April 19, 2012
University of Virginia researchers and students are meeting with investors in hopes of reaching a deal. It's all part of the 4th annual Venture Summit.
The two-day event (Thursday and Friday) pairs venture capitalists and alumni from the top investment firms in the nation with the creators of technology-based ideas. Organizers say it's important for the best small business ideas and ventures to get the money they need to succeed because that's how the economy has grown in the past.
"It's important because almost 80 percent of all the net new jobs in America going back 20 years came from companies that were less than five years old," said Aneesh Chopra, the former Chief Technology Officer of the United States. "A lot of those companies come out of those research groups like the ones here."
U.S. Senator Mark Warner (D-Virginia) spoke to the summit via conference call. He talked about several provisions that are not yet law but will help small businesses if passed.
One example includes allowing immigrants who come to the U.S. for a degree in science, math or business to stay in the country if they have plans to start up a business.
To learn more about the Venture Summit, click here.