Facebook Participates In StartUp America Initiative

Facebook has joined Intel, IBM and Hewlett-Packard in a White House-led initiative to promote startups and hopefully boost economic growth as a result.

President Barrack Obama and Facebook, plus numerous other companies, have formed the StartUp America Partnership to stimulate economic growth by fostering technology entrepreneurs.

The initiative was announced this morning via a livestream on Facebook, and you can watch a recording of it here. Chaired by AOL founder Steve Case, the partnership will be privately funded but bring together players from both the public and private sector, including Facebook, Intel, IBM and Hewlett-Packard.

As part of its commitment to the project, the social network will host “12 Start Up Days 2011,” a monthly event throughout the year designed to provide entrepreneurs and start-up companies with engineering and design support who want to build new apps and websites on the Facebook platform.

The company also announced its continued commitment to open source communities as an important part of its own strategy to encourage entrepreneurial, as the sharing of open source code allow entrepreneurs to spend less time coding more time working on their products.

The next StartUp Day will be announced soon, according to Facebook’s website. We’ve asked the social network for more information about the program and will post an update here when we hear back.

While IBM has pledged $100 million in new investments towards start-up companies as part of its commitment to the Partnership, Facebook’s Start-Up Days 2011 are basically a rebranded variation on what the company already does. Yet the social network is getting more of the headline focus from this venture than the companies that are putting forward hard cash and infrastructure.

What do you think about Facebook’s participation in this initiative?