WASHINGTON, DC – The National Venture Capital Association (NVCA) issued the following statement today in support of the Fostering Innovation Act introduced by Reps. Kyrsten Sinema (D-AZ) and Trey Hollingsworth (R-IN).
“Since 2000 the United States is averaging less than half the number of IPOs annually. With more and more startups opting not to go public, this creates a lose-lose situation for the startups and the U.S. economy,” said Bobby Franklin, President and CEO of NVCA. “The JOBS Act was a great first step, but we must build on this success in order to reopen our public capital markets to startups and small capitalization companies. We applaud Reps. Sinema and Hollingsworth for spearheading this important legislation to reduce the significant costs for small capitalization companies to go public so that they can spend more time focused on innovation and less time on unnecessary compliance costs and burdensome regulations.”