SANTA CLARA, Calif. -- July 15, 2010
SVB Financial Group (SVB), the premier commercial bank for companies in the technology, life science, venture capital and premium wine industries, last week hosted a roundtable discussion featuring members of the New Democrat Coalition and SVB clients from the venture capital community. The event allowed Silicon Valley entrepreneurs and innovators to discuss first-hand with legislators focused on championing innovation a variety of ideas for promoting U.S. economic growth, including those contained in the Coalition's Innovation and Competitiveness policy platform. SVB, which has dedicated itself for nearly 30 years to helping entrepreneurs succeed, supports the Coalition's ideas to stimulate the innovation economy, create jobs in the United States, and spur technological advancements in Silicon Valley and across the nation.
The roundtable discussion was part of SVB's ongoing effort to engage in policy issues that promote innovation and entrepreneurship. "There is a great deal of evidence showing the profoundly positive effect that venture-backed companies have on our economy – creating jobs, creating entire new industries, and promoting U.S. competitiveness around the world" said Mary Dent, SVB's general counsel. "Congress hears a lot from companies that have already made it. We want to make sure they also hear from the growing companies that will shape our economy in the future."
One of the issues discussed at the roundtable was how to make sure that innovators with the best new ideas start and grow their companies in the United States. SVB supports the proposal to create a special "Startup Visa," one of the items in the New Democrats' platform. This proposal, which has been introduced in both the Senate and the House of Representatives (among others, by Representative Jared Polis (CO), one of the roundtable participants), would make a category of existing, underutilized visas available to individuals who demonstrate they have both the ideas and the financial backing to start a company that will create jobs in the United States.
"It's critical to invigorate our innovation economy, thus
critical that the Startup Visa is passed. The USA is currently the leader
in technology and entrepreneurship, in order to maintain that status, create
jobs and continue to attract top talent to our country we need legislature to
support innovation. We wholeheartedly support the view of the New Dems
and the opportunity Silicon Valley Bank provided to us in facilitating this
discussion" said Jason Mendelson, Foundry Group Managing Director.
"Everybody is better off when new companies are created here in the United States. The "Startup Visa" will help bring new ideas and new capital together to create more U.S. companies and more U.S. jobs," said Dent.
"As a former entrepreneur, I know first-hand what it takes to build a company – and I know what opportunities a successful company can create for its workers, its suppliers, and its community. If an entrepreneur has an idea for a company that will attract investors and hire workers, we should be welcoming and encouraging that entrepreneur to start their company in the U.S.," said Congressman Jared Polis.
The members of the New Democrat Coalition who attended the event included Congressman Joe Crowley (NY), Congressman Adam Smith (WA), Congressman Gerald Connolly (VA), Congresswoman Betsy Markey (CO), Congressman Gary Peters (MI), Congressman Jared Polis (CO), and Congresswoman Laura Richardson (CA).
About SVB Financial Group
For nearly three decades, SVB Financial Group and its subsidiaries, including Silicon Valley Bank, have been dedicated to helping entrepreneurs succeed. SVB Financial Group is a financial holding company that serves companies in the technology, life science, venture capital, private equity and premium wine industries. Offering diversified financial services through Silicon Valley Bank, SVB Analytics, SVB Capital, SVB Global and SVB Private Client Services, SVB Financial Group provides clients with commercial, investment, international and private banking services. The company also offers funds management, broker-dealer transactions and asset management, as well as the added value of its knowledge and networks worldwide. Headquartered in Santa Clara, Calif., SVB Financial Group (Nasdaq: SIVB) operates through 26 offices in the U.S. and international operations in China, India, Israel and the United Kingdom. More information on the company can be found at www.svb.com.
Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Private Client Services is a division of Silicon Valley Bank. SVB Financial Group is also a member of the Federal Reserve System.