Celebrating America's Entrepreneurs
News Desk | 11/24/2013, 12:38 p.m.
The U.S. Small Business Administration is excited to work with the White House Office of Science and Technology Policy (OSTP) to support and celebrate National Entrepreneurship Month.
Entrepreneurs and small business owners are the backbone of our economy and the foundation of our middle class. They are what make our country great and what drive economic growth. Look at the numbers: small businesses create two out of three net new private sector jobs, and small businesses employ 96% of all Americans. And some of the most innovative businesses started as small businesses.
At SBA and OSTP, we’re focused on the intersection of private enterprise finance, capital investment, technology-driven innovation, and high-growth small businesses. Day in and day out, we support entrepreneurs and work to foster an environment of innovation.
Leveraging the talent of our nation’s entrepreneurs, combining that with the right conditions for innovation—what you get is thriving businesses and a growing economy.
At SBA’s Office of Investment and Innovation, we are focused on programs that provide the small business, high-growth community access to financial capital and intellectual property. We deliver financial capital access via our Small Business Investment Company (SBIC) program, a $3 billion a year growth capital program which operates at a zero subsidy cost to the American taxpayer. For small business access to intellectual property and federal research dollars, our Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs set-aside about $2.5 billion yearly for small businesses. These three programs, coupled with our Impact Investment and Early Stage Innovation initiatives, are underpinned by public-private partnerships that have worked and delivered on their mission over decades.
The core of these programs encourages small businesses to engage in research—which can often be a challenge as they are time-intensive and often costly. But the potential payoff for the business and our country is significant. Commercialization of these technologies can result in everything from the development of advanced materials to genetic-based therapies to new forms of energy.
Our office’s Innovation Initiatives, in line with the White House Startup America initiative, reflect our mission to partner with small businesses and entrepreneurs. Our Accelerator Program focuses on fostering ecosystems where high-potential entrepreneurs and fast-growing start-ups can thrive. We provide mentoring, access to capital, and a working-environment where our next generation of business leaders can collaborate and exchange ideas. This is the kind of magnification we are looking for.
At the SBA’s Office of Investment and Innovation, in conjunction with the White House Office of Science and Technology Policy, we take this mission seriously, and work every day on behalf of small businesses as they grow and thrive.