BOSTON – John Martinson, the newly elected president of the National Venture Capital Association, is gearing up to fight proposed changes to the way venture capitalists conduct business.
Founder and managing partner of the Edison Venture Fund, Mr. Martinson is concerned about ongoing moves by the Securities and Exchange Commission (SEC) and the Financial Accounting Standards Board (FASB) that might affect the industry’s accounting and tax benefits. The two agencies are focusing on eliminating “pooling of interests” (used in combining the balance sheets of two companies in a merger), changing the time period over which in-process research and development is written off and standardizing the distribution of stock options for directors of a company (story page 5).
“I am deeply concerned about these issues and how they will be decided this fall,” said Mr. Martinson, who is trying to enlist every NVCA member and non-member to help maintain the status quo.
As for in-house operations, Mr. Martinson would like to increase NVCA membership from its current 330 firms and 1,800 individuals and boost the private organization’s participation in annual meetings, services and programs. He also intends to add to the NVCA’s networking events and to promote its online research services for the industry.
Mr. Martinson, an NVCA member since 1978, was elected for the 1999-2000 term at the organization’s April 15 annual meeting. He has served on the board of directors since 1993, as well as chairman for the research and membership committees. Kathleen Behrens, NVCA President 1998-1999, became the chairman of the board.