The National Venture Capital Association (NVCA) expressed strong support for a bill introduced in the Senate this week to increase investment in emerging technologies.
The Endless Frontier Act, sponsored by Sens. Chuck Schumer (D-NY) and Todd Young (R-IN), would provide increased investment in early research, education, training, facilities, and entrepreneurship to support U.S. leadership in key emerging technologies. Leveraging public-private partnerships, the legislation makes commercializing these technologies through new company formation a priority for many of the programs. It is seen as a critical activity for developing emerging startup ecosystems and spreading opportunities across the country.
“I am proud to reintroduce the bold, bipartisan and bicameral Endless Frontier Act today with Senator Todd Young and Representatives Ro Khanna and Mike Gallagher to address several dangerous weak spots in America’s economic and national security that threaten our global technological leadership,” Schumer said. “This legislation will enhance American competitiveness with China and other countries by investing in American innovation, building up regions across the country to lead in the innovation economy, creating good-paying American manufacturing and high-tech jobs, and strengthening America’s research, development, and manufacturing capabilities.”
Schumer said the Endless Frontier Act is the key to preserving America’s position as a current and future technological leader in the 21st Century.
“The Endless Frontier Act is a bold, bipartisan proposal that will grow the American economy and increase economic opportunity by enhancing American innovation capacity,” Bobby Franklin, president and CEO of NVCA, said. “If effectively implemented, this legislation will meaningfully increase federal basic research investment and technology commercialization activity, improve our nation’s long-term economic competitiveness, create new industries and high-quality 21st-century jobs, and increase economic growth in communities across the country. We thank Senator Schumer and Senator Young for recognizing the venture capital industry’s importance in achieving our shared goals of prioritizing the nexus between technological progress and new company formation to advance economic opportunity.”