The agency encourages its partners to develop initiatives that advance new ideas and creative approaches to address rapidly evolving economic conditions. It is an economic development agency based in Washington, D.C., established in 1965, and managed by an executive team. EDA is a bureau within the U.S. Department of Commerce and has six regional offices throughout the country. Its mission is to prepare American regions for growth and success in the worldwide economy by promoting innovation and competitiveness and supporting key initiatives among regional areas across the United States, thereby developing economic stability through intergovernmental and public/private sector collaboration.