Obama says underrepresentation of women, minorities among entrepreneurs hurts business

CareerAssociated Press

President Barack Obama says underrepresentation of women and minorities among the nation's startups is hurting business.

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Obama says the next big idea could come from anyone and that the next Steve Jobs could be named Stephanie or Esteban. Jobs is the late co-founder of Apple.

Obama commented Tuesday as the White House showcased the work of more than 30 startup teams of women, minorities and young people. Their exhibits range from early-stage technology to consumer products.

The White House says about 3 percent of U.S. startups backed by venture capital are led by women. About 1 percent are headed by African-Americans.

Obama toured several exhibits at the White House and told the entrepreneurs to remember that he'll be looking for a job in about 18 months.