Last Thursday, President Obama signed the Jumpstart Our Business Startups (JOBS) Act into law. Congress worked out a compromise on some thorny issues and now startup companies and small businesses nationwide will have access to a new source of capital through crowd-funding. We’ve blogged extensively about the benefits of this new funding mechanism and some of the risks as well. The biggest story here is probably not the content of the legislation, but the example we now have of the business community, both parties in Congress and the President working together successfully. The big stories to come should be about job growth and also effective government regulation and oversight that protects investors.
Alliance members Jeff Bussgang and Tim Rowe have been high profile advocates for the bill and were on hand to witness the signing of the bill at the White House. Tim said of the event: ”It was like a movie, walking into the East Wing of the White House, and then through a series of gardens and garden paths to the Rose Garden. It was a magical moment, with an assemblage of fans of entrepreneurship, and the President, getting together and talking concretely about how we are going to address more of the problems facing the world through innovation. A once in a lifetime moment.”
This victory may seem small but the Alliance was glad to be a part of getting the job done. Can government and business work together successfully to create shared value for the public? Yes they can.