Government-Industry Cooperation Can Enhance the Venture Capital Process

AFMD-82-35: Published: Aug 12, 1982. Publicly Released: Sep 13, 1982.

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Pursuant to a congressional request, GAO reported on the venture capital process and the role it plays in the United States' productivity and economic well-being.

Venture capitalists seek out new technology, entrepreneurial talent, and management resources and combine them for new business opportunities that have significant market growth potential. Compared to the amount of capital invested to create fast-growing, high-technology businesses, this small segment of the U.S. economy has produced disproportionately large benefits to the Nation's productivity and economic well-being. GAO stated that the supply of venture capital is increasing and prospects for future growth are good. However, to achieve the greatest benefits from the availability of capital, both industry and the government need to deal properly with other issues that will influence how well the complex venture capital process translates available capital into economic and productivity gains. GAO concluded that better dialogue between government and industry is needed to jointly identify pertinent issues and to suggest actions needed by either or both to create the greatest likelihood of a successful venture capital process in the present environment of increasing capital supply.

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