During the last two days, more than 700 venture capitalists gathered in Burlingame, CA for the 2010 NVCA Annual Meeting.  To summarize, it was both a celebration of the work that the venture capital industry does each day – and a hard look at the challenges that face our industry in the coming weeks, months and years.  From the IPO drought to global warming to health care reform, we discussed some of the larger issues that face our capital markets and our nation, only to drill down further to address specific nuances to venture investing in IT, life sciences and clean tech.  And we honored some of the beacons of our industry - Sam Colella, Felda Hardymon, Pete Bancroft and Chuck Newhall.  On behalf of the NVCA, I would like to thank all those who made this year’s meeting a big success.

As outgoing chair Terry McGuire and incoming chair Kate Mitchell both eloquently articulated, our industry is small and we need the collective efforts of all of our stakeholders to effectively tell our story in Washington D.C.  For those who were not in attendance this past week, I would like to make you aware of a call to action alert that we sent out during the meeting.  Capital gains tax status for venture capital carried interest is now being debated in the Senate and our industry is in danger of losing this incentive which has rewarded long term, high risk investment in new companies.

We are asking all those whose lives that have benefited by venture capital investment – investors, entrepreneurs, VC backed employees and others – to sign a letter to the Senate asking them to protect this critical incentive.

Please review the letter here and sign on this week.  We hope to deliver the signatures to Washington D.C. in the next few days.  The venture capital industry stands ready and committed to our work of company formation and job creation. But we need the support of Congress.  Please help us let them know.

Thanks to all for your support.