WASHINGTON – Today, U.S. Senators Amy Klobuchar (D-MN) and Tim Scott (R-SC) launched the bipartisan Senate Entrepreneurship Caucus to address the most pressing issues facing entrepreneurs and serve as a forum for collaboration and coordination. Startup rates have recently fallen to near 30-year lows, threatening the fundamentals that lead to sustained economic growth—the caucus will work to diagnose the causes of this “startup slump” and formulate a comprehensive strategy to counteract it. The caucus will also serve as a clearinghouse for proposals from interested groups who wish to share their ideas with policymakers who are committed to supporting our nation’s entrepreneurs.
“New businesses are the engines that drive economic growth, but fewer and fewer startups are launched every year,” Klobuchar said. “Establishing the bipartisan Senate Entrepreneurship Caucus will allow Congress to work with entrepreneurs across the country to stimulate innovation, create jobs and move our country forward.”
“Small businesses and entrepreneurship are the backbone of the American economy. With over 30 million small businesses from the coasts to the heartland, our nation continues to make dreams into reality. As a former small business owner, I know the tough battles many face when trying to go from the drawing board to the boardroom,” Scott said. “I look forward to working with my colleagues on the Senate Entrepreneurship Caucus to ensure that we create a financial and economic environment where every idea can come to life.”
The Senate Entrepreneurship Caucus will be led by Co-Chairs Klobuchar and Scott. Caucus members also include Senators Roy Blunt (R-MO), 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), and Kyrsten Sinema (D-AZ).
Formation of the caucus is supported by the Center for American Entrepreneurship (CAE), Economic Innovation Group (EIG), the U.S. Chamber of Commerce, Small Business Majority, the Ewing Marion Kauffman Foundation, the National Federation of Independent Business (NFIB), Main Street Alliance, the Small Business and Entrepreneurship Council, Small Business Investor Alliance, the American Investment Council, and the National Venture Capital Association.
“The formation of a new Senate Entrepreneurship Caucus is an enormously significant event for entrepreneurship in America – and for the U.S. economy and American workers,” said John Dearie, president of the Center for American Entrepreneurship. “Research has demonstrated that startups are disproportionately responsible for the innovations that drive economic growth and account for most net new job creation. Alarmingly, recent research has also shown that startup rates have fallen near four-decade lows. Reversing the decline in American entrepreneurship – and delivering the economic growth and opportunity the American people deserve – requires changes in public policy on a number of critical issue fronts. The new Entrepreneurship Caucus will help provide the framework and coordination among Senators needed to achieve that pro-entrepreneurship agenda. CAE applauds Senators Amy Klobuchar (D-MN) and Tim Scott (R-SC) for their vision, energy, and leadership. We stand ready to assist the Senators and their colleagues as they work to improve policy circumstances for American entrepreneurs.”