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Print Edition StoriesThursday, November 13, 2008
VCs told to expect clean tech, life sciences boost under Obama
By Galen Moore
How is the economic crisis affecting tech companies?
The playing field in clean tech and life sciences is likely to shift quickly as soon as the administration of President-elect Barack Obama takes over the White House Jan. 20, according to National Venture Capital Association president Mark Heesen.
Heesen spoke last night before a cocktail party peopled mostly with corporate VCs at the association’s Entrepreneurship, Innovation and Growth conference at the Hotel Marlowe in Cambridge.
“This is not going to be like past administrations that thought the first hundred days were for finding where the bathrooms are,” Heesen said.
He predicted restrictions on stem cell research would be changed “quickly, by executive order.” Broader health-care reform will depend on U.S. Sen. Ted Kennedy (D-Massachusetts), he said.
Heesen said Obama’s pick to head the Department of Energy will offer clues as to how energy reform will take shape. Speaking to a reporter after his remarks, Heesen said he expects a clean tech-focused energy bill proposed by U.S. Sen. Jeff Bingaman (D-New Mexico) will gain momentum.
Tax reform is also expected, with some legislators urging the president-elect to push tax reform immediately upon taking office, Heesen said. Other legislators are warning the coming administration to hold off until the economy improves. Expected capital gains tax reform may include a break for investors in early-stage companies, Heesen said.
Overall, the change in administration will be good for venture capitalists, Heesen said. “We do have a very good relationship with this new administration, and we can work with these people.”
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