House Small Business Subcommittee on Economic Growth, Tax, and Capital Access Chairman Tom Rice (SC-07) today led a hearing on the role that innovative small businesses play in creating jobs, and how Washington can help spur more entrepreneurship.
According to the Kauffman Foundation, fast growing young innovative businesses account for less than 1 percent of all companies, yet generate roughly 10 percent of new jobs in any given year. This hearing was the first in a series that will examine how to bolster America's competitiveness and propel economic growth through innovation and entrepreneurship.
"Research repeatedly demonstrates the integral role of innovation in catapulting economic growth." said Chairman Rice. "We saw the benefits of economic growth driven by innovation during the 90's with the expansion of the Internet. At a time of sluggish economic progress today, Washington must focus on creating a pro-startup environment, one that unleashes innovation as a mechanism for job creation. This hearing provided a valuable dialogue for our Committee about what conditions are necessary to attract and encourage innovative entrepreneurs and high-tech companies. This is an issue that the Small Business Committee will make a priority during this 113th Congress."