In 2019, CAE had a remarkably busy and productive second full-year underway working on behalf of America’s entrepreneurs and startups in Washington, DC. Indeed, in its initial 30 months as an organization, CAE, working with our partners and collaborators on Capitol Hill and around the country, has succeed in raising entrepreneurship to the very highest levels of policymaking in Washington.
Among our many accomplishments in 2019, some of which are highlighted below, the establishment of a new bipartisan Entrepreneurship Caucus in both the House of Representatives and the Senate is surely the most significant. With a bipartisan Entrepreneurship Caucus now active in both chambers of Congress – for the first time – America has an unprecedented opportunity to significantly enhance policy circumstances for entrepreneurs and startups in pursuit of more robust economic growth and more inclusive opportunity.
- February 2, 2019: CAE president John Dearie publishes the Op/Ed “Free Entrepreneurs from Student Debt to Supercharge the Economy.”
- February 19, 2019: CAE releases (with The National Center for Women & Information Technology) an analysis by research director Ian Hathaway, “The Ascent of Women-Founded Venture-Backed Startups in the United States,” which examines the performance of women-founded venture-backed startups compared to that of male-led counterparts: The principal conclusions of the analysis are:
- While women-founded companies represented a small share of venture capital “first financings” between 2005 and 2017, accounting for just 16 percent of such activity over the period, they also showed remarkable improvement over time, rising from just 7 percent of first financings in 2005 to 21 percent in 2017.
- Once funded, startups with women founders perform at least as well as their male-led counterparts and sometimes better.
- February 21, 2019: CAE establishes the Entrepreneurship Policy Group, a quarterly meeting of 18 organizations active on entrepreneurship-related issues. The purpose of the quarterly meeting is to share information regarding activities and initiatives, policy and political reconnaissance, and to identify opportunities to coordinate and collaborate.
- March 6, 2019: CAE helps establish the first-ever bipartisan Senate Entrepreneurship Caucus. The Caucus is co-chaired by Senators Amy Klobuchar (D-MN) and Tim Scott (R-SC), and also includes Senators Roy Blunt (R-MO), Bob Casey (D-PA), Chris Coons (D-DE), Joni Ernst (R-IA), Lindsey Graham (R-SC), Maggie Hassan (D-NH), John Hoeven (R-ND), James Inhofe (R-OK), Doug Jones (D-AL), Jerry Moran (R-KS), Gary Peters (D-MI), David Perdue (R-GA), Kyrsten Sinema (D-AZ), and Tina Smith (D-MN).
- April 10, 2019: CAE president John Dearie publishes the Op/Ed “An Entrepreneur Visa Can Help America Keep its Competitive Edge.”
- July 23, 2019: CAE supports the Research and Development Tax Credit Expansion Act. Introduced by Senators Maggie Hassan (D-NH) and Thom Tillis (R-NC), the bill would expand startups’ ability to apply the R&D tax credit to their payroll taxes rather than income taxes, which many startups don’t have.
- September 24, 2019: CAE convenes a Women’s Entrepreneurship Roundtable with the Senate Entrepreneurship Caucus. Twenty-two women entrepreneurs from across the United States traveled to Washington, DC at CAE’s invitation for the two-hour discussion, which focused on the unique issues, challenges, and obstacles that confront women entrepreneurs, and what policymakers can do to help. Caucus co-chairs Senator Amy Klobuchar (D-MN) and Senator Tim Scott (R-SC) served as honorary hosts, and Wendy Guillies, president and CEO of the Kauffman Foundation, served as moderator.
- September 24, 2019: With substantial input from CAE, Senate Entrepreneurship Caucus co-chairs Senator Amy Klobuchar (D-MN) and Senator Tim Scott (R-SC) introduce the Enhancing Entrepreneurship for the 21st Century Act. The legislation directs the Secretary of Commerce to conduct a two-year analysis of the decline in new business formation rates, including likely contributing factors and economic implications. The analysis will be the most comprehensive ever conducted of the state of American entrepreneurship, bringing to bear all the data and analytic capacities of U.S. government agencies.
- October 2, 2019: CAE helps establish the first-ever bipartisan House Entrepreneurship Caucus. The new Caucus is co-chaired by Rep. French Hill (R-AK), Rep. David Schweikert (R-AZ), Rep. Steve Chabot (R-OH), Rep. Bill Foster (D-IL), Rep. Stephanie Murphy (D-FL), and Rep. Marc Veasey (D-TX).
- October 16, 2019: CAE supports the Workforce Mobility Act. Introduced by Senators Todd Young (R-IN) and Chris Murphy (D-CT), the bill would ban the enforcement of noncompete agreements in all but the most necessary of circumstances.
- October 30, 2019: CAE contributes to and supports the PROGRESS Act. Introduced by Senator Ron Wyden (D-OR), Ranking Member of the Senate Finance Committee, the bill would improve startups’ access to capital by providing a first employee tax credit up to 25 percent of the first employee’s wages, and by providing angel investors with a tax credit for investing in new businesses.
- October 31, 2019: The six co-chairs of the new House Entrepreneurship Caucus introduce the Enhancing Entrepreneurship for the 21st Century Act in the House.
- November 26, 2019: CAE president John Dearie publishes the Op/Ed “Senate Roundtable Showcases Importance and Needs of Women Entrepreneurs.”
- December 16, 2019: CAE president John Dearie publishes the Op/Ed “New Caucuses in Congress Create Unprecedented Opportunity for American Entrepreneurship.”