Encouraging Innovation and Empowering Entrepreneurs
Startups are an important part of the American economy. Over the past three decades, companies less than five years old have accounted for nearly all net job creation in the United States. Yet, recent data on startups indicate that the startup engine is slowing down, as new businesses hire fewer employees than in the past. Led by U.S. Senators Jerry Moran (R-Ks.) and Mark Warner (D-Va.), policymakers in Washington are realizing the importance of entrepreneurs to job creation, innovation, and economic growth. To revive the startup engine and jump-start the economy, Senators Moran and Warner introduced legislation called The Startup Act.
The Startup Act is based on a simple premise: the easier it is for creative individuals to take risks and start a business, more jobs will be created. The Startup Act addresses the need to reduce regulatory burdens, rewards patient capital invested in startups, provides tax relief to help startups grow, supports research conducted at American universities that spurs innovation, and creates new opportunities for American-educated foreign students and entrepreneurs to stay in the United States where their high-tech skills and new ideas will fuel growth.
The Startup Act incorporates key recommendations made by President Obama’s Council on Jobs and Competitiveness, the Kauffman Foundation, and entrepreneurs across the country. Senator Moran will speak about his bipartisan legislation and the urgency of capitalizing on the unique attention policymakers are currently giving to startups.
Senator Jerry Moran of Kansas is emerging as a leader on technology and innovation issues in the United States Senate. Senator Moran is the sponsor of the Startup Act, which harnesses the job-creating potential of entrepreneurs and will help enterprising Americans innovate, create, and grow the economy. In addition to his work on Startup Act, Senator Moran is a vocal opponent of anti-piracy legislation in the Senate, the PROTECT IP Act, because of its impact on innovation and national security, and has been active in encouraging Congress to develop smart spectrum policy.