Washington, D.C. – TechNet, the national, bipartisan network of innovation economy CEOs and senior executives, issued the following statement, attributed to President and CEO Linda Moore, following today’s release of proposed merger guidelines by the Department of Justice and the Federal Trade Commission:
“A strong startup economy is key to winning the next era of innovation. Recent bipartisan legislation, like the CHIPS and Science Act, will catalyze startup ecosystems across the U.S. and inspire a new generation of entrepreneurs to build the world’s leading centers for critical and emerging technologies.
“But many startups won’t grow big enough to become sustainable, long-term businesses, and acquisitions are a common and attractive opportunity for these companies. It enables new investments in the next generation of entrepreneurs which drives innovation, creates new jobs, and strengthens our economy.
“By making it less attractive to start a new business or invest in a new company, we are giving our foreign competitors a distinct advantage. Innovators will take their next great idea elsewhere, to a country where these rules don’t apply and they’ll have greater opportunity.
“This will have devastating and unintended consequences on our global competitiveness and national security. Instead, we must ensure that investment remains in this country by advancing policies that embrace and encourage startups, promote competition and reduce unnecessary barriers to mergers and acquisitions, and help us win the next era of innovation.”