Three Ways to Put Startup America to Work for your Business
April 15, 2011
Contributed by CRT Partner Sarah Hardwick. Sarah is founder of Zenzi PR (www.zenzi.com) and a board member of the San Diego Entrepreneurs’ Organization.
The White House launched the Startup America campaign on January 31, 2011 to celebrate, inspire, and accelerate high-growth entrepreneurship throughout the nation. According to President Obama, ”Entrepreneurs embody the promise of America: the idea that if you have a good idea and are willing to work hard and see it through, you can succeed in this country. And in fulfilling this promise, entrepreneurs also play a critical role in expanding our economy and creating jobs.”
Chaired by AOL’s Steve Case, the Startup America Partnership is a private sector program launched in conjunction with the White House initiative to mobilize resources to help entrepreneurial companies grow. Efforts will focus on contributing funds to proven models or developing new programs and efforts.
So how can Startup America really benefit your business? Here are 3 ways to put the program to work for you:
1) Expanded Access to Capital: Access to capital is vital to fueling sustainable economic growth. With no new cost to taxpayers, the Small Business Administration (SBA) rolled out a $2 billion initiative to match to private sector investment over the next five years. SBA-guaranteed bonds will match private capital to serve as a catalyst to help startups and high growth firms through a $1 billion Early Stage Innovation Fund and a second $1 billion fund for businesses in underserved communities. The Startup America Partnership has already garnered major commitments from several of the nation’s largest tech companies, including a $200 million pledge by Intel, $150 million from IBM to fund programs that promote entrepreneurs and new business opportunities and a plan by Facebook to host “Startup Days,” a series of 12-15 events.
2) Mentorship to Accelerate Growth: Connecting mentors and entrepreneurs is a key part of the Startup America effort. The SBA’s new Entrepreneurial Mentor Corps (EMC) encourages successful business owners to mentor and support startups to help them become the next generation of great companies. The program aims to support more than 1,000 startup and early stage firms across the country. A clean energy pilot is underway using accelerators to identify and match mentors with 100 clean energy startups to grow their revenue, create jobs and avoid pitfalls that frequently challenge startups. The Department of Veterans Affairs recently established two of the first integrated business accelerators focused solely on veterans. By expanding collaboration, education and mentorships, these initiatives will empower more people not just to get a job, but create jobs.
4) Opportunity to Engage: Do you have ideas on what processes and regulations need to change and improve to build a more supportive environment for entrepreneurship and innovation? Startup America is seeking feedback from across the country to foster a more nurturing environment for entrepreneurship and innovation. Think about what your business needs, and contribute on http://reducingbarriers.ideascale.com/ Follow conversations happening on Facebook or on twitter with the hashtag #startupamerica.
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