Geomagic CEO is becoming Obama's small business initiatives resource

The (Raleigh) News & ObserverFebruary 1, 2011 

Ping Fu continues to reinforce her role as the local entrepreneur who has become a small business resource for the Obama administration.

The CEO and founder of Geomagic, a 3-D software company in Research Triangle Park, was among the speakers Monday in Washington who helped kick off Obama's campaign to increase investment in startup companies. The appearance follows several visits to Washington last year, including asMichelle Obama's guest at the State of the Union.

The "Startup America" effort involves using $2 billion from the Small Business Administration, with matching funds from private foundations and big technology companies such as IBM and Intel, to provide seed andearly stage investments in firms with high growth potential. Obama's next budget also will include a proposal to eliminate capital-gains taxes on certain investments by small businesses and an expansion of small-business tax credits.

The initiatives are part of Obama's directive to promote entrepreneurship and boost job growth. In his latest State of the Union address, Obama mentioned his plan to "out-innovate, out-educate and out-build the rest of the world."

Fu is a passionate advocate for small businesses and women-led companis in particular. She got a call from White House officials Saturday night, asking her to be in Washington by Monday morning. She didn't hesitate.

"It's important for entrepreneurs to have a voice in the capital," Fu said. "This is a starting point, but this administration really seems to get it."

And as a member of the administration's National Advisory Council on Innovation and Entrepreneurship, Fu said she "will play a role in shaping the policies and making sure the execution bears fruit."

On Monday, Fu appeared with Secretary of Energy Steve Chu, National Economic Council director Gene Sperling and other administration officials at the event, held in the Eisenhower Executive Office Building. AOL co-founder Steve Case, who will lead the White House campaign, introduced Fu.

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