Silicon Valley VCs Rally Behind Harris, Prioritizing Tech and Social Issues

In a significant show of support from the tech industry, venture capitalists are rallying behind Kamala Harris for the 2024 presidential election. A survey of 225 VCs who signed an open letter backing Harris reveals their priorities, highlighting a blend of social and technological concerns.

The survey, conducted anonymously, shows overwhelming support for abortion rights, with nearly all respondents viewing the Supreme Court's decision to overturn Roe v. Wade as a mistake. Leslie Feinzaig, CEO of Graham & Walker, emphasized, "These are not social issues. These are actually business issues."

Investors see Harris, a Californian with strong ties to Silicon Valley, as a tech-savvy candidate open to industry engagement. This perception harks back to the Obama administration's positive relationship with the tech sector, contrasting with the more critical stance adopted by recent administrations.

The "VCs for Kamala" initiative, disclosed in July 2023, includes prominent figures like Reid Hoffman from Greylock and Vinod Khosla from Khosla Ventures. The survey respondents, predominantly male (62%) and white (66%), expressed a strong desire for leaders knowledgeable about emerging technologies like AI and cryptocurrency.

"We need the smartest people in government who know what to do on the military and civilian side, who know what's coming."

The tech industry's priorities extend beyond AI regulation. An overwhelming 94% of respondents advocated for increasing the availability of high-skilled H-1B visas, a crucial issue for tech companies relying on international talent. Additionally, there's a push for policies facilitating easier paths for startups to go public or be acquired by larger companies.

While Harris has garnered significant support, it's worth noting that her Republican rival, former President Donald Trump, also has high-profile backers in Silicon Valley. These include Tesla CEO Elon Musk and venture capitalists Marc Andreessen and Ben Horowitz.

Harris's recent campaign activities have resonated with the tech community. Her speech accepting the Democratic presidential nomination included rare mentions of positioning the U.S. as an AI leader and helping founders access capital. A fundraiser in San Francisco in August 2023 raised over $12 million, demonstrating strong financial support from the sector.

However, some in Silicon Valley express concerns about the current Democratic administration's approach to tech regulation. Chris Larsen, founder of Ripple Labs, hopes Harris will address what he perceives as an "anti-business stand" by some government officials.

As the 2024 election approaches, the tech industry's support for Harris reflects a desire for leadership that understands and embraces technological innovation while addressing pressing social issues. The outcome of this election could significantly impact the future of AI regulation, immigration policies, and the overall relationship between Silicon Valley and Washington.