NVCA Rings Closing Bell at New York Stock Exchange – National Venture Capital Association – NVCA

Trade Association recognized for 50 years of empowering entrepreneurs

FOR IMMEDIATE RELEASE
December 7, 2023

Contact: Robin Cepos
Email: rcepos@nvca.org

WASHINGTON D.C. – The National Venture Capital Association (NVCA) closed its year-long 50th anniversary celebration by ringing the closing bell at the New York Stock Exchange (NYSE) on December 6, marking a half-century of empowering entrepreneurs and promotion of innovation.

The ceremony served as a symbolic tribute to NVCA's rich history, recognizing the critical role the business ecosystem has played in bringing life-saving products and game-changing innovations to market. Located at the heart of global innovation, the NYSE provided the perfect backdrop for reflection, as NVCA President and CEO Bobby Franklin put it. "It is a tremendous privilege to be on the NYSE and reflect on the remarkable journey of venture capitalists over the past 50 years," Franklin said.

NVCA, founded in Chicago in 1973 during a time of stagflation and economic uncertainty, was founded by Ned Heizer and 16 other pioneering figures in the industry. They recognized the crucial role that venture capital played in fostering innovation and driving economic growth, and NVCA emerged as the leading trade organization advocating for venture capitalists and their portfolio companies.

During the early years of the venture asset class in the 1970s and 1980s, venture capital investors achieved significant success, contributing to the rise of today's industry giants such as Apple, Genentech, FedEx, Microsoft and Electronic Arts. In 1985, the United States had approximately 290 active venture capital firms investing in a few thousand companies. Fast forward to the present, and the landscape has accelerated job creation: employment at venture-backed companies has grown at about 8 times the pace of employment at non-VC-backed companies, and 62. 5% of venture capital-backed jobs are widely distributed across the United States. State. Today, more than 4,000 venture capital firms back more than 51,000 companies, providing good-paying jobs to millions of Americans who are at the forefront of developing the technologies that will shape the future.

"This same place has witnessed the birth of companies that have not only transformed industries but have also made the United States the preeminent destination for aspiring entrepreneurs around the world," Franklin emphasized. "We are here as a testament to the resilience, creativity and determination of the entrepreneurial spirit that defines our nation."

The event served as a gathering for current and former NVCA board members, recognizing their dedicated contributions that have played a crucial role in shaping the association's legacy. To delve deeper into NVCA's history as a voice of the US startup ecosystem, watch the video here.

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The National Venture Capital Association (NVCA) empowers the next generation of American companies that will power tomorrow's economy. As the voice of the US startup and venture capital community, NVCA advocates for public policies that support the American entrepreneurial ecosystem. Serving the venture community as the preeminent trade association, NVCA prepares the venture community for success by serving as a leading resource for venture capital data, practical education, peer-led initiatives, and networking. For more information about NVCA, visit www.nvca.org.

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