Findings

Congress finds that— (1) startups have contributed greatly to the United States economy, with research showing that between 1982 and 2011, businesses 5 years or younger were responsible for nearly every net new job created; (2) startups face common challenges as they seek to transform their ideas into successful, high-growth businesses; (3) 4 metropolitan areas in 3 States—the San Francisco Bay Area, New York City, Boston, and Los Angeles—receive nearly 67.5 percent of all venture capital investment, which is a critical source of funding for high-growth startups; (4) of the venture capital funding that startups receive, 1 percent are African-American-owned, 1.5 percent are Latino-owned, and only 1.9 percent are owned solely by women; (5) incubators and accelerators are new models of growth that drive innovation by connecting entrepreneurial individuals and teams to create viable business ventures and social initiatives; (6) incubators and accelerators support promising startups through partnerships, mentoring, and resources connecting them with seasoned entrepreneurs; (7) the goal of an incubator or an accelerator is to help create and grow young businesses by providing them with necessary financial, technical, and industry support and financial and technical services; and (8) startups offer unique opportunities for growth and development for women, minorities, and veterans to become successful entrepreneurs and leaders in new and developed fields.