Entrepreneurship month came to a close in November and The U.S. Department of Commerce (USDOC) is reminding business owners of the resources available to them to ensure their success.
USDOC's Economic Development Administration (EDA) grant investments will support locally-driven economic development strategies in non-traditional startup cities to boost entrepreneurship and spur industry growth, especially in areas where communities haven't had the same opportunity due to their race, gender or geography, a USDOC news release said.
Additionally, the department's U.S. Minority Business Development Agency (MBDA) serves to assist the nation's more than 9 million minority-owned businesses and is the only federal agency tasked solely with increasing the growth of minority-owned businesses, according to the release.
“There are resources throughout the U.S. Government to guide young women into STEM subjects, and to discover the wonders of innovation, such as this summer’s Camp Invention [through the National Inventors Hall of Fame], and programs the USPTO runs nationwide that simplify the process of obtaining patents and trademarks,” Commerce Secretary Gina Raimondo said at the Women Entrepreneurship Symposium in March. “The Patent and Trademark Office’s SUCCESS Act study last year — that found only 12.8 percent of all patents were granted to women — should serve as a wakeup call to all of us.”
USDOC's United States Patent and Trademark Office (USPTO) serves to aid entrepreneurs through driving innovation, the release said. New companies that obtain patents reportedly generate approximately 80% more revenue than companies that don't have a patent.
The U.S. Census Bureau is also a valuable resource for entrepreneurs providing to better understand their customer base by providing the most up-to-date information on communities and the economy, the release said.
“The Department of Commerce is committed to expanding opportunities for businesses and entrepreneurs, no matter their background or geographical location,” the release said. “The linkage between business and innovation in this country is what gives our country its competitive edge.”
