case # 3a - U.S. House of Representatives Committee on...

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U.S. House of Representatives Committee on Financial Services October 6, 2009 Hearing on “Capital Markets Regulatory Reform: Strengthening Investor Protection, Enhancing Oversight of Private Pools of Capital, and Creating a National Insurance Office” Testimony of: Terry McGuire Co-Founder and General Partner, Polaris Venture Partners, Waltham, MA and Chairman of the National Venture Capital Association Introduction Chairman Frank, Ranking Member Bachus, and members of the Committee, my name is Terry McGuire and I am a co-founder and a general partner of Polaris Venture Partners, a venture capital firm based in Waltham, Massachusetts with additional offices in Seattle, Washington. We founded Polaris in 1996 with a mission to identify and invest in exceptional entrepreneurs and operating companies with innovative ideas and the promise to become market leaders. Since its inception Polaris has invested in more than one hundred companies in the areas of information technology, life sciences, digital media, and consumer and business services. Today we are actively nurturing more than 90 companies. Our entire organization employs 53 people of which 20 are venture investors. Even at this modest size, we are considered one of the larger venture firms in the industry. At Polaris we build companies by actively partnering with each entrepreneur and management team to help propel their ideas into market leading businesses. We do this by providing a small amount of capital and a large amount of operating expertise and strategic counsel over a long period of time. While providing capital is the first order of business, it is the least time consuming of all our activities. We also recruit and attract employees at all levels. We identify and structure strategic partnerships. We raise additional equity to help the company make it to the next milestone. And, we're available 24/7 to support great teams, solve problems, identify opportunities, and detect "land mines." We also take a long-term view of our partnerships, knowing that building a successful company from the ground up takes time. We provide access to Polaris' expertise and network at all stages of a company's development and across all strategic areas of the business. And while we bring our own unique expertise and culture to the table, my
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firm operates under the same long-term principles that all venture capital firms do in the United States. The venture industry has been doing business this way for more than 50 years. In addition to my responsibilities as a venture investor, I am also Chairman of the Board of Directors of the National Venture Capital Association (the NVCA) based in Arlington, Virginia. The NVCA represents the interests of more than 400 venture capital firms in the United States which comprise more than 90 percent of the venture industry’s capital under management. It is my privilege to be here today to share with you, on behalf of the industry, the role of venture
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case # 3a - U.S. House of Representatives Committee on...

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