10/7/2009
Commerce to Create an Office of Innovation and Entrepreneurship
by Rebecca Norman, Graduate Assistant, UALR Lead Center
U.S. Commerce Secretary Gary Locke has recently announced his plans to create a new Office of Innovation and Entrepreneurship within the Department of Commerce. As part of this initiative, Secretary Locke also plans to launch a National Advisory Council on Innovation and Entrepreneurship. Both of these new initiatives will help leverage the entire federal government to support entrepreneurship in America. In the coming months, the new office is expected to announce additional initiatives.
The new Office of Innovation and Entrepreneurship will focus on stimulating the first step in the business cycle: moving an idea or working research project into a business plan. The mission of the new office is to promote 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 of Innovation and Entrepreneurship will answer directly to Secretary Locke.
The National Advisory Council on Innovation and Entrepreneurship will advise the Commerce Department on small business-related policy and will work to maintain a regular dialogue between the entrepreneurship and small business communities. The council is expected to be comprised of successful entrepreneurs, innovators, investors, non-profit leaders, and other experts.
