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Whether it’s social innovation or the innovation economy, most folks agree that the key in igniting transformative breakthrough must be innovation and the innovators behind them. That’s the idea at the heart of the Obama Administration’s newly formed National Advisory Council on Innovation and Entrepreneurship (NACIE), which our chairman Steve Case is co-chairing.

Yesterday, along with a few dozen White House staffers, policy wonks, and innovation-philes, I crammed into the Secretary of Commerce’s wood-paneled and marble conference room to watch NACIE’s inaugural meeting in action. Starting with remarks from the Secretary, Steve and his fellow co-chairs Mary Sue Coleman (President, University of Michigan) and Desh Deshpande (Chairman, Sparta Group, AONE, SCMR, Tejas Networks, Sandstone Capital, and HiveFire), the meeting included highlights by the Administration of its current innovation and entrepreneurship policies and programs, while the Council members asked questions, gave feedback and began to form thoughts on priorities (check out the full agenda here).

Council members, which include a who’s who list of successful entrepreneurs, investors, and university and nonprofit leaders, heard from top White House officials from the Office of Science and Technology Policy, National Economic Council, Commerce, the Small Business Administration and even a drop-in visit from White House Chief of Staff Rahm Emanuel. Conversations of the day ranged from the need for investment in more DARPA-like R&D, to methods for sourcing ideas from non-traditional places, to creating or clarifying access to capital for entrepreneurs.

While I could tell you more, we thought you’d rather hear Steve Case’s thoughts on the subject and what will be happening next. And, since our chairman’s idea of a blog post is usually in the form of 140 characters or less, we decided to put a video camera outside his office and let him share his thoughts fresh from the meeting instead. So, check out the video below and as Steve notes at the end, please send us your good ideas on what it will take to spark innovation and entrepreneurship in the nation. You can respond to this blog post or tweet it, using the hashtag #NACIE.

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