Senator Coons joins leadership of Democratic Steering and Outreach Committee

Senator Coons will join the leadership of the Democratic Steering and Outreach Committee for the next Congress, leading efforts to help Democratic senators better engage with business leaders across the country.

The Steering and Outreach Committee is what's known as a "leadership committee" and exists effectively to strengthen the engagement between individual Democratic senators and community leaders."Engaging directly with community leaders gives senators the opportunity to thoughtfully exchange ideas, hear concerns, and collaborate on our nation's policy priorities," Senator Coons said. "Building bridges is what the Steering and Outreach Committee is all about, and I'm honored to be asked to play a role in shaping the direction of the committee in the next Congress. Businesses play an important role in our economy, and at this critical time in our economic recovery, we need to continue to work with business leaders to help them create jobs and strengthen our communities. I look forward to making the most of this opportunity and helping our caucus continue to engage constructively and productively with the business community."

This week, the Steering Committee hosted 14 leaders from the labor movement for a frank discussion with senators about job creation and the fiscal cliff. In September there were separate meetings with LGBT leaders on the state of the equality movement and housing leaders on mortgage refinancing, affordable housing, and financial literacy. There have been quite a few meetings with business leaders about job creation.

Senator Coons stands with startup businesses

Senator Coons spoke Wednesday at the first annual New Castle County Economic Development Luncheon.  The lunch discussion focused on ways to foster and develop a strong economic and entrepreneurial system in New Castle County and across Delaware.  

Chris reiterated his commitment to Delaware startups, noting that new businesses are powerful drivers of job creation and economic recovery. Over a 25 year period between 1980 and 2005, most of the net new jobs in America – about 40 million jobs – were created by firms that were five years old or less.  

Since he arrived in the Senate, Chris has used his private sector experience to shape a number of job creating pieces of legislation that support innovative startups and entrepreneurs. He has especially focused on making the Research and Development Tax Credit available to newer businesses, in addition to more established companies.

To read more about Chris’ work supporting job creation and economic competitiveness, click here.

Senator Coons, two Delaware business leaders participate in roundtable discussion on job creation

WASHINGTON –Senator Coons participated in a roundtable discussion for ways of duplicating the success of innovative, job-creating American businesses in the Capitol on Wednesday. The meeting was hosted by the Senate Democratic Steering and Outreach Committee and featured representatives from more than 15 companies, including Patrick Owens, president of ILC Dover, and Marty Miller, CEO of Miller Metal in Bridgeville.

“As our nation lifts itself out of this recession, we should turn for guidance to companies that are strengthening our economy and creating jobs,” Chris said. “These past few years have really taken its toll on Delaware’s economy with the closing of several key businesses around the state; however, there are several small companies in Delaware that have been successful. I was honored to invite Patrick Owens and Marty Miller to join today’s meeting and appreciate their input on how the federal government can help businesses grow. I look forward to keeping an open line of communication with them and other Delaware businesses leaders so we can work in partnership to strengthen our state’s economy and get more Delawareans back to work.”

Mr. Miller said during the meeting that thanks to a Small Business Administration loan and assistance from the Manufacturing Extension Partnership (MEP), Miller Metal was able to purchase a laser cutter: the laser and the MEP have helped Miller Metal increase its workforce from 30 employees to 75.

The Senator has made job creation a top priority for his time in the Senate. Most recently, he joined on as an original cosponsored of the Bring Jobs Home Act which would end taxpayer subsidies to companies that ship jobs overseas and incentivizes companies to bring jobs back to the United States.    

In an effort at bipartisanship, in May, he joined with U.S. Senators Marco Rubio (R-Fla.), Mark R. Warner (D-Va.), and Jerry Moran (R-Kan.) in introducing the Startup Act 2.0, which is designed to promote innovation and jumpstart the economy through the creation and growth of new businesses and jobs.

What We’re Reading: Highly educated immigrants and American jobs

Bloomberg View noted this week that America’s competitors in the global economy are welcoming highly skilled, highly educated immigrants with open arms, and warned that if the United States doesn’t do the same, we will lose out on job creating potential.

To see the results of self-defeating U.S. immigration policies, you need only open your browser to www.canadavisa.com. There, you’ll see a shrewd neighbor fishing for talent at U.S. expense.

