Outgoing NVCA chairman and Carlyle Group managing director Bob Grady said he feared a "major public policy mistake" at the industry group's annual meeting Wednesday morning as he talked about the good and the bad news for the industry. The good, he said, was the existence and progress of the NVCA itself. The bad was that it had so much left to do in the realm of legal immigration, encouraging investment in R&D, the hurdles of small cap companies going public, and educating policy makers who don't understand the contribution of venture capital and entrepreneurs to the U.S. economy. —Carolyn Murphy
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