Third Way Statement on the New Business Preservation Act
WASHINGTON — Third Way issued the following statement from Gabe Horwitz, Senior Vice President, Economic Program:
"Opportunity is far too concentrated in America. When four US metropolitan areas receive 80% of venture capital dollars invested across the country, it is too hard for entrepreneurs everywhere to start and grow businesses. In addition, women and people of color are often overlooked by traditional venture capital funds. And all of this is even more dire during the coronavirus pandemic when we need to be doing exponentially more to support new business formation and help businesses sustain operations and workers.
"That’s why we are thrilled to see the leadership from Senator Amy Klobuchar along with Senators Chris Coons, Tim Kaine, and Angus King who brought forward a fresh approach to helping our nation’s entrepreneurs and small businesses. Their legislation will allocate federal funding to all 50 states to establish or expand equity investment programs that will stimulate and incentivize private venture capital investment in promising and diverse startups across the country. As we have previously proposed, this approach will not only be a critical injection of capital into these communities, it will also spread opportunity and help millions more people earn a good life.
"We hope Congress supports this legislation and works to make it a reality right now as we face severe economic headwinds."