At the top of the website, in large print, is the question: “Currently on an H1B Visa or otherwise working or studying in the United States?” There is nothing subtle about the appeal. Canada is seeking skilled foreigners who’ve grown frustrated with the U.S. visa gantlet, which can take a decade for the lucky few who manage even to begin it.

The Bloomberg editorial mentions the Startup Act 2.0, legislation Senator Coons introduced with Senators Mark Warner, Jerry Moran and Marco Rubio. To help create jobs, this legislation would create a new visa for immigrants who graduate from U.S. universities with an advanced degree in science, technology, engineering or math fields. It would also create an entrepreneur’s visa to help immigrants with capital start businesses and create jobs in the United States.

In addition, earlier this year, Senator Coons introduced the bipartisan SMART Jobs Act with Senator Lamar Alexander of Tennessee. This legislation offers another solution to the problem of America losing highly skilled immigrants – and their job creating potential – to our foreign competitors by creating a clear path forward for foreign-born, American-educated holders of advanced degrees in key fields to remain in the United States.

Studies have shown that immigrants are nearly twice as likely as U.S.-born individuals to start new businesses. Immigrant-founded startup companies created 450,000 jobs in less than a decade, and collectively they have generated over $50 billion in sales in a single year. More than 40 percent of Fortune 500 companies were founded by immigrants or their children, but arbitrary and limiting per-country visa caps are sending nearly 20,000 foreign-born, American-educated degree-holders out of the country each year.

ICYMI: Startup Act 2.0 endorsed by News Journal

The News Journal: In a Sunday editorial, the News Journal wrote about the importance of the Startup Act 2.0. Introduced last week by U.S. Senators Chris Coons (D-Del.), Marco Rubio (R-Fla.), Mark R. Warner (D-Va.), and Jerry Moran (R-Kan.), this legislation will  help  jumpstart the economy through the creation and growth of new businesses and jobs.

It is based upon research showing that for close to three decades, companies less than five years old have created almost all of the net new jobs in America, averaging about three million new jobs each year.

Sen. Chris Coons of Delaware was joined by fellow Democrat Mark Warner of Virginia and Republicans Jerry Moran of Kansas and Marco Rubio of Florida in proposing “Startup Act 2.0.” The “2.0” means it’s an updated version of an earlier Moran-Warner proposal.

Startup 2.0 would do several important and smart things. First, it would create “STEM visas” for foreign students to come here to earn graduate degrees in science and math. It also would create “entrepreneur visas” for legal immigrants who start businesses.

Click here to learn more about the bill.

Senator Coons calls for new R&D tax credit for innovative small businesses

From Roll Call: Senator Chris Coons, a member of the Senate Budget Committee and Congressional Manufacturing Caucus, authored an op-ed that appeared in Tuesday’s edition of Roll Call on the need for an R&D tax credit for innovative start-up businesses.

Over the past three decades, the research and development tax credit has helped tens of thousands of successful American companies create jobs by incentivizing investment in innovation. There is little doubt that it has strengthened our economy and deserves to be made permanent. But with America’s global manufacturing competitiveness at stake, it’s time Congress shows the same type of support for entrepreneurs and young companies.

Small and startup businesses are driving our nation’s economic recovery and creating jobs by taking risks to turn their ideas into marketable products. Over the past few decades, firms that were younger than five years old were responsible for the overwhelming majority of new jobs in this country.

There are plenty of federal programs designed to help traditional small businesses — retail stores, service providers, restaurants and others — grow from employing one person to employing 10 people, but how do we help the “gazelle” companies reach their potential and grow from employing five people to employing 50? Or 500? Or 5,000?

For these innovators to grow and create jobs, we have to support them in their critical early stages.

Click here to read the op-ed in Roll Call.

Click her to learn more about Chris’ work to support job creation.

Senator Coons floats idea to help innovative small businesses

Senator Coons went to the Senate floor this afternoon to lay out an idea he's been working on to help entrepreneurs and the leaders of young businesses to grow their companies by investing in research and development.

The Research and Development Tax Credit has helped incentivize innovation at established businesses for 30 years, which is why Chris is such an ardent supporter of the credit and has twice introduced legislation to make it permanent. The problem is, young companies that aren't yet profitable can't benefit from the tax credit.

So how can the federal government help those businesses grow and create jobs?

Chris' idea would create a tradable version of the R&D Tax Credit. Innovative young companies looking to expand their research and development efforts would be eligible for this "innovation credit," which they would then be able to sell to a bigger, more established company. The bigger company gets the tax credit, while the young company gets a cash infusion.

