Seven VCs Join NVCA Board and Alexis Borisy Appointed Chair at VCs-to-DC

Borisy Will Serve as 2018-2019 Chair and the Seven New Directors Will Serve Four-Year Terms

WASHINGTON, DC – The National Venture Capital Association (NVCA) today announced that Alexis Borisy, Partner at Third Rock Ventures, will serve as the 2018-2019 Chair of the NVCA Board of Directors. His appointment was made official at NVCA’s VCs-to-DC event in Washington, D.C., which doubles as the NVCA Annual Meeting.

“We are excited about Alexis becoming Chair of the NVCA Board of Directors,” said Bobby Franklin, President and CEO of NVCA. “He becomes Chair at an important time for the organization and its advocacy work. With the global competition for startups and venture investment continuing to intensify, the need for policies that make the U.S. the most attractive place to start and grow companies is more important than ever. As Chair, Borisy will be a crucial leader for NVCA in advancing these policies and representing the interests of our members and the entire entrepreneurial ecosystem.” (more…)

Court Motion Filed on DHS Implementation of Job Creating International Entrepreneur Rule

WASHINGTON, DC – The National Venture Capital Association (NVCA), entrepreneurs, and startup companies today filed a motion to conduct discovery regarding the Department of Homeland Security’s (DHS) compliance with the court order in NVCA v. Duke. In that case, the U.S. District Court for the District of Columbia ordered DHS to implement the International Entrepreneur Rule (IER). NVCA and the other plaintiffs have grave concerns that DHS has chosen to disregard the court’s previous order. DHS has failed to take action on IER applications, including the applications of the plaintiffs. Troublingly, DHS has made public statements suggesting it is not implementing the IER. The motion to conduct discovery is essential to ensure the court’s decision is fully implemented to allow IER to move forward.

“The federal court’s ruling in NVCA v. Duke was clear: DHS’s delay of the International Entrepreneur Rule was unlawful and the rule must be implemented,” said Bobby Franklin, President and CEO of NVCA. “Unfortunately, DHS has dragged its feet and even tried to persuade immigrant entrepreneurs to not launch new high-growth startups through the International Entrepreneur Rule. The venture capital industry believes the International Entrepreneur Rule will create American jobs by attracting the world’s top startup founders. Our industry is committed to seeing the rule implemented and will continue to advocate for this powerful job-creation tool.” (more…)

A Proposal to Encourage More Public Companies

WASHINGTON, DC – The National Venture Capital Association (NVCA) today joined with the U.S. Chamber of Commerce and other organizations to release “Expanding The On-Ramp: Recommendations to Help More Companies Go and Stay Public,” a report providing public policy recommendations to encourage more U.S. public companies. The report was produced in partnership with a number of organizations, including The Center for Capital Markets Competitiveness, Nasdaq, TechNet, SIFMA, Biotechnology Innovation Organization, American Securities Association and Equity Dealers of America.

The recommendations in the report provide a blueprint for policymakers to address the challenges to both launching IPOs and remaining a public company. The policy recommendations include enhancements to the reforms put in place by the JOBS Act, proposals to encourage more research of emerging growth companies (EGCs), improvements to corporate governance, disclosure, financial reporting and regulatory requirements, and enhancements to equity market structure. (more…)

Foreign Investment Bill Requires Key Changes to Protect Investment in U.S. Startups

WASHINGTON, DC – The National Venture Capital Association (NVCA) today recommended key changes to the Foreign Investment Risk Review Modernization Act (FIRRMA) of 2017 on behalf of the entrepreneurial ecosystem. NVCA submitted its views on the legislation in a submission to the House Financial Services Committee in connection with its hearing on “H.R. 4311, the Foreign Investment Risk Review Modernization Act of 2017.”

FIRRMA expands the mandate of the Committee on Foreign Investment in the United States (CFIUS) to review minority investments into U.S. critical technology companies, unless the investment is a passive investment. NVCA is recommending key changes be made to FIRRMA that maintain the intent of the bill but mitigate damage to U.S. startups that need capital to grow. (more…)

U.S. Venture Capital Industry Pacing for Another Record-Breaking Year in 2018

Investors Deployed Record Amount of Capital to Venture-Backed Companies in 1Q 2018, Despite Slower Pace of Fundraising and Sluggish Exit Market; Industry Remains Optimistic for Another Banner Year, According to 1Q 2018 PitchBook-NVCA Venture Monitor

