In his State of the Union address last week, President Obama mentioned helping entrepreneurs to start up and grow their businesses in order to stimulate the economy. To that end, three of the biggest tech companies in the nation are committing millions to an initiative called the Startup America Partnership.
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 says its funds will be used in part to help mentor start-up companies, support developers, and expand mentorship programs. Startup America is working with the White House to support entrepreneurial businesses, but is an independent private-sector alliance.
Revolution LLC CEO and AOL Inc. co-founder Steve Case, will chair the alliance. His own Case Foundation, along with the Ewing Marion Kauffman Foundation, will provide launch funding for the partnership. Kauffman Foundation CEO Carl Schramm, who will be one of Startup America’s founding board members, had this to say:
“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.”
via Yahoo! News