NVCA Board Member and Chairman-Elect Ray Rothrock of Venrock testified on Nov 2^nd before the House Subcommittee on Technology and Innovation at a hearing entitled, “Creating and Growing New Business: Fostering U.S. Innovation.”  The hearing sought to explore the current state of new, innovative companies and examine obstacles that limit these companies from rapid growth.

Ray focused his testimony on the recently released Rebuilding the IPO On-Ramp report as well as MedIC's Vital Signs Report.  These reports make the case for capital markets and FDA reform respectively.  

Another key element of Ray’s testimony centered on the important role that the federal government plays in funding basic research. Several members of the subcommittee have expressed skepticism about programs such as ARPA-E (the Advanced Research Projects Agency for Energy) but Ray asserted without programs like this, the U.S. will cede our technology leadership to other nations that are investing billions of dollars into basic research to develop new energy technologies.

The hearing also centered on issues around high-skilled immigration and access to STEM educated talent from around the globe.  Ray discussed the Start-Up Visa Act which would allow foreign born entrepreneurs who raise venture capital and create U.S. jobs to receive permanent Green Card status.

The subcommittee was also interested to learn more about the importance of Small Business Innovative Research (SBIR) program.  Ray testified to NVCA’s position that venture-backed companies become eligible for these important early stage grants. 

We applaud the House Science Committee for their examination of the many issues that impede U.S. innovation and company growth.  We are pleased to see that they are interested in a comprehensive look at how the innovation ecosystem works and the role that they can play in fostering a better environment for entrepreneurs and start-up companies.