On July 30, 1958, President Dwight D. Eisenhower signed the Small Business Investment Act into law, in order to improve the national economy by stimulating capital flows and creating long-term loan funds for small businesses. The law boosted the formation of venture capital pools by providing private equity firms with tax breaks and opportunities to borrow from the US Small Business Administration. In the 1960s and 1970s, when scientific entrepreneurs began to emerge from universities and other academic research institutions with new inventions, many relied on venture capitalists for seed funding. In the history of modern high technology, policy decisions that influence processes of capital formation have frequently marked decisive turning points.