FOR IMMEDIATE RELEASE
July 27, 2022
Contact: Sabrina Fang
Washington D.C. – The National Venture Capital Association commends the passage of the Chips and Science Act of 2022 which will expand and enhance America’s innovative startup ecosystem.
“The technology commercialization programs included in the legislation represent a generational commitment to expand technology-focused economic opportunities to more regions and communities in the country,” said NVCA President and CEO Bobby Franklin. “This bill will put more Americans to work developing and producing critical frontier technologies that will make our country more competitive and improve national security.
“Talented people across the country want opportunities to work in jobs and industries that shape the future. It’s the primary reason we founded Venture Forward with a mission to increase access to the startup ecosystem. We are thrilled to see the emphasis on expanding entrepreneurial opportunities and stand ready to use our resources to support the implementation of this important legislation.
“We thank Senators Schumer and Young for their bipartisan leadership in pushing this bill forward and recognizing the importance of new company formation in developing and accelerating new technologies. We will continue to engage with the House and urge for final passage of this critical legislation.”
The technology commercialization programs, such as the Technology Innovation and Partnerships Directorate, will support the commercialization of more technologies through entrepreneurship, new company formation, and growth. This emphasis will increase the impact of federal basic research by bringing more technologies out of the lab and finding their most significant potential to impact society. This is particularly the case when it comes to climate technology, where development and scaling of clean energy technologies are central to addressing the crisis.
NVCA has been a longtime champion of technology commercialization programs in the several versions of the Chips and Science Bill.
The National Venture Capital Association (NVCA) empowers the next generation of American companies that will fuel the economy of tomorrow. As the voice of the U.S. venture capital and startup community, NVCA advocates for public policy that supports the American entrepreneurial ecosystem. Serving the venture community as the preeminent trade association, NVCA arms the venture community for success, serving as the leading resource for venture capital data, practical education, peer-led initiatives, and networking. For more information about NVCA, please visit www.nvca.org.