Contact:

Ben Veghte
NVCA
202.864.5923
bveghte@nvca.org


FOR IMMEDIATE RELEASE:

WASHINGTON, DC – The National Venture Capital Association (NVCA) today issued the following statement after the House of Representatives passed H.R. 5388, the Support for Rapid Innovation Act of 2016, and H.R. 5389, the Leveraging Emerging Technologies Act of 2016,  introduced by Congressman John Ratcliffe (R-TX), Chairman of the House Homeland Security Subcommittee on Cybersecurity, Infrastructure Protection, and Security Technologies.  Featured as part of the Innovation Initiative led by House Majority Leader Kevin McCarthy (R-CA), the bills would make it easier for the Department of Homeland Security (DHS) to access innovative cybersecurity solutions by requiring the federal agency to address barriers that inhibit venture-backed cybersecurity startups from delivering their products and services via the federal procurement process.

“Groundbreaking innovation in cybersecurity is predominately being done by enterprising startup entrepreneurs that recognize gaps in existing technologies and develop new tools to fill them.   However, because of bureaucratic red tape, these innovative startups must overcome incredible obstacles to access the government procurement process and deliver solutions to federal agencies,” said Bobby Franklin, President and CEO of NVCA.  “Recognizing that these outdated policies are leaving federal agencies unnecessarily exposed, Chairman Ratcliff has sought to break down these barriers to make it easier for cybersecurity startups to navigate the procurement process at the Department of Homeland Security.  We thank Chairman Ratcliffe for his leadership on this important matter and applaud Majority Leader McCarthy for leading the charge to bring the federal government into the 21st Century through his Innovation Initiative.”


About National Venture Capital Association

Venture capitalists are committed to funding America’s most innovative entrepreneurs, working closely with them to transform breakthrough ideas into emerging growth companies that drive U.S. job creation and economic growth. As the voice of the U.S. venture capital community, the National Venture Capital Association (NVCA) empowers its members and the entrepreneurs they fund by advocating for policies that encourage innovation and reward long-term investment. As the venture community’s preeminent trade association, the NVCA serves as the definitive resource for venture capital data and unites its member firms through a full range of professional services. For more information about the NVCA, please visit www.nvca.org.