Abstract

http://ssrn.com/abstract=2212743
 


 



2013 State of Entrepreneurship Address: 'Financing Entrepreneurial Growth'


Tom Alberg


Madrona Venture Group

Andrew A. Bogan


Bogan Associates, LLC

Harold Bradley


Ewing Marion Kauffman Foundation

Robert D. Cooter


University of California, Berkeley - School of Law

Monika Gruter Cheney


Gruter Institute for Law and Behavioral Research

Oliver R. Goodenough


Vermont Law School; Harvard University - Berkman Center for Internet & Society

William R. Hambrecht


WR Hambrecht + Co

Frank Hatheway


National Association of Securities Dealers, Inc., NASD

Thomas F. Hellmann


University of British Columbia (UBC) - Sauder School of Business

Marianne Hudson


Independent

Jared Konczal


Ewing Marion Kauffman Foundation

Josh Lerner


Harvard Business School - Finance Unit; Harvard University - Entrepreneurial Management Unit; National Bureau of Economic Research (NBER)

Robert E. Litan


Ewing Marion Kauffman Foundation; AEI-Brookings Joint Center for Regulatory Studies

Diane Mulcahy


Ewing Marion Kauffman Foundation

Ramana Nanda


Harvard University - Entrepreneurial Management Unit

Frank Partnoy


University of San Diego School of Law

Joe Ratterman


BATS Global Markets, Inc.

Naval Ravikant


AngelList

Jay R. Ritter


University of Florida - Department of Finance, Insurance and Real Estate

Alicia Robb


Kauffman Foundation; University of California, Berkeley - Coleman Fung Institute for Engineering Leadership; University of Colorado at Boulder; Federal Reserve Banks - Federal Reserve Bank of Atlanta; University of Deusto - Basque Institute of Competitiveness; Marin Economic Consulting

David T. Robinson


Duke University - Fuqua School of Business; National Bureau of Economic Research (NBER)

Allison Schrager


Independent

Barry Silbert


SecondMarket

Erik R. Sirri


Babson College

Dane Stangler


Ewing Marion Kauffman Foundation

Sharon Vosmek


Astia

February 5, 2013

Ewing Marion Kauffman Foundation Research Paper

Abstract:     
Despite recent innovations in entrepreneurial finance, particularly at the early stage of business creation, many new and young companies continue to face hurdles to acquire capital.

The Kauffman Foundation addressed current challenges and opportunities in financing entrepreneurial growth, a key driver of job creation and economic expansion, at its fourth annual State of Entrepreneurship Address on February 5, 2013. The event featured remarks from Small Business Administrator Karen Mills, U.S. Senator Jerry Moran and Kauffman President and CEO Tom McDonnell.

In his address at the National Press Club in Washington, McDonnell offered policy recommendations to increase financing of entrepreneurial ventures that are featured in a paper on the same topic. Key recommendations include: Crowdfunding: The Securities and Exchange Commission should approve rules under the JOBS Act that encourage experimentation without excessive regulation; IPOs: Greater use of auctions, such as the Dutch auction used by Google, rather than the more common practice of setting a specific price for new stock offerings; Bank Debt: Introduce more flexibility into the regulatory process – such as providing the Federal Reserve, Comptroller of the Currency and Federal Deposit Insurance Corporation the authority to make judgment calls at the local level; Regulation: Allow shareholders of companies the right to vote whether Sarbanes-Oxley accounting rules are necessary; Venture Capital: Create longer-term venture funds that include significant "skin-in-the-game" investment from General Partners, so their interests are aligned with Limited Partner investors over a reasonable time horizon.

Number of Pages in PDF File: 16

Keywords: state of entrepreneurship, entrepreneurship, state, national, policy, job creation, regulation, barriers, growth, finance, crowdfunding, bank debt, IPO, venture capital

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Date posted: February 7, 2013  

Suggested Citation

Alberg, Tom and Bogan, Andrew A. and Bradley, Harold and Cooter, Robert D. and Cheney, Monika Gruter and Goodenough, Oliver R. and Hambrecht, William R. and Hatheway, Frank and Hellmann, Thomas F. and Hudson, Marianne and Konczal, Jared and Lerner, Josh and Litan, Robert E. and Mulcahy, Diane and Nanda, Ramana and Partnoy, Frank and Ratterman, Joe and Ravikant, Naval and Ritter, Jay R. and Robb, Alicia and Robinson, David T. and Schrager, Allison and Silbert, Barry and Sirri, Erik R. and Stangler, Dane and Vosmek, Sharon, 2013 State of Entrepreneurship Address: 'Financing Entrepreneurial Growth' (February 5, 2013). Ewing Marion Kauffman Foundation Research Paper. Available at SSRN: http://ssrn.com/abstract=2212743 or http://dx.doi.org/10.2139/ssrn.2212743

