 startups. To top of page

Just the hot list include
Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Questions & Answers



QHow does a florist sell more in this economy? We changed our business to designing weddings and events only, as the everyday flowers are not selling. We had to throw out too much product at the end of the week -- flowers are perishable! More
Get Answer
- The Flower Lady, Suwanee, Ga.
Overnight Avg Rate Latest Change Last Week
30 yr fixed3.80%3.88%
15 yr fixed3.20%3.23%
5/1 ARM3.84%3.88%
30 yr refi3.82%3.93%
15 yr refi3.20%3.23%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Sponsors

Sections

Bankrupt toy retailer tells bankruptcy court it is looking at possibly reviving the Toys 'R' Us and Babies 'R' Us brands. More

Land O'Lakes CEO Beth Ford charts her career path, from her first job to becoming the first openly gay CEO at a Fortune 500 company in an interview with CNN's Boss Files. More

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.