Michael Chow

Research Director

Washington, DC

Michael serves as Research Director for NVCA and Venture Forward. He equally splits his time between the two organizations and focuses on producing leading edge research that investigates the role and impact of venture capital on the economy, manages the production of the NVCA Yearbook and quarterly PitchBook-NVCA Venture Monitor, and advises the NVCA policy team on key issues. Before joining the NVCA and Venture Forward teams, Michael was most recently Lead Data Analyst and Economist at the National Federation of Independent Business, the nation’s leading small business trade association, where he directed the organization’s cost-benefit analysis program and led research projects focused on finance, tax, health care, labor, and regulatory policy. He has previously worked for the Office of Economic Policy and Analysis at the Department of Labor and for the President’s Council of Economic Advisers in the White House.

In recent years, Michael has Chaired or Co-Chaired the Small Business Roundtable for the National Association for Business Economics (NABE), the nation’s premier professional association for business economists. Michael has also served as past president and chair for the National Economists Club (NEC), a non-profit, nonpartisan professional organization founded in 1968 comprised of hundreds of leading economists, most of whom are based in Washington, DC. He is the recipient of the NABE Abramson Scroll and the NABE Contributed Paper Award, both awarded by NABE for outstanding papers in the field of business economics.

In his spare time, Michael contributes his energy to a variety of volunteer activities which currently include serving on the Board of Trustees of the Treatment and Learning Centers, a private, non-profit organization dedicated to annually serving 2,000 individuals with special needs in the DC/MD/VA area, the Board of Advisors of the Asian American Alumni Association of Princeton, and the NEC’s Board of Governors.

Michael received an M.A. in Applied Economics from the Johns Hopkins University, an M.Sc. in Econometrics and Mathematical Economics from the London School of Economics, and a B.S.E. in Electrical Engineering from Princeton University.

Why is advancing the next era of venture capital important?

Venture capital is an American national treasure. It has fueled the advancement of innovation, economies, and people. It has created value, jobs, wealth, and life-changing products and services. Though venture capital as an industry may be young and as an asset class may be small, high-growth startups and their long-term investors have truly changed the world.

To continue the success of the industry’s past 50 years to the next 50 years and beyond, we must expand opportunities for people of all backgrounds to access the venture ecosystem and thrive. We must educate future leaders on best practices and help them learn from the industry’s rich history. We must help firms build strong, healthy cultures and values. We must keep the public and ecosystem informed through qualitative and quantitative insights.

By investing in tomorrow’s leaders today, we shape the next era of venture capital.

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10,000+

high-growth startups—across all 50 states and DC—raised venture funding in 2019 to build and grow their businesses.

42%

of all U.S. IPOs from 1974 to 2015 were venture-backed companies, representing 63% of the market capitalization and 85% of R&D.

2.9 million

is the average net jobs created annually between 1980 and 2010 by high-growth startups, which account for ~50% of gross jobs created in the U.S.

1,300+

U.S. venture firms are active today, managing an aggregate of $444 billion in assets.