RESEARCH TRIANGLE PARK – Bobby Franklin, CEO of the National Venture Capital Association, is praising Senate passage of the bipartisan U.S. Innovation and Competition Act. The NVCA says the bill “will renew federal commitment to R&D investment and support technology commercialization and new company formation in regions and communities across the country.”

China criticized the bill, which the Senate passed on Tuesday.

“In an increasingly competitive race for leadership in innovation America must continue to lead the world in emerging ingenuity,” said Franklin in a statement. “This bold bipartisan legislation will harness innovation to make our country stronger and create more economic opportunity. The bill’s emphasis on new company formation and growth will encourage the participation of venture capital investors and entrepreneurs to build new companies and put Americans across the country to work in developing the technologies of tomorrow.

“New innovative companies backed by venture capital drive innovation in the modern economy, commercializing new technologies such as mRNA. We look forward to continuing to work with congressional leaders to ensure that new company formation and growth remain a key priority as the bill continues to move through the legislative process.”

The NVCA noted that venture funds coming to US firms has dropped over the past 17 years.

“Global competition for innovation continues to become more fierce: the share of global VC investment into U.S. companies stood around 51 percent last year, dropping from 83 percent in 2004, when this competition was just beginning to heat up,” the group said.

NVCA praised senators “for recognizing the venture capital industry’s importance in achieving our shared goals of prioritizing the nexus between technological progress and new company formation to advance economic opportunity. We look forward to working with policymakers to move this important legislation through Congress and to the president’s desk.”