EDA's Department of Commerce gets into Innovation and Entrepreneurship

The Department of Commerce, through its Economic Development Adminstration (EDA) has long supported entrepreneurship through EDA programs that foster incubator and industry clusters. This newly announced initiative is interesting in that it attempts to ensure cross agency collaboration, something Karen Mills (Director of SBA and affiliated for two years with one of the funds I manage) argued for in her Brookings Institute report.

The Initiative (Summary)

Office of Innovation and EntrepreneurshipThe mission of the Office of Innovation and Entrepreneurship is to unleash and maximize the economic potential of new ideas by removing barriers to entrepreneurship and the development of high-growth and innovation-based businesses. The office will report directly to (DoC Director Gary) Locke and focus specifically on identifying issues and programs most important to entrepreneurs. Working closely with the White House and other federal agencies, this new office will drive policies that help entrepreneurs translate new ideas, products and services into economic growth. The office will focus on the following areas:

• Encouraging Entrepreneurs through Education, Training, and Mentoring
• Improving Access to Capital
• Accelerating Technology Commercialization of Federal R&D
• Strengthening Interagency Collaboration and Coordination
• Providing Data, Research, and Technical Resources for Entrepreneurs
• Exploring Policy Incentives to Support Entrepreneurs and Investors
  

National Advisory Council on Innovation and Entrepreneurship

The National Advisory Council on Innovation and Entrepreneurship will advise Locke and the administration on key issues relating to innovation and entrepreneurship. The council will include successful entrepreneurs, innovators, angel investors, venture capitalists, non-profit leaders and other experts who will identify and recommend solutions to issues critical to the creation and development of entrepreneurship ecosystems that will generate new businesses and jobs. It will also serve as a vehicle for ongoing dialogue with the entrepreneurship community and other stakeholders.