This is the middle of President Obama's speech at Fortune's Most Powerful Women Summit. Obama addresses women's entrepreneurship, education and job creation.
Now, this doesn't relieve government of its responsibility to create the conditions for businesses to succeed. That's what government does best -- those things that no individual or business will do on their own, but that create an environment where everybody can compete. So that means funding the basic research that drives new discoveries and sparks new industries. It means upgrading our infrastructure -- including things like high-speed rail and Internet -- so that you can get your products and services to your customers. It means promoting exports, because the more our businesses export, the more they produce -- and the more jobs they create.
And it means making sure that our people have what it takes to actually do those jobs. That's what we've been discussing during the conference today, and it's what I'd like to focus on tonight, because you know, as I do, that our businesses, our institutions, our economy cannot compete unless our workforce can compete -- unless we harness the potential of every American and ensure that their skills match up to the work of the future.
And that starts with education -- especially in fields like science and technology and engineering and math. We cannot sustain high-tech, high-wage jobs here in America when our young people are lagging far behind competitors around the world. That's one of the reasons we launched a national competition called Race to the Top, designed to raise standards in our schools. And it's based on a simple idea: Instead of funding the status quo, we're only going to invest in reform.
And with the help of business leaders like Ursula Burns, the CEO of Xerox, we've created a new partnership called "Change the Equation," which is a coalition of more than 100 CEOs from our nation's largest companies who've committed to bringing innovative math and science programs to at least 100 high-need communities over the course of the next year. And it includes a special focus on girls, who are often underrepresented in our scientific fields. And I know, by the way, from talking to Malia and Sasha, it's just a matter of giving them a little bit of confidence, and they will thrive and succeed in math and science. But somebody's got to be there to say to them, you know what, you can do this.
We also know that in today's economy, every American will need more than a high school diploma. And back when I took office, I set a goal: By 2020, America will once again have the highest proportion of college graduates in the world. That's why we've increased student aid and tuition tax credits, and we've eliminated tens of billions of dollars in wasteful subsidies, and we're now using that money to make college more affordable to millions of students. We've made historic investments in community colleges, which are a pathway to opportunity not just for children of so many working families, but for millions of women returning to the workforce or who are raising children of their own and so need some flexibility in terms of a course of study and advancing careers.
And just yesterday, we launched a new initiative called Skills for America's Future to connect students looking for jobs with businesses looking to hire. And the idea is very simple: Businesses and community colleges work together to match the curricula in the classroom with the needs of the boardroom. Companies then hire the graduates, who show up on their first day with precisely the skills that you need, and that they need, to succeed. We've already got businesses from PG&E to United Technologies to the Gap who are supporting this initiative, as have business leaders like my friend who is helping to spearhead this, Penny Pritzker, and the Aspen Institute's Walter Isaacson. So we want to get these partnerships going in all 50 states -- and I hope that companies that are represented here all decide to be a part of this program.
Now, let's not forget that most of your businesses did not start out as national or multinational corporations. They began as tiny startups, dreamed up in garages and around kitchen tables by folks who were willing to take a chance on an idea. So when we're talking about building a more competitive workforce, that doesn't just mean developing more competitive workers. It also means developing more competitive entrepreneurs. It means helping them translate those good ideas into successful businesses that create jobs and strengthen our economy.
And as any entrepreneur will tell you, one of the biggest roadblocks they face is access to capital. It turns out that's particularly true for women. A recent study by the Kauffman Foundation found that women high-tech entrepreneurs raised nearly 70 percent less capital when starting their firms than men did. For all we know, one of those women could have the idea for the next Google or Apple or HP. But that doesn't mean much if she can't get the cash to bring the idea to market.
So Theresa Daytner knows what that's like. She's one of the entrepreneurs that you're honoring this year. Is she here? Theresa? Where are you? Way back there. Hey, you. I love Theresa's story. She struggled at first to get capital for her construction company, partly because she was providing for her six kids and caring for her aging parents. So eventually she ran out of options. She applied for a home equity loan. And this resonates with me, this story. She handed her husband the application, and she said to him, "Here, honey, sign this but don't read it."
Now, her company took off, bringing in more than $16 million in revenue so far this year. So we're very proud of what you've accomplished. But folks like Theresa, they shouldn't have to mortgage their family home to build their family business. That's why we're working to help entrepreneurs like Theresa with new tax cuts and more loans.
