President Donald J. Trump Promotes American Entrepreneurship
“I know that starting and growing a business takes tremendous grit and that facing the unknown requires determination. I also know that taking on that risk makes our Nation and our world a better place.” - President Donald J. Trump
A COMMITMENT TO GLOBAL ENTREPRENEURSHIP: The United States is co-hosting the Global Entrepreneurship Summit with India, which brings together more than 1,500 entrepreneurs, investors, and supporters.
• Advisor to the President Ivanka Trump is leading a contingent from the United States to the Global Entrepreneurship Summit (GES) in Hyderabad, India, on November 28-30.
o This year, more than 350 entrepreneurs from the United States are attending the GES.
• The Summit’s theme, “Women First, Prosperity for All,” reflects that for the first time ever, the majority of United States and global attendees will be women entrepreneurs, a particular point of pride for Advisor Trump.
o This year’s GES is focused on four key industry sectors: Energy and infrastructure, healthcare and life sciences, financial technology and digital economy, and media and entertainment.
• GES 2017 brings together emerging innovators from 150 countries and empowers women entrepreneurs in particular to take their ideas forward, and create new jobs and technologies that will benefit the United States and the globe.
• In preparation for the 2017 Global Entrepreneurship Summit, cities around America held thematic events to promote entrepreneurship and innovation. These include:
o Pittsburgh: Technologies for the Smart City
o Houston: Investment in Energy & Infrastructure
o Milwaukee: MSME Value in Global Supply Chain
o Washington D.C.: Entrepreneurship Policy
• The Trump Administration, since day one, has created conditions that support small businesses, innovation, and entrepreneurs.
o In America there are 11 million women-owned businesses that employ nearly 9 million people and generate more than $1 trillion in revenue.
SUPPORTING AMERICA’S ENTREPRENEURS AND INNOVATORS: President Donald J. Trump and his Administration have taken action to help Americans innovators succeed.
• In February, the President signed into law the INSPIRE Women Act (H.R. 321) and the Promoting Women in Entrepreneurship Act (H.R. 255) to promote women entering and leading the STEM fields – science, technology, engineering, and math – and preserve America as an innovation hub for generations to come.
• The Small Business Administration (SBA) is focused on using privately raised capital and SBA-guaranteed leverage, stimulating technological innovation through small businesses, and supporting parts of the country where there are gaps in the entrepreneurial ecosystem.
o SBA’s microloan program provides loans up to $50,000 and technical assistance for small businesses and not-for-profit childcare centers.
o Women’s Business Centers (WBCs) in more than 100 locations across the United States promote the growth of women-owned businesses through training and technical assistance, and provide access to credit and capital, Federal contracts, and international trade opportunities
o The Small Business Technology Transfer is a program that extends funding opportunities of $295 million annually to forge public-private partnerships that can help commercialize U.S. Federal research and development.
• The U.S. Department of Commerce’s Office of Innovation and Entrepreneurship fosters the commercialization of new technologies, products, processes, and services.
o In September 2017, Secretary of Commerce Wilbur Ross announced that 42 organizations from 28 states would receive $17 million through the Regional Innovation Strategies program, a grant program for American entrepreneurship ecosystem supporters.
o In October, Secretary Ross announced $30 million to support 35 projects in 16 states under the 2017 Assistance to Coal Communities initiative, which include activities and programs that support economic diversification, job creation, capital investment, workforce development and re-employment opportunities.
HELPING GLOBAL ENTREPRENEURSHIP: President Trump and his Administration are supporting American partnerships to help global entrepreneurs in line with the GES’s mission.
• The United States Agency for International Development (USAID), through the U.S. Government’s “Feed the Future” program, will launch a global competition in January 2018 for women-led enterprises to access investment and other business services to take their food businesses to the next level.
o Feed the Future will also work with American food companies to mentor women entrepreneurs in Africa who seek to build their expertise, optimize business operations, and scale up their companies. USAID’s initial contribution of $2 million will leverage contributions from the business community.
o Building on existing and previous programs, USAID and partners are launching the WomenConnect Challenge to support comprehensive approaches to closing the digital gender divide.
• The United States, in partnership with the World Bank, launched the Women Entrepreneurs Finance Initiative (We-Fi) at the 2017 G20 Leaders’ Summit along with 12 other countries. We-Fi has already raised more than $340 million in commitments.
• America’s Overseas Private Investment Corporation (OPIC) works alongside the private sector to provide access to finance and services and to mobilize capital supporting business development. In the last five years, OPIC provided loans to 3.7 million women. This includes a $225 million loan to IndusInd Bank, which lends to 3,000 micro-, small-, and medium-sized enterprises and serves 1.3 million women entrepreneurs in India.
• The U.S. Department of State’s Bureau of Educational and Cultural Affairs and Bureau of International Information Programs connect entrepreneurs from around the world with United States businesses to exchange best practices and expand their business networks.
• U.S. Embassies and Consulates support entrepreneurs by advocating for improvements to business climates and by hosting hundreds of public events around the world each year from setting up mentoring connections, to hosting workshops on angel investing, crowdfunding, or business incubation.