Senators Introduce Bipartisan Startup Act
Citing data from the Ewing Marion Kauffman Foundation, U.S. Senators Jerry Moran (R-Kan.) and Mark Warner (D-Va.) introduced bipartisan legislation last week aimed at jumpstarting the economy through the creation and growth of new businesses.
"Kauffman research makes clear that there is a need for a major legislative jumpstart of our nation's entrepreneurial engine," said Carl Schramm, Kauffman Foundation president and CEO. "With virtually all net job creation coming from companies less than five years old, entrepreneurs are a critical force for U.S. economic growth."
Senators Moran and Warner talked about the ‘proven track record’ of entrepreneurs and the need to foster a policy environment conducive to growth.
“The private sector has been the engine of job creation in our country throughout history, and to get America’s economic engine roaring once again, entrepreneurs must be free to pursue their ideas, form companies, and hire employees,” Sen. Moran said. “Congress must put into place policies that remove barriers and help entrepreneurs succeed, so new businesses can grow and put Americans back to work.”
“Encouraging early-stage investment and growth in these fast-growing, entrepreneurial start-up businesses is one of the best ways to create new jobs,” Sen. Warner said. “This legislation includes new tools that will renew the focus on tech startups and help unleash the next wave of American entrepreneurs.”
The policy environment outlined in their five-prong approach:
- Reducing regulatory burdens;
- Attracting business investment;
- Accelerating the commercialization of university research;
- Attracting and retaining entrepreneurial talent; and,
- Encouraging pro-growth state and local policies.
Earlier this year, the Kauffman Foundation presented a proposal of ideas it called the Startup Act that offered policy reforms that would make it easier for new firms to start and grow. Learn more, or read a full summary (PDF) of the Senators' Startup Act.