Ed. Note:  I missed this announcement of a few weeks ago.  I have yet to be contacted, btw.  I have ideas.

WASHINGTON—U.S. Commerce Secretary Gary Locke announced today his plans to create a new Office of Innovation and Entrepreneurship within the Department of Commerce and launch a National Advisory Council on Innovation and Entrepreneurship. Both substantial new initiatives will help leverage the entire federal government on behalf of promoting entrepreneurship in America. The new office is expected to announce additional initiatives in the coming months.

The new Office of Innovation and Entrepreneurship, which will answer directly to the secretary, will be geared toward the first step in the business cycle: moving an idea from someone’s imagination, or from a research lab, into a business plan.

“We’re not lacking for groundbreaking ideas in this country; nor are we short on smart entrepreneurs willing to take risks,” Locke said at the Inc. 500/5000 Conference today. “What we need to do is get better at connecting the great ideas to the great company builders. And I think The Office of Innovation and Entrepreneurship is a big step in the right direction.”

The National Advisory Council on Innovation and Entrepreneurship will advise the Commerce Department on policy relating to building small businesses and help to keep the department engaged in a regular dialogue with the entrepreneurship and small business communities. The council is expected to be comprised of successful entrepreneurs, innovators, investors, non-profit leaders and other experts.

Here is what they hope to do:

  • Encouraging Entrepreneurs through Education, Training, and Mentoring. Nothing succeeds more than having a government worker explain business startup activity.
  • Improving Access to Capital. This is easy.  If you invest in a newco, any profits/gains you take are tax-free.
  • Accelerating Technology Commercialization of Federal R&D.  Maybe this should be the other way around.  Federal should use more of what is developed. By small companies, NOT just the big guys.
  • Strengthening Interagency Collaboration and Coordination.   Huh?
  • Providing Data, Research, and Technical Resources for Entrepreneurs. For free, right? Is there a form to fill out? How many pages?
  • Exploring Policy Incentives to Support Entrepreneurs and Investors. One good place to start, stop bashing successful business people, making them feel like second class citizens. My two cents.

Instead of spending $500 million on this idea, just give $100,000 to every proven entrepreneur you can find.  Then disband the office.