Entrepreneurs and the businesses they create play a critical role in sparking new industries, expanding our economy, and generating new job growth across the country. Companies less than five yeas old created 44 million new jobs over the last three decades. In fact, these firms accounted for all net new jobs created in the United States during that time. Huge Fortune 500 companies like Apple, FedEx, and Boeing all began as startups from entrepreneurs with big ideas.
Entrepreneurship has long been a cornerstone of America's economic power. Helping entrepreneurs access the capital and support they need to get new businesses off the ground in these tough economic times is one of the most important things we can do to help our economy grow. That's why President Obama included help for entrepreneurs in the American Jobs Act and introduced the Startup America Initiative earlier this year. Both the Jobs Act and the initiative help entrepreneurs cut through regulatory red tape and access the investment capital they need, enabling them to turn new ideas into new businesses and new jobs more quickly and easily. The President also signed the America Invents Act in September of this year to fast-track startups and help them put their products on the market more efficiently. enable them to put their products on the market more quickly.