SEATTLE, WA – Investment into venture-backed companies is already on pace to experience another record-breaking year in 2018, according to the PitchBook-NVCA Venture Monitor, the authoritative quarterly report on venture capital activity in the entrepreneurial ecosystem jointly produced by PitchBook and the National Venture Capital Association (NVCA). Coming off multiple years of record fundraising, just over $8 billion raised in 1Q 2018, a slight decline from previous quarters. Despite the slow start, several billion-dollar mega-funds have since been announced, which are expected to boost fund size and count as 2018 unfolds. The sustained momentum in venture fundraising has continued to fuel ramped dealmaking. Investors deployed the highest amount of capital in 1Q 2018 than any single quarter since 2006 ($28.2 billion), with unicorns attracting over 18% of total VC capital. The exit market for venture-backed companies remained sluggish in the first quarter; however, several landmark deals helped drive exit value, including Amazon’s $1.2 billion acquisition of Ring and DropBox’s $756 million public debut. The momentum generated from these exits has created optimism for a stronger exit market in 2018.

“The first quarter of 2018 picked up right where 2017 left off, with the largest amount of capital deployed into venture-backed companies in a single quarter since 2006, marking a very strong start to venture investment this year,” said Bobby Franklin, President and CEO of NVCA. (more…)

Leaders of Venture Industry Honored at NVCA Leadership Gala

MENLO PARK, CA – The National Venture Capital Association (NVCA) today honored leaders of the venture capital industry for their significant contributions to advance innovation, strengthen the industry and promote entrepreneurship at the 2018 NVCA Leadership Gala.  In addition to recognizing the recipients of the Lifetime Achievement in Venture Capital Award, Outstanding Service Award and American Spirit Award, NVCA announced the winners of the Rising Star Award, Excellence in Healthcare Innovation Award and Venture Firm of the Year Award.

“On behalf of NVCA and our board of directors, I want to congratulate the 2018 award recipients for their contributions to advancing our industry and U.S. entrepreneurship,” said Bobby Franklin, President and CEO of NVCA.  (more…)

Pete Bancroft Presented with Lifetime Achievement in Venture Capital Award at NVCA Leadership Gala

MENLO PARK, CA – The National Venture Capital Association (NVCA) today presented Pete Bancroft with the 2018 American Spirit Award at the 2018 NVCA Leadership Gala.  Held at the Rosewood Sand Hill in Menlo Park, CA, the NVCA Leadership Gala celebrates the venture industry and honors those who have made significant contributions to foster innovation, advance technology and drive new company formation. 

“Pete is a pioneer of the venture industry, credited with being one of the earliest participants in the industry as a General Partner at Draper Gaither & Anderson,” said Bobby Franklin, President and CEO of NVCA.  (more…)

Ira Ehrenpreis Presented with Outstanding Service Award at NVCA Leadership Gala

MENLO PARK, CA – The National Venture Capital Association (NVCA) today presented Ira Ehrenpreis, Managing Partner of DBL Partners, with the 2018 Outstanding Service Award at the 2018 NVCA Leadership Gala.  Held at the Rosewood Sand Hill in Menlo Park, CA, the NVCA Leadership Gala celebrates the venture industry and honors those who have made significant contributions to foster innovation, advance technology and drive new company formation. 

“For over two decades, Ira has been a fixture of the venture community and widely recognized as one of the most well-connected venture investors in the country,” said Bobby Franklin, President and CEO of NVCA.  (more…)

RoseAnn Rosenthal Presented with American Spirit Award at NVCA Leadership Gala

MENLO PARK, CA – The National Venture Capital Association (NVCA) today presented RoseAnn Rosenthal, President and CEO of Ben Franklin Technology Partners of Southeastern Pennsylvania, with the 2018 American Spirit Award at the 2018 NVCA Leadership Gala.  Held at the Rosewood Sand Hill in Menlo Park, CA, the NVCA Leadership Gala celebrates the venture industry and honors those who have made significant contributions to foster innovation, advance technology and drive new company formation. 

“Governors, state lawmakers and economic development officers all want to know how to grow and strengthen their entrepreneurial ecosystems, and RoseAnn has the playbook to follow,” said Bobby Franklin, President and CEO of NVCA.  (more…)

Robin Li Presented with Rising Star Award at NVCA Leadership Gala

MENLO PARK, CA – The National Venture Capital Association (NVCA) today presented Robin Li, Vice President at GGV Capital, with the 2018 Rising Star Award at the 2018 NVCA Leadership Gala.  Held at the Rosewood Sand Hill in Menlo Park, CA, the NVCA Leadership Gala celebrates the venture industry and honors those who have made significant contributions to foster innovation, advance technology and drive new company formation. 

“Now in its second year, the Rising Star Award has become one of the most competitive award categories in our stable.  We were overwhelmed with nominations this year and while many were deserving of recognition, Robin’s name consistently rose to the top during the selection process,” said Bobby Franklin, President and CEO of NVCA.  (more…)