News release

HP Announces Recipients of Microenterprise Development Grants

HP today announced seven recipients of the HP Technology for Entrepreneurship Education Leadership Grants, which are worth approximately $100,000 each in technology equipment and cash.

The grants seek to advance the use of technology in entrepreneurship education programs and improve the efficiency, effectiveness and sustainability of microenterprises in the United States.⁽¹⁾ The grant program provides technology and training for entrepreneurs to build and grow their businesses, with a particular focus on small businesses, youth and underserved communities.

The 2008 HP Technology for Entrepreneurship Education Leadership Grants were awarded to nonprofit organizations that received HP Microenterprise Development Program or Microenterprise Acceleration Program grants between 2003 and 2005, and that have excelled at and continue to provide start-up assistance, business training and access to capital and advice to entrepreneurs and very small businesses.

“Supporting nonprofit organizations with proven success in entrepreneurship education and training is an important step in the growth and success of micro-businesses,” said Yvonne Hunt, vice president, Global Social Investment, HP. “We are committed to empowering individuals and communities worldwide by equipping them with investments of HP resources and technology.”

Seven U.S. nonprofits awarded grants

Supporting the growth of microenterprise development agencies is key to microenterprises as their long-term growth and success is critical for job creation and income generation in underserved communities.

HP selected the following nonprofit microenterprise development agencies to receive a 2008 Technology for Entrepreneurship Education Leadership Grant to expand access to technology for their clients:

• BiGAustin, Austin, Texas, www.bigaustin.org
• Community Business Partnership, Springfield, Va., www.cbponline.org
• Detroit Entrepreneurship Institute, Inc., Detroit, Mich., www.deibus.org
• Micro Business Development, Denver, Colo., www.microbusiness.org
• Renaissance Entrepreneurship Center, San Francisco, Calif., www.rencenter.org
• The Edge Connection, Kennesaw, Ga., www.theedgeconnection.com
• Women’s Initiative for Self Employment, San Francisco, Calif., www.womensinitiative.org

Each recipient will receive technology equipment, cash, services and support valued at approximately $100,000, depending on the specific equipment awarded. Equipment contributions are designed to meet the specific needs of each organization selected. These solution packages may include HP business desktop PCs, workstations and monitors, notebooks, printers, HP ProLiant servers, scanners, digital cameras or HP iPAQ handheld devices.

“The HP Microenterprise Development Program continues to be a significant initiative that increases the technological capacity of microenterprise organizations to serve clients more effectively and efficiently,” said Elaine L. Edgcomb, director, Microenterprise Fund for Innovation, Effectiveness, Learning and Dissemination (FIELD), The Aspen Institute. “It provides key infrastructure, services and tools that allow programs to offer technology that enables entrepreneurs to improve business practices, access new markets and grow. We encourage other funders to study HP’s model and work towards the important goal of making microenterprise programs technologically first-rate.”

Case Study: Community Business Partnership helps client launch Lumenica LLC

The Community Business Partnership (CBP), a complete resource center providing training and support to small businesses in Fairfax County, Va., received a 2003 HP Microenterprise Development Program grant. Through HP’s financial and technology support, CBP increased its client roster by more than 100 percent and helped Rabiya Jilani and Salman Haq start their own business, Lumenica LLC, in October 2007.

More information about the HP Technology for Entrepreneurship Education Leadership Grant program is available at www.hp.com/hpinfo/grants/us/programs/microenterprise/index.html.

About HP

HP focuses on simplifying technology experiences for all of its customers – from individual consumers to the largest businesses. With a portfolio that spans printing, personal computing, software, services and IT infrastructure, HP is among the world’s largest IT companies, with revenue totaling $110.4 billion for the four fiscal quarters ended April 30, 2008. More information about HP (NYSE: HPQ) is available at http://www.hp.com.

⁽¹⁾ A microenterprise is a business with five or fewer employees, minimal start-up capital and little or no access to the traditional banking sector.

© 2008 Hewlett-Packard Development Company, L.P. The information contained herein is subject to change without notice. HP shall not be liable for technical or editorial errors or omissions contained herein.