President Obama announced a new initiative Monday aimed at improving U.S. students' achievement in math and science over the next decade. The new "Educate to Innovate" initiative involves partnerships with leading companies, foundations, nonprofits and science and engineering societies aimed at motivating students to excel in science and math.

"Reaffirming and strengthening America's role as the world's engine of scientific discovery and technological innovation is essential to meeting the challenges of this century," Obama said in a speech at the National Academy of Sciences. "That's why I am committed to making the improvement of STEM (science, technology, engineering and math) education over the next decade a national priority."

The initiative aims to increase STEM literacy so all students can think critically in science, math, engineering and technology, improve the quality of math and science teaching to help U.S. students catch up with foreign students, and expand STEM education and career opportunities for underrepresented groups, including women and minorities. Among the partnerships announced are five public-private partnerships, which include a commitment of $260 million in financial and in-kind support, that harness "the power of media, interactive games, hands-on learning, and 100,000 volunteers to reach more than 10 million students over the next four years, inspiring them to be the next generation of makers, discoverers, and innovators," according to a White House press release.

Business leaders hailed the initiative. "The chamber applauds the president's efforts to energize a new generation of innovators and pledges to work with our members to support the new STEM initiative," U.S. Chamber of Commerce Senior Vice President Arthur Rothkopf said in a statement.