WASHINGTON, DC -- U.S. Senator Jack Reed (D-RI) today applauded the White House for including Betaspring, a Providence-based startup incubator, among several programs nationwide chosen for the launch of President Barack Obama’s “Startup America Partnership,” an initiative to spur high-tech job creation through innovative small businesses and start-up firms.

“It's good news for our state that Betaspring was chosen to be a part of this new national network of start-up accelerators.  This is a great way to translate big ideas into action and a smart investment in encouraging the private-sector to spur job growth here in Rhode Island and across the country,” said Reed.  “Bringing together this innovative network of private companies, universities, and investors will help foster collaboration and share best practices."

The Startup America Partnership will commit $2 billion in matching grants from the Small Business Administration (SBA), along with matching funds from private foundations and big technology companies such as IBM and Intel, to provide early stage investments in companies with high growth potential.

Founded in 2009, Betaspring has been described as a boot camp for fledgling entrepreneurs.  According to its website: “Betaspring is a mentorship-driven Providence-based startup accelerator program for technology and design entrepreneurs who are ready to build a product, launch a company, and change the world.”

Betaspring, along with several other entrepreneurial firms, were chosen to be part of the TechStars Network, an alliance of independently owned and operated startup accelerator programs from across the nation and around the world.

Other members of the TechStars Network include: AlphaLab, based in Pittsburgh, PA; Arizona State University, based in Scottsdale, AZ; Blueprint Health, based in New York, NY; BoomStartup, based in Salt Lake City, UT; Excelerate Labs, based in Chicago, IL; Founders Co-op, based in Seattle, WA; Incubate Miami, based in Miami, FL; Jumpstart Foundry, based in Nashville, TN; LaunchPad Ignition, based in New Orleans, LA; Tech Wildcatters, based in Dallas, TX; and The Brandery, based in Cincinnati, OH.  Additionally, accelerator programs from Europe, Israel, and Singapore have joined the program.