Skip to main content

Agenda - Meeting of SEC Small Business Capital Formation Advisory Committee

Sept. 12, 2023

Location:   Public will be able to view on

Date:          Tuesday, September 19, 2023

Time:         10:00 a.m. – 3:00 p.m. (ET)

10:00:  Call to Order; Introductory Remarks by Commissioners

10:15:  Remarks from Erik Gerding, Director of the SEC’s Division of Corporation Finance

The Division of Corporation Finance (CF) will discuss its role in the SEC's mission (including CF’s structure and main functions) and highlight certain current CF rulemaking initiatives relevant to small businesses and their investors.

10:30:  Who is investing in the funds that support early-stage companies and are there

ways to encourage more investment in those companies?

Smaller VC funds and emerging fund managers play a key role in supporting companies that seek smaller, early-stage financing, and also are more likely to invest in diverse founders. Yet the capital going to smaller funds and emerging fund managers is a declining sliver of the overall pie. The Committee will hear from a speaker on investment strategies (including investment size considerations) and factors that affect decision-making and will then explore the influence that LPs have on capital flow. As part of this discussion, the Committee will explore the lack of diversity at the checkwriter stage and whether there are ways to incentivize change.


12:15   Lunch Break

1:30     Alternative Funding Options for Small Businesses

Many smaller companies do not have - and may never have - the growth curve model that VC funds generally seek. These same companies may also struggle to access bank financing and lack a viable friends and family network. The Committee will discuss ways for these small companies seeking patient capital to support and grow their businesses through pathways other than traditional equity investments.


  • Karl Fooks, Outreach Manager, Office of Domestic Finance, U.S. Department of the Treasury

3:00     Wrap-up and Adjournment

Return to Top