The Kauffman Foundation is pleased to be working in cooperation with Dr. Ed Montgomery, named this week as executive director of the White House Council on Automotive Communities and Workers. The White House is showing its support for Kauffman programs in Detroit that are expected to create 1,200 new companies and nearly 5,000 new jobs in the next three years, as well as saving as many as 20,000 existing jobs in minority-owned companies that supply products and services to the automotive and other industries. The Kauffman entrepreneurial training programs are being funded by the New Economy Initiative, which consists of a consortium of ten foundations in southeast Michigan.

Dr. Montgomery has released the following statement in recognition of Wednesday's "FastTrac to the Future" event in Detroit, where more than 500 aspiring entrepreneurs will begin a new journey to take charge of their own economic destinies: "During these tough economic times, we must come together to find new, innovative ways to save and create jobs while transforming our economy for the long term. As part of this effort the President is committed to building partnerships with and engaging foundations, NGOs and the public in ways that leverage federal efforts and will strengthen our economy and society for generations to come. This event today has brought together a unique alliance of foundations determined to build on the spirit of American innovation and committed to transforming our manufacturing sector to create new opportunities for the people and communities in the region. This program has the potential to create thousands of jobs, spurn growth of small businesses, help auto suppliers diversify and make sure minority businesses fully participate in the new green economy. I want to commend and personally thank the foundations, local officials, and individuals who have come together to form this alliance, and I look forward to working with them in the months ahead."

Read the press release about the FastTrac to the Future event in Detroit.