One of President Obama’s biggest challenges is the economy. The monthly unemployment figures are a constant reminder that although there has been improvement in the economy, we still have a long way to go. A new initiative from The White House hopes to have a positive impact on the economy – Startup America.

Startup America was just launched yesterday as part of President Obama’s innovation and global competition focus. According to The White House website, “This coordinated public/private effort brings together an alliance of the country’s most innovative entrepreneurs, corporations, universities, foundations, and other leaders, working in concert with a wide range of federal agencies to dramatically increase the prevalence and success of America’s entrepreneurs.”

This new initiative will be fostered by a partnership between the federal government, the private sector, universities and startups. The official Startup America Partnership will be chaired by AOL co-founder Steve Case and Carl Schramm with the Kauffman Foundation will serve on the board.

Although the initiative was just launched and more specific details will be forthcoming, this video featuring National Economic Council Director Gene Sperling, Council of Economic Advisers Chairman Austan Goolsbee and others provides a glimpse into what we can expect out of Startup America.

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