The White House and the U.S. Small Business Administration announced the launch of the Young Entrepreneur Series (YES), which will connect young and aspiring entrepreneurs with SBA officials, local business advisors and resources to help them start or grow their own small business.
“For our economy to thrive in the 21st century, we must set about creating the next generation of entrepreneurs,” said SBA Deputy Administrator Marie Johns. “Young Americans need to know that starting a business is a viable alternative to going to work for somebody else. There is a clear and urgent need to create more jobs for young Americans, and encouraging business ownership is an important way to meet that goal.”
Previous Office of Advocacy of the U.S. Small Business Administration (SBA)-funded studies of small business patenting activity established the existence of a cohort of independent, for-profit innovative small firms with 15 or more patents over a five-year period.
The studies also showed that innovative small firms had a higher percentage of emerging technology patents in their portfolios than their larger counterparts. A recent focus on “green” jobs, businesses, and technology led to this study of a subset of these innovative patent holders. This project was designed to highlight differences in the patent activity of small and large firms in green technologies and industries.
Recently, the U.S. Small Business Administration proposed changes to existing rules governing maximum revenue allowed to maintain status as a small business and compete for set-aside contracts in 52 industries.
In a notice published in the Federal Register on October 12, 2011, SBA proposes to increase receipt based size standards for 37 industries in North American Industry Classification System (NAICS) Sector 56, Administrative and Support, Waste Management and Remediation Services. This would include companies that provide various types of staffing services, including security guards and patrol, as well as travel and event planning companies.
As we embark on a new fiscal year, I’d like to begin by thanking all of you who helped make our Minority Enterprise Development (MED) Week Conference such a huge success. We had over 800 people in attendance learning about the best strategies to pursue government contracting opportunities, take advantage of new industries, and cultivate strategic partnerships to grow. Please visit the MED Week website to view the photos and remarks from some of our most notable speakers like HHS Secretary Kathleen Sebilius, Acting Secretary of Commerce Rebecca Blank, Treasury Assistant Secretary for Management Dan Tangherlini and others.
MBDA was busy building relationships as well. We signed three distinct Memorandums of Understanding (MOU) designed to foster minority business growth and development with Tremco, Inc., IBM, and the Republic of Turkey’s Small and Medium Enterprises Development Organization.
The U.S. Small Business Administration’s Small Business Investment Company (SBIC) program provided a record $2.59 billion in fiscal year 2011 to small businesses, a 63 percent increase over last year’s $1.59 billion.
“Over the past two years, we’ve made SBIC work better than ever before,” said SBA Administrator Karen Mills. “We cut licensing time in half, which has strengthened efficiency and made it possible to get capital into the hands of small businesses more quickly. When an SBIC invests in a company, it can scale up and create jobs.”