The story of America is really a story of entrepreneurs – individuals who risked their livelihoods to pursue their dreams. These entrepreneurs built the foundation of the American economy from its earliest days by pushing forward innovative solutions to some of the world’s greatest challenges. The innovations they develop not only improve our lives, but also result in the creation of countless new jobs for Americans.
Research shows that since 1980, nearly all of the net new jobs created in the United States have been created by companies less than five years old. In fact, entrepreneurs and their new businesses create an average of three million jobs each year. But in recent years, the number of new businesses in America has plummeted to its lowest level since the federal government began keeping track in the late 1970s due to a variety of factors. At a time when millions of Americans remain out of work and our country is mired in debt, we need to do more to support the creativity, innovation and tenacity of entrepreneurs.
I have authored bipartisan legislation to jump-start our economy through the creation and growth of new businesses by empowering entrepreneurs to unleash new and innovative ideas and create jobs for Americans. Startup Act improves the chances entrepreneurs can be successful by addressing four key factors: talent, taxes, regulation and innovation. This legislation has broad support and is one of my top legislative priorities.
By removing federal barriers for entrepreneurs, we can foster an environment where innovation can flourish, consumers are empowered, and more Americans can achieve meaningful employment.