Title: Supporting the designation of August 18, 2021, as "Congressional Startup Day".
Policy area: Commerce

Summary:
This concurrent resolution recognizes the importance of startups to the U.S. economy, supports assisting startups throughout the economic downturn caused by the COVID-19 pandemic, and commits to promoting equal economic opportunity for underrepresented entrepreneurs of all backgrounds.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H. Con. Res. 47 Introduced in House (IH)]

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117th CONGRESS
  1st Session
H. CON. RES. 47

   Supporting the designation of August 18, 2021, as ``Congressional 
                             Startup Day''.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            August 17, 2021

  Mr. Phillips (for himself and Mrs. Kim of California) submitted the 
following concurrent resolution; which was referred to the Committee on 
                          Energy and Commerce

_______________________________________________________________________

                         CONCURRENT RESOLUTION


 
   Supporting the designation of August 18, 2021, as ``Congressional 
                             Startup Day''.

Whereas the term ``startup'' generally refers to an innovative, technology-
        enabled, and growth-oriented company founded by one or more 
        entrepreneurs to develop a unique product or service and bring it to 
        market;
Whereas startups, particularly early stage companies, contribute to a sizable 
        portion of the American workforce and are the driving force behind most 
        new job creation in the United States;
Whereas, from 2010 to 2018, startups accounted for approximately 30 percent of 
        employment gains in the United States each year;
Whereas startups that are less than a year old created approximately three 
        million jobs in 2019;
Whereas startups and small businesses employ 60 million people across the United 
        States, nearly half of the American workforce;
Whereas startups are driving economic growth and job creation all over the 
        United States, as almost half of all new startups are established 
        outside of the 35 largest metropolitan areas in the country;
Whereas startups across the country have been an integral part of the national 
        response to the COVID-19 pandemic, but are in desperate need of support 
        from Congress in order to further protect their entrepreneurs and their 
        employees;
Whereas startup companies have faced major layoffs in the wake of the pandemic;
Whereas startups and small businesses have had their access to capital from 
        investors significantly reduced due to the pandemic;
Whereas the designation of August 18, 2021, as ``Congressional Startup Day'' 
        recognizes the commitment of this Congress to promoting diversity and 
        inclusiveness within the entrepreneurial community, including startups 
        founded by women and entrepreneurs of color;
Whereas entrepreneurs from underrepresented communities are less likely to 
        receive bank loans and other forms of investment and deserve equal 
        opportunity and support; and
Whereas at the time of launching their venture, only 25 percent of Black and 
        Latino entrepreneurs have another business owner in their network, and 
        growing their ventures is often contingent upon support from the 
        entrepreneurial community as well as our country: Now, therefore, be it
    Resolved by the House of Representatives (the Senate concurring), 
That Congress--
            (1) recognizes the importance of startups to the American 
        economy;
            (2) supports the goal of assisting startups in weathering 
        the economic downturn caused by the COVID-19 pandemic; and
            (3) commits to promoting equal economic opportunity for 
        underrepresented entrepreneurs of all backgrounds, including 
        entrepreneurs who are Black, Latino, Native American, Asian 
        American and Pacific Islanders, and women.
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