Political Quotes

“Mr. President, yesterday afternoon, the Commerce Subcommittee on Communications, Technology, Innovation, and the Internet held our final hearing of the 116th Congress. The title of yesterday's hearing was ``Betting on the Rest: Expanding American Entrepreneurship Outside Traditional Hubs,'' and it focused on examining where venture capital is being invested in this country and where it is not, with an eye to exploring ways to expand investment to other parts of the country. Over the past 50 years, venture capital has come to play an essential role in advancing American entrepreneurism. Venture capitalists have provided key funding for startups that have gone on to become some of America's most profitable companies. Many of the technologies and services we rely on today would not be around if venture capitalists hadn't been willing to take a risk on innovation However, venture capital investment in the United States has traditionally been highly concentrated in certain areas of the country. In 2019, California-based companies received 50 percent of all venture- backed investment in the United States. Just three States--California, New York, and Massachusetts--accounted for almost 75 percent of all venture-backed investment in the country. There are a lot of valid reasons for this investment concentration.…”