Spencer Trask & Co. Predicts 2010 the Year of Innovation in New Venture Development

Chairman remarks on 100th Anniversary of Mr. Spencer Trask's Death

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Jan 05, 2010, 03:34 ET

OLD GREENWICH, Conn., Jan. 5 /PRNewswire/ -- Spencer Trask & Co., a leading private venture capital firm, today predicted 2010 will be a turning-point for innovation and employment growth from new ventures.

Chairman Kevin Kimberlin reflected on the enduring significance of innovation for the economy, stating, "Throughout this century many bold innovations were born from the perseverance of new ventures during times of economic stress. Mr. Trask's legacy of commitment to world-changing ideas and businesses, starting with Thomas Edison's invention of the light bulb and Trask's financial backing of The New York Times, is both an inspiration for our firm and a model for economic recovery in this new decade."

Mr. Trask's life shaped his support of genius and his indomitable spirit that is as relevant today as it was in his lifetime. Recent data issued by the Kauffman Foundation supports beliefs that Mr. Trask instilled in the firm that bears his namesake today.

"From 1980-2005, firms less than five years old accounted for all net job growth in the United States." Business Dynamics Statistics Briefing: Jobs Created from Business Startups in the United States, January 2009

Though he suffered challenges, including financial panic in 1907, deaths of four children, loss of one eye in a car accident and never-ending struggle to generate support for unprecedented innovations in a skeptical world, Mr. Spencer Trask never wavered in his commitment to the American entrepreneur.

"I have not found a better role model," said Kimberlin. "Spencer Trask inspires me to believe in the power of creative thinkers to change the world, perseverance and positive missions. New venture innovation is even more important today than it was 100 years ago. With support for investment and innovation through new ventures, I foresee dramatic new opportunity development and job growth in the coming decade."

About Spencer Trask & Co.

Spencer Trask is a leading venture capital firm distinguished by a network of co-investors and business leaders that provide entrepreneurs with financial and intellectual capital to transform bright ideas into world-changing companies. Headquartered in Greenwich, Conn., Spencer Trask invests in early stage and emerging growth companies in the communications, information technology and life sciences fields. www.spencertrask.com

SOURCE Spencer Trask & Co.