WASHINGTON, DC – The National Venture Capital Association (NVCA) today issued the following statement as the U.S. Senate Committee on Commerce, Science, and Transportation today convenes a hearing to discuss ways to improve collaboration in research and development and the application of research and development to commercial uses.

“Strengthening American investment in basic research and promoting the commercialization of emerging technologies is critically important to the entrepreneurial ecosystem and vital to our national interest,” said Bobby Franklin, President and CEO of NVCA.  “The United States has long been the global hub of technological breakthroughs and groundbreaking innovation.  If we hope to keep it that way we need to do all we can to foster an environment where research and development in science and technology can flourish.”

“NVCA has been a strong advocate for increased funding for basic research and has been a vocal supporter of technology commercialization programs to support entrepreneurship and innovation,” added Franklin.  “Unfortunately, U.S. investment in basic research as a percentage of our federal budget has declined to levels not seen since the 1950s.  For the sake of our entrepreneurial ecosystem and our national interest, this must change.  Today’s hearing is an important step in the conversation and we thank Chairman Thune, Ranking Member Nelson, and Senators Gardner and Peters for their leadership.”