President Barack Obama today followed up his State of the Union call for more innovation with a dose of the stuff himself as his administration launched a broad effort to boost high-growth entrepreneurship in the United States.

Dubbed “Startup America,” the public-private program is getting started with $400 million from such big businesses as IBM and Intel Capital. Leading the effort on the private sector’s side is Steve Case, cofounder of AOL and CEO of Revolution LLC, who is chairing the newly formed Startup America Partnership.

“Entrepreneurs speak to what’s best about America, and in their drive and innovative spirit—in their willingness to take a risk on a bold idea—we can see the future,” President Barack Obama said. “We can see how America will compete and win in the 21st century global economy.”

For his part, Case said he was pleased that Obama “has made supporting and celebrating entrepreneurs a major priority of his economic strategy.” Pointing to the story of William Bradford, the Pilgrim leader who took a chance on starting over in a new country, Case said: "The story of America really is the story of entrepreneurship."

(For more details about the program, click here to get a news story from the Washington Business Journal.)

Others in the administration, like Gene Sperling, chairman of the president’s Council of Economic Advisers, noted that focusing on startups at this time makes a degree of sense. More than half of Fortune 500 companies started during a recession or during a bear market, Sperling said.

But there’s one little problem facing the administration and its private-sector allies as they push American entrepreneurship, it’s this: the number of self-employed Americans has fallen for three straight months and is down 336,000 from a year ago.

“From our perspective, a better economy will lead to more startups,” said Karen Kerrigan, president and CEO of the Small Business and Entrepreneurship Council.

Uncertainty over health care costs, government regulations and what happens to taxes in two years are stifling entrepreneurship, she said. “We don’t want to rain on the initiative, but it’s policies that matter right now, that are holding the private sector back,” Kerrigan added.

The push to develop policies aimed specifically at American entrepreneurs follows a program the Obama administration put in place in 2009 to provide outreach and training for entrepreneurs in foreign countries with large Muslim populations.

Among other aspects of the U.S.-focused program announced today:

• The president proposed permanently eliminating capital gains taxes on long-term investments in small businesses. That break currently is in effect for small business stock that is issued this year.
• Over the next five years, the Small Business Administration will use $1 billion to match investments made by Small Business Investment Companies in clean energy companies, and in companies located in underserved communities, such as inner cities and rural America. The SBA also will match $1 billion in private capital raised by SBICs for early-stage investments, which is aimed at helping high-growth companies that need $1 million to $4 million to cross the infamous “Valley of Death.”
• The Treasury Department plans to simplify the rules for New Market Tax Credits so this $5 billion program will be used for investments in small businesses as well as real estate projects.
• The Commerce Department plans a $12 million i6 Green program that will reward communities with novel strategies to promote the development of clean energy technologies.
• The U.S. Patent and Trademark Office will offer entrepreneurs the option of paying a little extra to get fast-track approval of patents, which will help companies seeking venture capital.
• The Department of Energy will team with the SBA to provide funding to four private-sector mentorship programs that will support an additional 100 clean energy startups across the country.