Washington, D.C. – TechNet, the national, bipartisan network of innovation economy CEOs and senior executives, submitted comments on the Federal Trade Commission (FTC) and Department of Justice (DOJ) Draft Merger Guidelines. The following statement can be attributed to TechNet President and CEO Linda Moore
“The United States is in a race to win the next era of innovation. The sweeping revisions to the FTC and DOJ Merger Guidelines, particularly those targeting the technology industry, will hurt our economy, slow job growth, and weaken our global competitiveness.
“Mergers and acquisitions are essential to a thriving startup economy. They’re a common and attractive exit opportunity for startups and can help produce better products and services for consumers. Mergers and acquisitions enable new investments in the next generation of entrepreneurs, which drives innovation, creates new jobs, and strengthens our economy.
“The proposed Merger Guidelines are a significant departure from longstanding antitrust principles and could deter merger activity at the outset. If enacted, they will make it less attractive to start a new business or invest in new startups across the country.
“We urge the FTC and DOJ to avoid an enforcement approach that chills entrepreneurial and business activity. Instead, we must enact policies that provide clarity for the startup ecosystem and help the U.S. win the next era of innovation.”
Read the full comments here.