Washington, D.C. — TechNet, the national, bipartisan network of innovation economy CEOs and senior executives, today urged Congress to pass the bipartisan Startup Act, which was introduced this week by Senators Jerry Moran (R-KS), Mark Warner (D-VA), Roy Blunt (R-MO), and Amy Klobuchar (D-MN) to boost startup and new business creation in the U.S.
Research shows that startups create jobs at more than five times the rate of more established firms.
“The Startup Act will make it easier to bring new ideas and research to market, reduce regulatory burdens on emerging companies, and help us retain talented entrepreneurs and STEM innovators, all of which will foster new businesses and create more opportunities for American workers,” said TechNet President and CEO Linda Moore. “We thank Senators Moran, Warner, Blunt, and Klobuchar for prioritizing this important legislation, and we urge their colleagues to support it as a critical element of boosting job creation in the U.S.”
The Startup Act offers a multifaceted approach to bolstering our startup economy and includes the following provisions:
- Create entrepreneur and STEM visas for highly-educated individuals so that they can remain in the U.S. legally to start and grow businesses, create jobs, and develop new innovations;
- Accelerate the commercialization of university research that can lead to new ventures;
- Review and improve the regulatory processes at the federal, state, and local levels; and
- Modernize a critical Economic Development Administration (EDA) program to spur economic growth and promote innovation.