Obama: Entrepreneurship breeds success, prosperity

PALO ALTO, Calif. (AP) - President Barack Obama says people succeed and communities prosper when they have the skills and resources needed to start their own businesses.

And he says women, minorities and those who typically haven't had opportunities to become entrepreneurs become empowered when they can turn their ideas into reality.

Speaking at Stanford University in California, Obama is participating in a summit on global entrepreneurship sponsored by his administration.

He says officials are working to simplify the process for starting companies and equipping scientists and engineers with entrepreneurial skills.

Obama also says there will soon be a new effort to funnel more investments to small-scale, clean-energy entrepreneurs from developing countries.