SOURCE: National Venture Capital Associaiton

November 19, 2008 09:41 ET

NVCA Celebrates Global Entrepreneurship Week 2008

Association Urges Congress to Support Venture-Backed Innovation, Job Growth

ARLINGTON, VA--(Marketwire - November 19, 2008) - As part of its participation in Global Entrepreneurship Week, an initiative aimed at inspiring innovation, imagination and creativity, the National Venture Capital Association (NVCA) today called Congress's attention to the economic value and efficiency of venture capital investment and entrepreneurship. This week, every member of the U.S. House of Representatives and Senate will receive from NVCA a package outlining the jobs created and companies funded by venture capital firms in their respective home states. Each member also will receive data showing how his or her state compares nationally for venture investment and a copy of "VentuReality," a humorous but informative video of a fictional entrepreneur's quest for start-up financing.

"Entrepreneurship Week is a time to recognize the invaluable contributions of entrepreneurs, and to inspire many others in this country to bring their ideas to life," said Mark Heesen, NVCA president. "Venture capital investment is an integral part of the entrepreneurial ecosystem. No other asset class is committed to funding start-up companies as the venture industry does. We are proud to share our industry's story to legislators who are empowered to keep the innovation pipeline flowing."

From November 17th -23rd, millions of people around the world will join a growing movement to generate new ideas and to seek better ways of doing things. Thousands of activities are being planned in more than 75 countries. Global Entrepreneurship Week was founded by the Ewing Marion Kauffman Foundation and the Make Your Mark campaign and today is supported by a large number of multi national organizations.

"During this period of economic challenges, Congress must support policies that will improve and protect the very lifeblood of growth in the U.S.," continued Heesen. "Every day, venture capitalists are funding start-up companies in our country's most innovative industries such as clean technology, life sciences and information technology. As one of the key contributors to job growth in the United States, venture capital is poised to be one of the critical engines of economic recovery. We look forward to working with legislators and regulators in the coming months to strengthen our country's entrepreneurs and, in turn, our leadership position in the global economy."

For more information on venture capital investment by state, please contact Emily Mendell at emendell@nvca.org.

The National Venture Capital Association (NVCA) represents approximately 470 venture capital and private equity firms. NVCA's mission is to foster greater understanding of the importance of venture capital to the U.S. economy and support entrepreneurial activity and innovation. According to a 2007 Global Insight study, venture-backed companies accounted for 10.4 million jobs and $2.3 trillion in revenue in the United States in 2006. The NVCA represents the public policy interests of the venture capital community, strives to maintain high professional standards, provides reliable industry data, sponsors professional development, and facilitates interaction among its members. For more information about the NVCA, please visit www.nvca.org.

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