It's win-win.

In his remarks Monday afternoon, Chris talked about two innovative Delaware companies that might be able to utilize such a tradable credit like this — Elcriton in New Castle and Evozym in Newark. You can watch the speech above or click here to read the full transcript.

The Senator is eager for feedback on the idea, and invited other legislators and business leaders to weigh-in and help shape the idea before he introduces it as legislation. You can share your own opinion on the idea by clicking here.

What We’re Reading: Obama calls for tax package featuring pieces from AGREE Act

On Tuesday, the Associated Press previewed President Obama’s legislative proposal to enact or expand tax breaks for small businesses and remove barriers to startups. The President’s proposal, which was introduced today,  features several key elements of the American Growth, Recovery, Empowerment and Entrepreneurship (AGREE) Act introduced by U.S. Senator Chris Coons (D-Del.) and U.S. Senator Marco Rubio (R-Fla.) in November.

The proposals borrow from past Obama initiatives and from bipartisan legislation that has either already passed in the House or is being proposed in the Senate. Obama's package includes proposals offered in the Senate by Democrat Chris Coons of Delaware and Republican Marco Rubio of Florida and another plan by Republican Jerry Moran of Kansas and Democrat Mark Warner of Virginia.

Click here to read the full Associated Press article.  

Click here to read Senator Coons’ press release on President Obama’s proposal.  

Click here to learn more about the bipartisan AGREE Act.

State of the Union and manufacturing jobs

All eyes turn to Capitol Hill tonight, where the President of the United States will deliver the State of the Union address at 9:00 p.m. One of the themes Senator Coons expects the President to discuss is the critical importance of ensuring American manufacturers stay competitive. 

Chris has been a leader on this issue, fighting to make sure quality products are “Made in America, Manufactured in Delaware.” He has reached across the aisle to build bipartisan support for legislation he drafted with Senator Marco Rubio of Florida, called the AGREE Act, which will help local small businesses access capital and recruit talented, high-skilled workers, and invests in research and development by making that tax credit permanent.

In the President’s address to the nation tonight, Chris hopes to hear a continued commitment to American manufacturing, following up on the Administration’s recent report on “insourcing” and previous launch of a new Office of Manufacturing Policy. Specifically, Chris would like to hear the President call on Congress to quickly pass tax incentives for companies that bring manufacturing jobs back to America and lay out plans for job training initiatives and education, particularly for students perusing technical degrees.     

Click here to read more about Chris’ ideas for promoting job creation. 

Senator Coons talks entrepreneurship in Wilmington

Senator Coons spent Friday morning at the coIN Loft in Wilmington, having breakfast with some of the area’s most dynamic and innovative entrepreneurs. The coIN Loft was started by Steve Roettger and Wes Garnett just over a year ago, and it occupies about 2,200 square feet in downtown Wilmington. Set up as a co-working environment, where tenants pay an affordable fee to use their space and facilities, the coIN Loft gives start up business owners the opportunity to take advantage of meeting space, offices and most importantly, each other's experience.

These innovative business leaders spoke with Chris about the importance of entrepreneurs to the economy and what can be done to strengthen the entrepreneurial environment in Delaware.

Chris discussed some of the legislative successes that came out of Congress last year and listened to feedback about the importance of continuing to encourage entrepreneurship throughout Delaware and the United States. Everyone at the table shared stories about opportunities they found in the private sector and how they dealt with the challenges that come with taking risks and pursuing one’s passion.

In addition to the founders Wes and Steve, Chris was joined by about 12 other entrepreneurs including Tim McIntosh of Fairbridge Venture  Partners, Lee Mikles of the Archer Group, Stefun Hawkins and Ron Berry  of MyFanCountry, and Zach Phillips of the Spoke Project. The conversation ranged from how to protect intellectual property to the group's interest in Steve Case's Startup America initiative.

Chris came away from the breakfast energized by the passion and excitement of Delaware’s young entrepreneurs. He was particularly impressed by stories of how working in an open environment like the coIN Loft helped start ups become more productive and successful. Chris encouraged the participants to continue building the diverse community of entrepreneurs in Delaware and offered a number of specific suggestions on ways he might be able to help.

Click here to read more about Chris’ efforts to support small businesses and create jobs.