U.S. President Barack Obama has signed an executive order aimed at encouraging economic growth by shortening the time it takes to turn federally funded research into commercial products.

He signed the order Friday, during a week when he has enacted several executive orders meant to demonstrate his commitment to improving the economy.

Friday's order directs government agencies to shorten the time it takes to process applications for federal research funding for private-public partnerships, small business research and development grants, and university-startup collaborations. The Obama administration says the move could cut in half the amount of time it takes to approve a grant to a startup company.

The administration says the goal is to help startups and small businesses around the country create new technology, create new jobs, and expand, while making more efficient use of some $147 billion a year in federal research funding.

Earlier this week, Mr. Obama unveiled plans to help military veterans find work, and to lower payments on student loans. He has been using the slogan that American's “can't wait” for a balky Congress to pass legislation that creates jobs.