SEC Advocate for Small Business Capital Formation Martha Miller emphasized the importance of access to capital for small business entrepreneurs.
In remarks at the Maha Discovery Festival, Ms. Miller explained to an audience of entrepreneurs the mission of the new Office of the Advocate for Small Capital Formation ("OASB"). She said the OASB is intended to facilitate greater access to capital markets for small business owners and their investors.
Ms. Miller noted that four out of five entrepreneurs rely on personal or family savings for startup capital. She pointed out that while small businesses created 65 percent of new jobs post-recession they are underrepresented in rulemaking processes related to credit access for entrepreneurs.
Ms. Miller said the "Go to Market Plan" for the OASB focuses on "three key channels" of communication:
- "inbound inquiries," allowing entrepreneurs to contact the OASB at any time with their concerns through email, phone or in-person meetings;
- "connections to thought leaders," consulting with businesses and investors to gain their perspective on related issues; and
- "outreach to target 'customers,'" utilizing existing small business networks and investors to offer solutions to "customers" that fulfill OASB's mission.
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