Today general partner of Foundation Capital and NVCA member Paul Holland testified before the House of Representatives Subcommittee on Technology and Innovation on the topic of “Supporting Innovation in the 21^st Century.”  He joined fellow panelists The Honorable Aneesh Chopra, Chief Technology Officer of the United States;  Dr. Mark Kamlet, Provost, Carnegie Mellon University; Dr. Rob Atkinson, President ITIF, and Dr. Dan Breznitz, Associate Professor, Georgia Institute of Technology to discuss ways in which the government can support ongoing innovation in the U.S. 

(Photo courtesy of House Committee on Science and Technology)

In his remarks, Paul asserted that the United States has historically benefited from government support of public policies which foster innovation, particularly in the areas of basic research and development.  By funding early stage research projects through the NIH, DARPA and DOD, the government seeded many of the innovations that the venture capital industry ultimately commercialized.  He noted that there remain many opportunities in this area, especially with the recent formation of ARPA-E.

Yet, Paul also expressed concern for a number of policies that could hinder innovation in the United States as foreign countries are now aggressively competing for both innovators and venture investors.  He urged Congress to consider policies that supported highly skilled immigration, especially for entrepreneurs, capital formation, improved math and science education and intellectual property protection.

Paul’s testimony was very well received by members of the subcommittee and Chairman Rep. David Wu (D-OR) who shared the following sentiments in his opening remarks:

"The importance of innovation—creating new ideas, products, and services—cannot be overstated. And in this global, highly competitive economy, it is increasingly the intangible inputs of R&D, education, and entrepreneurial risk-taking that drive that growth. Innovation is key to creating new industries, and therefore key to the creation of American jobs."

Paul’s testimony, which you can view here in its entirety, cited Silicon Valley as an example of how innovation can transform and grow a region.  

The NVCA looks forward to working with Congress and the Administration on matters related to innovation going forward and appreciates the opportunity to be heard on these issues so important to our country’s future.