A key member of the National Venture Capital Association’s (NVCA) team that got venture firms a good outcome with the Jumpstart Our Business Startups (JOBS) Act has rejoined the lobby group as Congress ponders reforms to the bill.
Mitchell, the co-founder of Scale Venture Partners, previously joined the NVCA board as a director in 2007 and then later served as chairman from 2010 to 2011. She replaces outgoing director Adam Grosser, managing director of Silver Lake Kraftwerk.
The NVCA’s current chairman, Scott Sandell, described Mitchell in a statement as instrumental in getting the 2012 JOBS Act “across the goal line”, enabling venture firms to raise up to $1 million a year through crowdsourcing. The bill also lifted a decades old ban on general solicitation for private fund managers.
In May Sandell took the chairman role, replacing Josh Green, a general partner of Mohr Davidow Ventures. The NVCA also added six new directors to its board at the time: Alexis Borisy, partner at Third Rock Ventures; Jeff Crowe, managing partner at Norwest Venture Partners; Tim Curt, managing director at Warburg Pincus; John Drew, general partner at Technology Crossover Ventures; Mike Maples, managing partner at Floodgate Fund; and Ashton Newhall, general partner at Greenspring Associates.
Currently Congress is pondering a series of reforms to the JOBS Act including a review of the definition of “accredited investor” which Republican congressman Randy Hultgren reportedly called “antiquated and counterproductive” for its high thresholds. Currently, accredited investors are defined as someone who is worth $1 million (not including their house), who earns $200,000 a year, or has a household income of $300,000.