President Bush Meets With Venture Capitalists To Discuss Innovation & Entrepreneurship

NVCA Board of Directors Meets with President George W. Bush, SEC Chairman Donaldson & Presents Steiger Award to Congressman Dreier

September 17, 2003 – Washington, D.C. - President George W. Bush heard first hand about the important role venture capital plays in the U.S. economy when he met with representatives from the Board of Directors of the National Venture Capital Association (NVCA) yesterday. This meeting demonstrates the President’s commitment to stimulating economic growth and his commitment to fostering the unique entrepreneurial culture in this country.

Topics of discussion included the use of stock options to recruit and retain talented employees in start-up companies, the role of reductions in the capital gains tax in stimulating the flow of risk equity capital to entrepreneurial businesses and the importance of federal R&D funding in fostering innovation.

“We were honored that the President would take time out of his day to talk with us and were extremely impressed with his understanding of the importance of entrepreneurs and investment in innovative technologies to our economic recovery,” commented Jeffrey Harris, chairman of the National Venture Capital Association and general partner at Warburg Pincus, a global private equity firm. “Specifically, we applaud his support of the recent capital gains tax reduction and believe it will go a long way in encouraging more investment in U.S. businesses in the years to come.”

While in Washington, D.C. for its quarterly board meeting, the NVCA Board of Directors also had a frank discussion regarding the expensing of stock options with the Chairman of the Securities & Exchange Commission, presented Congressman (R-CA) David Dreier with the Steiger Award, and had dinner with Mike Wynne, Under Secretary of Defense for Acquisition & Technology.