Obama’s “Startup America” Aims to Help Entrepreneurs Hit the Ground Running

On January 31st, 2011 the White House launched its “Startup America” initiative with the goal of dramatically increasing the prevalence and success of America’s entrepreneurs. The initiative is a combination of different commitments made by the Obama administration and a number of private-sector organizations, and is intended to help spur the growth of the economy, increase the number of quality jobs, and empower new entrepreneurial activities. Some of these commitments relate to the creation of a strong, facilitative community for entrepreneurs, such as the formation of the Startup America Partnership (http://www.startupamericapartnership.org/), and a Treasury Department-run conference exploring access to capital for small businesses. Other commitments bestow direct financial benefits on business startups, including the elimination of the capital gains tax on certain small business stock, an expansion from $3.5 billion to $5 billion in tax credits for private investment in low-income communities, and a commitment of $2 billion in seed financing by the Small Business Association. While many of these commitments are forward-looking and may not be fully in place for some time, the greater initiative is still worth noting by entrepreneurs and investors alike.

For more information on how “Startup America” may impact your business, see the initiative’s “Fact Sheet”: http://www.whitehouse.gov/startup-america-fact-sheet

Blog post author: Eric Gerson