Entrepreneurs and small businesses are the engines of American innovation and our economic success, and President Obama is committed to helping them grow and prosper. Our nation’s small businesses employ over 60 million Americans, or half of the private sector workforce. Both small businesses and especially new businesses that are less than five years old are particularly important in job creation in the United States, with a relatively small number of rapidly growing companies generating an outsized share of new jobs – in every industry and across the country.
Last year, President Obama spoke with his Cabinet about how every Federal agency has a role to play in promoting the success of American entrepreneurs:
[What] we want to do is to make sure that every single agency, even as they’re tending to their energy initiatives or providing homeland security or transportation or defense, that we’re also thinking about how are we’re advancing the cause of giving small businesses and entrepreneurs opportunities to start creating the next Google or the next Apple or the next innovative company that’s going to create jobs and improve our economy.
The Obama Administration recently released a detailed action plan to achieve this goal of increasing Federal services to entrepreneurs and small businesses, with an emphasis on (1) startups and growing firms and (2) underserved markets. This is one of a select group of Cross-Agency Priority (CAP) Goals, designed to improve government performance on important national priorities.