US-based trade body the National Venture Capital Association (NVCA) has appointed Highland Capital Partners co-founder and general partner Paul Maeder (pictured) as its chairman for the next 12 months and promoted corporate venturing for its ability to provide money and strategic help for portfolio companies.
However, while Maeder said corporate venturing had a role to play, the biggest bugbear for venture capital firms about its peers came from relatively slow sign-offs of legal or financial documentation for portfolio companies.
His comments followed Kate Mitchell, his predecessor’s, final speech as president of the NVCA when she said the NVCA was opening up to more diverse groups. Michell, managing director at Scale Venture Partners, said: "While we as an industry are shrinking, the NVCA has opened as a group to emerging managers, the next generation, and corporate venturing groups."
She said corporate venturing groups were now bigger and from more diverse parents but still interested in innovation and technology.
Mitchell added she wanted corporate venturers to engage with venture capitalists.
Ray Rothrock, general partner of Venrock, is chairman-elect for the 2012-2013 term.