Subject: Pool report #7
The president left the BBQ place after about 40 minutes and motorcaded for about a minute. The normal work day seems to have ground to a halt in downtown Austin with hundreds of office workers looking out of their windows.
He is visiting Capital Factory, a tech start up incubator and co working space. It is a kind of cross between a well appointed classroom and an office with lots of young people sitting behind MacBook Airs.
The president saw a demonstration of a Computer program called Stormpulse which uses government data to track severe weather. It was demonstrated by Stormpulse co-founder and CEO Matt Wensing, who noted he had given up his job and health insurance with the blessing of his wife to found the firm.
Next, the president moved to another room, a kitchen and lounge area, with Capital Factory Founder Josh Baer.
The people in the second room were known as “angel investors” who finance a new generation of entrepreneurs who set up startup at Capital Factory.
“I think this can be a model for a lot of cities around the country,” Obama said.
“What you also have here is a community that seems to be fostering and encouraging.”
“One of the reasons to do this trip … If you watch the news, if you are based in Washington, sometimes you just sense doom and gloom,” he said noting that dynamic people were creating goods and services and “were out there hustling every single day.”
“I am a huge belief that the private sector is the driver of job creation and growth. I also think the government can play a beneficial role in that process or compete in that process.”
We are just real excited to see what you are doing.”
“You hopefully may have ideas about how we can be more helpful.”
Potus then reprised his assessment of the economy given in his speech this morning. He also said he was concerned about the effect of the sequester on basic research and warned that the US could lose its edge to China, South Korea and Germany.