THE NEW OFFICE OF INNOVATION AND ENTREPRENEURSHIP IN THE US DEPARTMENT OF COMMERCE

The U.S. Commerce Secretary Locke announced a new Office of Innovation and Entrepreneurship within the Department of Commerce and the launch of a National Advisory Council on Innovation and Entrepreneurship.

What does this mean to you?!

The current economic challenges have lead many Americans to look at starting their own business and for many of these budding entrepreneurs, the need to know where and from whom they can get reliable advice.

According to a study by the Kauffman Foundation (the world's largest foundation devoted to entrepreneurism) "More than half of Fortune 500 companies were founded in recession or bear market."

According to Locke:

"The 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. One of its goals is to drive policies to help entreprenuers translate new ideas, products, and services into economic growth.

The National Advisory Council on Innovation and Entrepreneurship will advice the Secretary and the Administration on key issues relating to innovation and entrepreneurship. The Council will identify and recommend solutions to issues critical to the creation and development of entrepreneurship ecosystems that will spawn new businesses and jobs."

THEY PLAN TO MAKE entrepreneurship.gov A VIRTUAL ONE-STOP DESTINATION for government resources, programs, information, and data for entrepreneurs.

"The National Advisory Council on Innovation and Entrepreneurship will include successful entrepreneurs, innovators, angel investors, venture capitalists, non-profit leaders, and other experts on these issues. All meetings of this council will be open to the public."

So, all of this begs the questions, "Will these initiatives be any different than every other government initiative?" "Will we see any actual economic stimulation from these efforts?"

Only time will tell.

If this can make the navigation of complex federal systems easier, that alone could be a success.

Thoughts?