» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
Skip Navigation LinksHome >
VOL. 126 | NO. 21 | Tuesday, February 01, 2011

Technology Cos. Commit Funds to Obama Program

AP

Print | Front Page | Email this story | Comments ()

NEW YORK (AP) – Three of the nation's biggest technology companies are committing hundreds of millions of dollars to an initiative backed by President Barack Obama to encourage job creation and economic growth by supporting small businesses.

The program, called the Startup America Partnership, is aimed at helping entrepreneurs start businesses and help them grow. In his State of the Union address last week, the president encouraged such efforts to stimulate the economy.

Intel Corp. said Monday it is giving $200 million to the campaign, while IBM Corp. is investing $150 million. Hewlett-Packard Co. is also participating, but did not disclose if it was committing funds to the partnership. A Hewlett-Packard representative could not be immediately reached for comment.

IBM said its funds will be used in part to help mentor start-up companies, support software developers and expand mentorship programs.

Startup America is an independent private-sector alliance, working with the White House to support entrepreneurial businesses.

It will be chaired by Revolution LLC CEO and AOL Inc. co-founder Steve Case, whose Case Foundation along with the Ewing Marion Kauffman Foundation will provide launch funding for the partnership.

The White House is making an effort to move away from the heavy government spending that it relied on to pull the economy out of recession to a business-friendly strategy to make the U.S. more competitive in the global marketplace.

The week, Obama will discuss innovation with technology business leaders on Tuesday.

Kauffman Foundation CEO Carl Schramm will be one of Startup America's founding board members.

"This partnership will bring together partners from across the private, public and non-profit sectors, working together toward a common goal: supporting the entrepreneurs who are the lifeblood of our economy," Schramm said in a statement.

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Sign-Up For Our Free Email Edition
Get the news first with our daily email


 
Blog Get more from The Daily News
Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 75 478 6,463
MORTGAGES 105 658 8,142
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 147 914 14,637
BANKRUPTCIES 61 307 5,449
BUSINESS LICENSES 27 133 2,407
UTILITY CONNECTIONS 97 523 7,785
MARRIAGE LICENSES 27 131 1,663

Weekly Edition

Issues | About

The Memphis News: Business, politics, and the public interest.