Delay of International Entrepreneur Rule Missed Opportunity to Strengthen Economy and Create American Jobs

WASHINGTON, DC – The National Venture Capital Association (NVCA) issued the following statement today after the Trump Administration announced the delay of the effective date of the International Entrepreneur Rule and its intention to rescind the rule.  Set to go into effect on July 17, 2017, the rule would allow for talented immigrant entrepreneurs to remain in the U.S. for two and a half years to build and scale their startups, with a possible extension of another two and a half years.  NVCA worked collaboratively with the Obama Administration to craft the rule and has been engaging with the Trump Administration since January to advocate for its implementation.

“Today’s announcement is extremely disappointing and represents a fundamental misunderstanding of the critical role immigrant entrepreneurs play in growing the next generation of American companies,” said Bobby Franklin, President and CEO of NVCA.  (more…)

Scott Kupor Appointed Chair of NVCA Board of Directors

Nine New Directors Elected to Board for Four-Year Terms

WASHINGTON, DC – The National Venture Capital Association (NVCA) today announced that Scott Kupor, Managing Partner at Andreessen Horowitz, will serve as the 2017-2018 Chair of the NVCA Board of Directors.  His appointment was made official at the NVCA Annual Meeting in Washington, DC.

Kupor becomes Chair of the NVCA Board of Directors at an important time for the organization and its advocacy work representing the interests of its members and the entrepreneurs they support.  As Chair, Kupor will assist NVCA in delivering value to its members as well as promoting the U.S. as the most attractive place to start and grow companies.

“I look forward to rolling up my sleeves and assisting Bobby and the team in representing our industry in Washington,” remarked Kupor at the start of his term.  (more…)

NVCA Convenes VCs and Policymakers in DC for Annual Meeting

WASHINGTON, DC – The National Venture Capital Association (NVCA) will convene tomorrow venture investors, policymakers and other stakeholders from the entrepreneurial ecosystem for two days of policy discussion and meetings to support new company creation at the NVCA Annual Meeting in Washington, DC.

“We are totally rewriting the script this year for the NVCA Annual Meeting to focus exclusively on policy and direct engagement with policymakers,” said Bobby Franklin, President and CEO of NVCA.  “We are bringing VCs to DC to so that the venture community can better understand how policymakers approach our policy issues and in turn how policymakers can better understand how the policies they are working on are impacting new company formation. (more…)

NVCA Congratulates Dr. Gottlieb on His Nomination for FDA Commissioner Advancing to Senate

WASHINGTON, DC – The National Venture Capital Association (NVCA) issued the following statement today after the Senate Committee on Health, Education, Labor and Pensions (HELP) voted to advance the nomination of Scott Gottlieb, M.D. for Commissioner of the Food and Drug Administration (FDA).  A Resident Fellow at the American Enterprise Institute (AEI), Gottlieb has deep experience in the venture industry, previously serving as a venture partner in life sciences startups at New Enterprise Associates (NEA).

“With Dr. Gottlieb’s nomination moving forward to the full Senate for confirmation, the FDA should very soon have a leader in place who has substantial experience and knowledge of the medical innovation ecosystem,” said Bobby Franklin, President and CEO of NVCA. (more…)

Proposals to Increase Economic Growth Submitted to Senate Banking Committee by NVCA

WASHINGTON, DC – The National Venture Capital Association (NVCA) today submitted to the Senate Committee on Banking, Housing, and Urban Affairs proposals to increase economic growth and enable consumers, market participants and financial companies to better participate in the economy.  The submission came at the request of Senators Mike Crapo (R-ID) Sherrod Brown (D-OH), Chairman and Ranking Member of the committee respectively.

Specifically, NVCA proposed that the committee (1) Exempt investment in venture capital from the Volcker Rule; (2) Modify the venture capital exemption from registered investment advisor (RIA) requirements to fully exempt venture capital activity; and (3) Prioritize capital markets reforms to encourage more U.S. IPOs.  (more…)

NVCA to Establish San Francisco Presence with Relocation of Full-Time Staff Member in June

WASHINGTON, DC – The National Venture Capital Association (NVCA) today announced it will have a full-time presence in San Francisco, CA beginning June 1, 2017 with the relocation of Maryam Haque, Vice President of Research, from Washington, DC.  With the relocation of Haque as a full-time staff member based out of San Francisco, her title will change to Vice President of Research and Strategic Engagement to reflect her new responsibilities for greater in-person engagement with NVCA members and other constituencies of the ecosystem, in addition to her research-focused responsibilities.

“While we are increasing our time focused on the development of local and regional ecosystems between the coasts, the San Francisco Bay Area continues to be the center of our industry and the primary location for a majority of our membership,” said Bobby Franklin, President and CEO of NVCA.  (more…)

NVCA Marks Fifth Anniversary of JOBS Act with Call for Additional Reforms

WASHINGTON, DC – The National Venture Capital Association (NVCA) today issued the following statement on the fifth anniversary of the Jumpstart Our Business Startups (JOBS) Act being signed into law by President Obama April 5, 2012.

“Led by the tireless efforts of former NVCA Board Chair Kate Mitchell of Scale Venture Partners, NVCA played a leading role in pushing the JOBS Act across the goal line in 2012 and the benefits to the entrepreneurial ecosystem have been tremendous,” said Bobby Franklin, President and CEO of NVCA.  (more…)

U.S. Venture Industry Continues to Normalize as Investors Return to a More Disciplined Approach

Venture investment activity sees $16.5 billion deployed to 1,797 companies in first quarter

SEATTLE, WA – During the first quarter of 2017, investors deployed $16.5 billion to 1,797 venture-backed startups, marking a slight uptick in capital invested over Q4 2016, but the fewest companies to receive investment since Q4 2011, according to the PitchBook-NVCA Venture Monitor. This decline, while significant compared to peak investment levels recorded between 2014 and 2016, indicates that the deceleration that started in the back half of 2016 continues in 2017 as the venture industry returns to a steadier pace of investment. Despite the slowdown in deal making, venture firms have plenty of cash to deploy to promising startups across the United States. Following a record year for venture fundraising in 2016, investors raised $7.9 billion across 58 vehicles, building on the record U.S. dry powder figures. (more…)

NVCA Outlines Impact of Volcker Rule on Venture Investment in Startups

WASHINGTON, DC – Ahead of a congressional hearing today in the House of Representatives, the National Venture Capital Association (NVCA) outlined for lawmakers the negative impact the Volcker Rule has had on venture capital fund formation and investment in startups.  The House Financial Services Subcommittee on Capital Markets, Securities, and Investment is holding a hearing today entitled, “Examining the Impact of the Volcker Rule on the Markets, Businesses, Investors, and Job Creators.”

“The American entrepreneurial spirit is key to expanded economic opportunity in the U.S., but is not being fully realized due to the unintended consequences of the Volcker rule on venture capital fund formation,” wrote Bobby Franklin, President and CEO of NVCA, in a letter to subcommittee Chairman Bill Huizenga (R-MI) and Ranking Member Carolyn Maloney (D-NY).  (more…)

Fostering Innovation Act a Good First Step to Reopen Public Markets to Startups

WASHINGTON, DC – The National Venture Capital Association (NVCA) issued the following statement today in support of the Fostering Innovation Act introduced by Reps. Kyrsten Sinema (D-AZ) and Trey Hollingsworth (R-IN).

“Since 2000 the United States is averaging less than half the number of IPOs annually.  With more and more startups opting not to go public, this creates a lose-lose situation for the startups and the U.S. economy,” said Bobby Franklin, President and CEO of NVCA.  (more…)