Meeting of the Small Business Capital Formation Advisory Committee

Date: Tuesday, February 4

Location: SEC Headquarters, 100 F Street, N.E.
Multipurpose Room, LL-006
Washington, DC


Call to order; introductory remarks by Commissioners


Overview of Annual Report from the SEC’s Office of the Advocate for Small Business Capital Formation

Jenny Riegel, Special Counsel in the SEC’s Office of the Advocate for Small Business Capital Formation, will provide an overview of the Office’s FY 2019 Annual Report, with a focus on the state of small business capital formation. The report includes data from various segments of the market, including small emerging businesses, mature and later-stage businesses, and small public companies, as well as data on challenges faced by minority- and women-owned businesses, businesses in communities affected by natural disasters, and rural businesses.


Exploration of Small Business Capital Markets Data and Challenges Faced by Small Businesses and Their Investors

In prior meetings, the Committee members have discussed where gaps that impede growth opportunities for entrepreneurs and job creators exist in the allocation of capital from investors to small businesses. Data will assist the continuation of that analysis.

Speaker: James Gelfer, Senior Strategist, Lead Venture Analyst, PitchBook. PitchBook is a financial data provider that collects and analyzes detailed data on the venture capital (VC), private equity and M&A landscape - including public and private companies, investors, funds, investments, exits, and people. James launched PitchBook’s VC coverage in 2012 and currently leads PitchBook’s research initiatives in private equity, venture capital, and emerging technologies.


Lunch Break


SEC Office of Minority and Women Inclusion

Pamela Gibbs, Director of the SEC’s Office of Minority and Women Inclusion, will provide the Committee with an introduction to the Office and discuss how they collaborate with the Office of the Advocate for Small Business Capital Formation and other SEC teams on outreach events and initiatives.


Local Capital Availability for Early Stage Companies and the Role of Regional Funds

The Committee will discuss various challenges that entrepreneurs face in raising capital and that funds experience in supporting the emergence of small businesses during critical capital raising milestones.


  • Darcy Howe, Founder and Managing Director, KCRise Fund, LLC. KCRise Fund is a co-investment fund which invests with institutional VC partners in early-stage companies in Missouri and Kansas.
  • John C. McIlwraith, Managing Director and Co-Founder, Allos Ventures. Allos is a VC firm focused on investing in early-stage software and tech-enabled business service companies in the Midwest.
  • Darnell Smith, Founder and CEO, Mojo. Mojo is a creative consultancy firm that specializes in digital transformation. Darnell will discuss his experiences with raising capital.


Wrap-up and Adjournment