This is all in an effort by the Obama administration to encourage entrepreneurship and help the start-up process for small businesses. The program, part of President Barack Obama’s Startup America Initiative, promotes job creation in an effort to boost the lagging economy.
Chu and other administration officials are on an eight-city tour to promote job growth and innovation.
“The realization was that some of the small start-ups wouldn’t be able to bear those costs,” Chu said. “We still wanted them to have the intellectual property available because a lot of new jobs are created in small businesses.”
Small businesses are responsible for creating one out of three jobs in the United States.
The program begins in May, and some 15,000 patents will be made available from May to December.