NVCA Celebrates One-Year Anniversary of the CHIPS and Science Act: A Triumph for Innovation and Economic Opportunity

The National Venture Capital Association (NVCA) is thrilled to commemorate the one-year anniversary of the CHIPs and Science Act, and its historic role in bolstering America’s dynamic startup ecosystem.

“The CHIPS and Science Act stands as a testament to the immense potential that collaborative vision and strategic investment hold for our nation,” said NVCA President and CEO Bobby Franklin. “Congress achieved a resounding victory by passing the bipartisan legislation, which empowers American entrepreneurs, researchers, and innovators to push the boundaries of technology, fortify America’s position in the global marketplace, and safeguard the security of our critical supply chains.”

Its landmark enactment signified a profound step forward for the U.S. technology prowess with the technology commercialization programs embedded within the legislation reinforcing the country’s commitment towards expanding technology-driven economic opportunities across various regions and communities.

The bill’s impact is further manifested in the creation of employment opportunities for Americans who are advancing critical frontier technologies, thereby enhancing our global competitiveness, and strengthening national security.

Franklin added, “The CHIPs and Science Act acknowledges the aspirations of talented individuals across the United States who seek to contribute to industries that shape the future. We are excited by the emphasis on broadening entrepreneurial pathways to democratize access to the startup ecosystem and remain steadfast in our dedication to continuing to deploy resources that facilitate the effective implementation of this momentous legislation.”

Background:

The administration signed the CHIPs and Science Act into law on August 9, 2022, marking a resolute investment of multi-billion dollars into American semiconductor research and manufacturing.

Its passage propelled the United States’ innovation infrastructure by recognizing the significance of new enterprise formation in catalyzing breakthrough technologies. Through this comprehensive approach, the Act elevates competitiveness, and fuels groundbreaking advancements that shape our collective future.

The technology commercialization programs, exemplified by the Technology Innovation and Partnerships Directorate, have significantly contributed to expediting the commercialization of technologies through entrepreneurial endeavors, nurturing nascent companies, and fostering growth.

By amplifying the influence of federal fundamental research, these programs bridge the gap between laboratory innovations and their tangible societal impacts. Notably, this paradigm is critical in addressing climate-related challenges, where the development and scaling of clean energy technologies play a pivotal role.