Contact Information

Tom Alberg (Contact Author)
Madrona Venture Group ( email )
999 3rd Ave
Suite 2700
Seattle, WA 98104
United States
HOME PAGE: http://www.madrona.com
Andrew A. Bogan
Bogan Associates, LLC ( email )
75 Arlington St.
5th Floor
Boston, MA 02116
United States
HOME PAGE: http://boganassociates.com
Harold Bradley
Ewing Marion Kauffman Foundation ( email )
4801 Rockhill Road
Kansas City, MO 64110-2046
United States
HOME PAGE: http://www.kauffman.org
Robert D. Cooter
University of California, Berkeley - School of Law ( email )
Berkeley, CA 94720-7200
United States
510-642-0503 (Phone)
510-642-3767 (Fax)
Monika Gruter Cheney
Gruter Institute for Law and Behavioral Research ( email )
158 Goya Road
Portola Valley, CA 94028
United States
650-854-1191 (Phone)
650-854-1192 (Fax)
HOME PAGE: http://www.gruterinstitute.org
Oliver R. Goodenough
Vermont Law School ( email )
164 Chelsea Street
P.O. Box 96
South Royalton, VT 05068
United States
802 831 1231 (Phone)
HOME PAGE: http://www.vermontlaw.edu/Our_Faculty/Faculty_Directory/Oliver_R_Goodenough.htm

Harvard University - Berkman Center for Internet & Society ( email )
Harvard University
23 Everett Street
Cambridge, MA 02138
United States
William R. Hambrecht
WR Hambrecht + Co ( email )
555 Lancaster Avenue
Suite 200
Berwyn, PA 19312
United States
HOME PAGE: http://www.wrhambrecht.com
Frank Hatheway
National Association of Securities Dealers, Inc., NASD ( email )
1801 K Street, NW
Washington, DC 20006-1500
United States
202-974-2719 (Phone)
Thomas F. Hellmann
University of British Columbia (UBC) - Sauder School of Business ( email )
2053 Main Mall
Vancouver, BC V6T 1Z2
Canada
604-822-8476 (Phone)
604-822-8477 (Fax)
HOME PAGE: http://strategy.sauder.ubc.ca/hellmann
Marianne Hudson
Independent
No Address Available
Jared Konczal
Ewing Marion Kauffman Foundation ( email )
4801 Rockhill Road
Kansas City, MO 64110-2046
United States
Josh Lerner
Harvard Business School - Finance Unit ( email )
Boston, MA 02163
United States
617-495-6065 (Phone)
617-496-7357 (Fax)
HOME PAGE: http://www.people.hbs.edu/jlerner/
Harvard University - Entrepreneurial Management Unit
Cambridge, MA 02163
United States
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Robert E. Litan
Ewing Marion Kauffman Foundation ( email )
4801 Rockhill Road
Kansas City, MO 64110
United States
AEI-Brookings Joint Center for Regulatory Studies
1150 17th Street, N.W.
Washington, DC 20036
United States
Diane Mulcahy
Ewing Marion Kauffman Foundation ( email )
4801 Rockhill Road
Kansas City, MO 64110-2046
United States
816-932-1000 (Phone)
HOME PAGE: http://www.kauffman.org
Ramana Nanda
Harvard University - Entrepreneurial Management Unit ( email )
Boston, MA 02163
United States
HOME PAGE: http://www.people.hbs.edu/rnanda
Frank Partnoy
University of San Diego School of Law ( email )
5998 Alcala Park
San Diego, CA 92110-2492
United States
619-260-2352 (Phone)
619-260-4180 (Fax)
Joe Ratterman
BATS Global Markets, Inc. ( email )
8050 Marshall Dr.
Lenexa, KS 66214
United States
HOME PAGE: http://www.batstrading.com
Naval Ravikant
AngelList ( email )
HOME PAGE: http://https://angel.co
Jay R. Ritter
University of Florida - Department of Finance, Insurance and Real Estate ( email )
P.O. Box 117168
Gainesville, FL 32611
United States
(352) 846-2837 (Phone)
(352) 392-0301 (Fax)
HOME PAGE: http://bear.cba.ufl.edu/ritter
Alicia Robb
Kauffman Foundation ( email )
4801 Rockhill Road
Kansas City, MO 64110-2046
United States
HOME PAGE: http://www.kauffman.org/kfs
University of California, Berkeley - Coleman Fung Institute for Engineering Leadership ( email )
130 Blum Hall #5580
Berkeley, CA 94720-5580
United States
University of Colorado at Boulder ( email )
1070 Edinboro Drive
Boulder, CO 80309
United States
Federal Reserve Banks - Federal Reserve Bank of Atlanta
1000 Peachtree Street N.E.
Atlanta, GA 30309-4470
United States
University of Deusto - Basque Institute of Competitiveness
Mundaiz 50
San Sebastián, 20012
Spain
Marin Economic Consulting ( email )
United States
HOME PAGE: http://marin-economic-consulting.com/
David T. Robinson
Duke University - Fuqua School of Business ( email )
Box 90120
Durham, NC 27708-0120
United States
919-660-8023 (Phone)
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Allison Schrager
Independent ( email )
No Address Available
Barry Silbert
SecondMarket ( email )
26 Broadway
12th Floor
New York, NY 10004
United States
HOME PAGE: http://https://www.secondmarket.com/
Erik R. Sirri
Babson College ( email )
231 Forest Street
Babson Park, MA 02457
United States
781-239-5799 (Phone)
HOME PAGE: http://faculty.babson.edu/sirri/
Dane Stangler
Ewing Marion Kauffman Foundation ( email )
4801 Rockhill Road
Kansas City, MO 64110-2046
United States
816-932-1044 (Phone)
Sharon Vosmek
Astia ( email )
833 Market Street
Suite 605
San Francisco, CA 94103
United States
HOME PAGE: http://astia.org/
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