Obama Launches Startup Non-Profit

In a bid to encourage U.S. entrepreneurs, the White House launched the Startup America Partnership, a non-profit campaign to encourage the development of new businesses.

With backing from Facebook, IBM, Intel; and leadership from AOL founder Steve Case, Startup America, the campaign pledged to provide $2 billion in matching funds from the Small Business Administration to select startup companies.

In partnership with Colorado-based startup incubator TechStars, the campaign also intends to expand the TechStars mentorship model to nurture 6,000 new entrepreneurs around the country; and encourage large businesses to invest in smaller ones. IBM has pledged to invest $150 million in new entrepreneurs, and Intel has pledged $200 million, according to U.S. Chief Technology Officer Aneesh Chopra.

Other partners include Facebook, which intends to host startup events around the country, HP, and Google.

Startup America will be funded in part by Case’s Case Foundation and the entrepreneurship-focused Kauffmann Foundation.