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April 27, 2006

VCs want to compete globally

Posted by Tricia Duryee at 11:02 AM

The National Venture Capital Association (NVCA) announced a program today called Maximizing America's Growth for the Nation's Entrepreneurs and Technologists (MAGNET USA) to try and strengthen the country's competitiveness in the world.

MAGNET USA will have four priorities: creating a larger home-grown pool of mathematicians and scientists; attracting and retaining of talent; supporting research funding; and accessing growth capital.

MAGNET USA will support these priorities through public education programs, public affairs initiatives, political advocacy and leadership at the national and community levels.

"The present environment in the U.S. is simply not as conducive to nurturing innovation as it once was for a number of economic, social and political reasons. Despite these challenges, NVCA believes that the global innovation lead is still America's to lose, and that the initiatives necessary to address these issues are not merely defensive, but also offer opportunities to increase U.S. competitive leadership for decades to come," said Mark Heesen, president of the NVCA.

The committee, launched at the group's annual meeting in San Jose today, is made up of roughly half-dozen VCs, including Chad Waite, partner at OVP Venture Partners in Kirkland.

He joins new NVCA elected Chair Bob Grady of The Carlyle Group, Heidi Roizen of Mobius, Joe Aragona of Austin Ventures and others.

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