Obama administration releases helpful list
America’s entrepreneurial economy is the envy of the world. Young companies account for almost 30 percent of new jobs and, as the nation fought back from the worst economic crisis of our lifetimes, startups have helped the U.S. private sector create 15.5 million jobs since early 2010 — the longest streak of private-sector job creation on record.
In celebration of National Entrepreneurship Month, the Obama Administration has released a Top 10 list of the president’s most significant actions to promote American entrepreneurship.
The president launched Startup America in 2011, a White House initiative to celebrate, inspire, and accelerate high-growth entrepreneurship throughout the nation.
American startup activity is rebounding and growing more inclusive of historically underrepresented groups and regions. Studies indicate that:
• Reversing a downward cycle that began during the Great Recession, U.S. startup activity ascended last year, representing the largest year-over-year increase in the last two decades, while measures of startup revenue and employment growth have rebounded across industries as well.
• New companies created 889,000 jobs in the final quarter of 2015 — the highest job creation number since 2008.
• Rates of entrepreneurship have increased for Latinos, African Americans, and immigrants between 1996 and 2015.
• Between 2007 and 2016, the number of women-owned firms is estimated to have grown at a rate five times the national average, including a more than doubling of the number of firms owned by African American women and Latinas.
• American startups are not only rebounding, they are taking root in more communities all across the country—for example, the share of U.S. metro areas that attracted early stage venture capital has increased by around 50 percent since 2009.
The number of U.S. startup accelerator programs increased from fewer than 30 in 2009 to over 170 in 2015, providing mentorship and early funding to thousands of startups across 35 states plus D.C. and 54 metro areas.
• Access to capital for high-growth entrepreneurs has improved significantly since 2009, with venture capital investment up an estimated 200 percent, far exceeding its pre-recession peak, and angel investment up 40 percent, approaching its pre-recession peak.
• Compared with 137 countries, the U.S. continues to top the rankings in the Global Entrepreneurship Index, with the world’s most favorable conditions for entrepreneurs to start and scale new companies.
The Affordable Care Act is making it easier for entrepreneurs to buy health insurance; the Pay As You Earn program is making it easier for entrepreneurs to pay off student loan debt; the Open Data Initiative has unlocked more than 200,000 government datasets as raw material for entrepreneurial innovation; ConnectED and ConnectALL are allowing aspiring entrepreneurs everywhere to access high-speed broadband, while a strong net neutrality policy ensures a free and open internet; and the president signed into law the largest annual increase in research and development funding in America’s history.