US-Europe Economic Policy for Small and Medium-sized Enterprises Part 1: Overview
The US Commerce department delegation conducted a workshop and symposium in Brussels July 10, 2012. It gathered experts from the US and EU discussing topics of increasing Small and Medium-sized Enterprise access to capital formation, reduction in non-tariff costs and removal of red tape in a more competitive landscape. The US delegation was 10 strong with Mr. Drake joining as as an expert on the JOBS Act (Jumpstart Our Business Startups Act) plus 10 European representatives attended with an additional 10 EU Commission members. These members included the European Commission head, Daniel Crespo, Director General of the DG Enterprise and Industry at the European Commission (one of 27 pan-European industry focused Director General divisions – soon to be 28 member countries in August).
Some of the remaining 30 guests attending included Gordon Murray of Exeter Business school, Anne Glover of Amadeus Capital in London, Ella Van Gool from Square 1 Bank in San Francisco, Joseph Bartlett former Under Secretary of the US Commerce department, Sven Wieber formerly of Silicon Valley Bank, Karen Wilson of OECD, James Burnham for the European Venture Capital Association, Tim Creed of the fund of fund Adveq, George Arnold of the US fund of fund Knightsbridge, Harry Haskins Deputy Associate Administrator for Investment at the US Small Business Administration acting as a government fund of fund program since 1958, Daniel Cloquet of BusinessEurope, Uwe Eiteljoerge of the European Commission of DG Internal Market and Susannah Haan of the EuropeanIssuers.
The challenge we portrayed was how do private investors get more involved investing into SMEs and learn from existing programs in Europe and the US. A series of the results of these meetings held in Brussels and discussed with Mr. Drake in Rome July 12-13. Ambassador Miriam Shapiro, Deputy US Trade Representative joined in Rome with the Italian Minister of Foreign Affairs, US Ambassador to Italy, Mr. Thorne, 20 Embassy representatives and 180 private as well as regulatory and legislative bodies of the EU Commission and Italian Government.
“This was a fascinating discussion between fund of funds, government programs, public exchange platforms, VC and Angel networks, crowd funding to SBA and SBIC program extensions on both sides of the Atlantic. Transatlantic cooperation of the US and European Transatlantic Economic Council (TEC) forum of the most amazing sort has started. I could not have been prouder to partake in these movements.” says Mr. Drake