Pledges to Work with Hatch to Support Startup Formation
WASHINGTON, DC – The National Venture Capital Association (NVCA) issued the following statement today after Senator Orrin Hatch (R-UT), Chairman of the Senate High-Tech Task Force, unveiled his Innovation Agenda for the 115th Congress.
“On behalf of our nation’s venture capital investors and the entrepreneurs they support, we applaud Senator Hatch for developing such a detailed policy agenda to strengthen the U.S. innovation economy,” said Bobby Franklin, President and CEO of NVCA. “Through his leadership of the Senate Republican High-Tech Task Force, Senator Hatch has developed a deep appreciation for the important role venture-backed companies play in our economy and has offered a compelling policy agenda to ensure the U.S. remains the global leader in innovation and breakthrough discoveries. From investment in STEM education to common-sense immigration reforms to attract and retain the best and brightest from around the world, there is much for us to be supportive of, and we look forward to working with Senator Hatch to expand his priority list to better support new startup formation in the U.S.”
Driven by uptick in billion-dollar funds, VCs record best fundraising year in a decade
SEATTLE, WA – 2,470 investors deployed $12.7 billion in capital to 1,736 venture-backed companies during the fourth quarter, according to the PitchBook-NVCA Venture Monitor, the definitive source of information on U.S. venture capital activity. The report found that throughout 2016 more than $69.1 billion was invested across 7,751 companies in the entrepreneurial ecosystem, representing the second highest annual investment total in the past 11 years. Given the high levels of venture investment activity recorded in 2014 and 2015, 2016 represented less of a decline and more of a return to normal for the venture capital industry.
“Fourth quarter activity reinforces what we saw and heard all year, which is that the venture investment levels are readjusting after peaking in 2015. We view this recalibration as a healthy normalization and a return to a much steadier pace of investment,” said Bobby Franklin, President and CEO of NVCA. (more…)
Recipients will be Honored at the 2017 NVCA Leadership Gala on March 8
WASHINGTON, DC – The National Venture Capital Association (NVCA) today announced the addition of three new award categories to the lineup of awards that will be presented at the 2017 NVCA Leadership Gala to be held at the Rosewood Sand Hill in Menlo Park, CA the evening of March 8, 2017. The new award categories include the Rising Star Award, Excellence in Healthcare Innovation Award and the Venture Firm of the Year Award. These three new award categories join the current roster of awards that includes the Lifetime Achievement in Venture Capital Award, the Outstanding Service Award and the American Spirit Award. Nominations for all six awards is now open until January 29, 2017.
“After much discussion with our board, our members and other constituencies in the ecosystem, we concluded it was appropriate to add these important new categories to our lineup of awards that will be presented at the Leadership Gala,” said Bobby Franklin, President and CEO of NVCA. (more…)
VC Firms with Human Capital Strategies More Likely to Have Diverse Teams
WASHINGTON, DC – Although women comprise nearly one-half (45 percent) of the total venture capital workforce, few are in investment decision-making positions, according to a new report released today by the National Venture Capital Association (NVCA) and Deloitte. Based on the findings of the first ever NVCA-Deloitte Human Capital Survey conducted by the Deloitte University Leadership Center for Inclusion, women represent 11 percent of investment partners or equivalent on venture investment teams.
Racial minorities are also significantly underrepresented across the VC industry, according to the survey. By race, the report found that non-white employees comprise 22 percent of the venture capital workforce, including Black employees at 3 percent and Hispanic or Latino employees at 4 percent. (more…)
WASHINGTON, DC – The National Venture Capital Association (NVCA) today issued the following statement after President Obama signed into law the 21st Century Cures Act.
“At long last this critical bill is cemented into law after passing both chambers of Congress and signed by the president. Increasing funding for NIH, advancing precision medicine, and improving the environment for the development of life-saving drugs and treatments is critical to ensuring the U.S. remains the tip of the spear in developing breakthrough medical innovation,” said Bobby Franklin, President and CEO of NVCA. (more…)
WASHINGTON, DC – The National Venture Capital Association (NVCA) today applauded Senator Jeff Flake (R-AZ) for introducing legislation to create a startup visa so that foreign-born entrepreneurs can bring their innovative ideas to the U.S. to build high-growth startups that create American jobs. Under the Attracting and Retaining Entrepreneurs Act, an immigrant entrepreneur would earn a “nonimmigrant invest visa” or “invest immigrant visa” if he or she has a significant ownership interest in a startup that receives requisite investment from an investor and meets other requirements, such as job creation.
“Knowing of the significant contributions immigrant founders bring to the startup ecosystem and the broader U.S. economy, NVCA has long advocated for the creation of a startup visa for foreign-born entrepreneurs to build their companies in the U.S.,” said Bobby Franklin, President and CEO of NVCA. (more…)
Calls on President-Elect to Commit to Strong Entrepreneurship Agenda
WASHINGTON, DC – In a letter to President-elect Donald J. Trump today, the National Venture Capital Association (NVCA) outlined key policy priorities to strengthen venture capital and the entrepreneurial ecosystem. Recognizing that the Trump campaign for president tapped into a belief that many pockets of the country have been left behind by the modern economy, NVCA called on the president-elect to commit to a strong entrepreneurship agenda as a way to build strong economies in all areas of our country. (more…)
Additional Reform Needed to Support Venture Investment in Medical Innovation
WASHINGTON, DC – The National Venture Capital Association (NVCA) today issued the following statement after the House of Representatives passed the 21st Century Cures Act, sponsored by Rep. Fred Upton (R-MI), Chairman of the House Energy and Commerce Committee, and Energy and Commerce Committee Member Rep. Diana DeGette (D-CO).
“On behalf of our nation’s life science investors who since 2006 have collectively invested over $101 billion into 4,494 companies working on cutting edge medical innovation, we applaud passage in the House today of the 21st Century Cures Act,” said Bobby Franklin, President and CEO. (more…)
WASHINGTON, DC – The National Venture Capital Association (NVCA) today announced the appointment of Charlotte Savercool as Director of Government Affairs effective immediately. Savercool comes to NVCA from the House Committee on Energy and Commerce where she served as a Professional Staff Member for the Subcommittee on Communications and Technology.
“We are so thrilled to have Charlotte join the NVCA team to assist in our important work to advocate for the venture capital industry and promote the critical role the entrepreneurial ecosystem plays in strengthening the U.S. economy,” said Bobby Franklin, President and CEO of NVCA. (more…)
WASHINGTON, DC – The National Venture Capital Association today joined as a supporting partner of the Open Network for Board Diversity (ONBOARD) Initiative. Spearheaded by the U.S. Small Business Administration and LinkedIn, the goal of the initiative is to increase the number of women and minority members of advisory boards and boards of directors of high growth small businesses, with special emphasis on those businesses supported by Small Business Investment Companies (SBICs).
“NVCA, our members and the companies they support all have a stake in creating a more inclusive entrepreneurial ecosystem and a critical component to those efforts starts with the composition of company boards,” said Bobby Franklin, President and CEO of NVCA. (more…)