National monuments fuel innovation

When the president announced he would exercise his authority under the Antiquities Act to designate three new national monuments in Colorado, Hawaii and Chicago, it was not surprising that several longstanding conservation organizations stepped up to thank him.  What was unusual was that a new coalition of entrepreneurs and venture capitalists did the same thing, but for different reasons. 

Our Conservation for Economic Growth Coalition, a new volunteer-led advocacy group made up of CEOs and investors including Pete Rive of Solar City, Alex Laskey of Opower, believes these new monuments are prime examples of the expansion of cultural and recreational opportunities so important to the growth and culture of entrepreneurial, job-creating companies in the United States. 

{mosads}Wallace Stegner, often called the “Dean of Western Writers,” once said that we need to “create a society to match its [the West’s] scenery.”  We argue that we need more scenery to match the society we are creating.  Let us explain. 

When venture capitalists analyze an investment opportunity, the probability that the company will be able to recruit the best and brightest to help it grow is critical to our decision.  We have found that access to first-class outdoor recreational opportunities, especially in the West, is extremely important to these skilled, motivated employees.  It is just a fact that more public land protections across the country mean more companies can attract the financing they need and hire the employees who will help them grow. That means that conservation is just good for business growth; conservation actually fuels innovation. 

Public lands are important to entrepreneurial companies not only because they help recruit and keep talented employees.  Public lands are important enablers of these companies’ cultures.  Our portfolio companies engage in team-building exercises in these venues; they host employee family events there; and they encourage employees to experience the spectacular landscapes that provide the inspiration that those employees bring back to work with them.  America’s public lands help employees play hard, and work hard.  

The stories we know from our own experiences only validate the conclusions and data of academics that have studied this issue.  One hundred of the nation’s top economists have sent a letter to the president, asserting that studies have repeatedly shown that protected public lands are significant contributors to economic growth.  A study released by the Outdoor Industry Association points to $646-billion recreation economy.  Another study by Headwaters Economics says that communities in the West have $4,360 higher per capita income for every 100,000 acres of protected public lands.  

We congratulate the president on the designation of Browns Canyon, Honouliuli and the Pullman historic site as national monuments.  And we look forward to working with policymakers at the national and local level to explain that enhanced recreational opportunities on protected lands is not just good for the environment but also for high-growth businesses and job creation. 

Pfund is founder of DBL Investors, a venture firm that has invested in Tesla, Solar City and other high-impact companies.  Baruch founded CMEA Capital, an early-stage venture capital fund investing in energy, IT, life science companies, that invested in Aclara Biosciences, Codexis, Inc., Entropic Communications, Flextronics, Inc., Intermolecular, among other companies.  They are co-chairs of the Conservation for Economic Growth Coalition.