President-elect Barack Obama this afternoon nominated venture capital specialist Karen Gordon Mills to head the Small Organization Administration.
“We must strengthen the small companies that are the backbone” of the American economy, Obama mentioned at a Chicago press conference. “With Karen Mills as administrator, America’s little companies will have a partner in Washington” who will support them create jobs and understand the challenges they face. Mills, who has been element of the president-elect’s SBA transition group, is president of MMP Group, a private equity investor and adviser because 1993. From 1999 to 2007 she was founding companion and managing director of Solera Capital, a New York primarily based venture capital firm. She is also lead director of Scotts Miracle-Gro. Her husband is president of Bowdoin College in Maine. Throughout the announcement, Mills called little organizations “the heart” of the American economy and mentioned firms on Major Street or possibly a “green energy startup” are what can assist the nation produce jobs and remain competitive.
The National Modest Business Association, an advocacy group, said it was not troubled that Mills does not come from a tiny-company background. “We’re not overly concerned by administrators with no modest-business experience or backgrounds — like former SBA chief Steven Preston — so long as they are clearly grounded and have experience with key business, financial and operational challenges… which Ms. Mills seems to have,” mentioned Molly Brogan, the association’s vice president of public affairs. Acting SBA Administrator Sandy Baruah was also pleased with Obama’s nomination. “Karen Mills has been a buddy and specialist companion more than the years in each my roles as the assistant secretary of Commerce and the head of the SBA. She is ideally suited to lead the agency,” he stated. “Mills’ background is a mixture of management, venture capital and public policy, 3 elements essential to top the agency successfully.”