<span class="intro">
<span class="intro">This post reflects the opinions of the author and not necessarily those of Mashable as a publication.
Every day around the globe, ideas are generated, startups are conceived, and founders want to come to the United States to launch their companies — itâs the proverbial American dream. However, our current immigration policies have prevented many foreign-born startup founders from remaining in the U.S. And as they leave, they take innovative ideas and jobs with them.
But there’s a movement underway for a “startup visa” — a classification that would make it easier for foreign entrepreneurs to establish businesses in the U.S.
How a Startup Visa Classification Would Work
The legislation, originally proposed in 2010 by Sen. John Kerry (D-Mass.) and Sen. Richard Lugar (R-Ind.), and reintroduced this past March, would allow a foreign entrepreneur to receive a two-year visa if he can show that a qualified U.S. investor is willing to put money into his startup.
Under the proposed legislation, the entrepreneurs would have three options for which to secure a U.S. visa:
Option One:
Foreign entrepreneurs living outside the U.S. would be eligible to apply for a startup visa if a qualified U.S. investor agrees to financially sponsor their entrepreneurial venture with a minimum investment of $100,000. After two years, their business must have created five new jobs and raised not less than $500,000 in additional capital investment, or generate not less than $500,000 in revenue.
Option Two:
Foreign entrepreneurs currently in the U.S. on a valid H-1B visa, OR foreign entrepreneurs currently residing in the U.S. who have completed a graduate level degree in science, technology, engineering, math, computer science and have an annual income of $30,000 (or $60,000 in assets) would be eligible to apply for a startup visa if they also have a qualified U.S. investor invest a minimum of $20,000. After two years, their business must have created three new jobs and raised not less than $100,000 in additional capital investment or generate not less than $100,000 in revenue.Option Three:
Foreign entrepreneurs living outside the U.S. would be eligible to apply for a startup visa if they have a controlling interest in a company in a foreign country that has generated not less than $100,000 in revenue from sales in the U.S. during the most recent 12-month period. After two years, their business must have created three new jobs and raised not less than $100,000 in additional capital investment, or generate not less than $100,000 in revenue.
Why It’s Important
More high-tech entrepreneurial jobs will certainly be created in the coming years. The Startup Visa Act aims to ensure that they be created and retained in the United States.
Investor and entrepreneur Brad Feld gives an example of a company called Vanilla, which was a part of his Techstars accelerator program based in Colorado. After the accelerator program concluded, the co-founders of Vanilla we not able to secure the appropriate visa to stay in the U.S. to continue their work. Although U.S. investors were quite interested in the startup concept, they were tentative to invest given the instability created by the founders’ visa statuses.
Because of current immigration laws, the co-founders of Vanilla were unable to secure a visa and departed the U.S., relocating the startup in Canada. Since that time, theyâve raised $500,000 and created three jobs to support the startup, with a plan to add more as the business grows. Those jobs most certainly could have been filled by U.S. workers, especially since the Colorado accelerator program put time, talent and effort into mentoring and supporting their concept.
Here is a quote from President Obama on foreign entrepreneurs and the prospects of a startup visa classification:
So what can you do to help? You can contact your local congressional representative to let them know that you support the proposed bill. You can also sign this letter supporting the Startup Visa Act. The startup visa website also has more information on what you can do, along with updates on the bill.
Image courtesy of iStockphoto, belterz
More About: economy, government, immigration, law, legal, Opinion, startups
For more Startups coverage:
Continue Reading...
<span class="intro">This post reflects the opinions of the author and not necessarily those of Mashable as a publication.
Every day around the globe, ideas are generated, startups are conceived, and founders want to come to the United States to launch their companies — itâs the proverbial American dream. However, our current immigration policies have prevented many foreign-born startup founders from remaining in the U.S. And as they leave, they take innovative ideas and jobs with them.
But there’s a movement underway for a “startup visa” — a classification that would make it easier for foreign entrepreneurs to establish businesses in the U.S.
How a Startup Visa Classification Would Work
The legislation, originally proposed in 2010 by Sen. John Kerry (D-Mass.) and Sen. Richard Lugar (R-Ind.), and reintroduced this past March, would allow a foreign entrepreneur to receive a two-year visa if he can show that a qualified U.S. investor is willing to put money into his startup.
Under the proposed legislation, the entrepreneurs would have three options for which to secure a U.S. visa:
Option One:
Foreign entrepreneurs living outside the U.S. would be eligible to apply for a startup visa if a qualified U.S. investor agrees to financially sponsor their entrepreneurial venture with a minimum investment of $100,000. After two years, their business must have created five new jobs and raised not less than $500,000 in additional capital investment, or generate not less than $500,000 in revenue.
Option Two:
Foreign entrepreneurs currently in the U.S. on a valid H-1B visa, OR foreign entrepreneurs currently residing in the U.S. who have completed a graduate level degree in science, technology, engineering, math, computer science and have an annual income of $30,000 (or $60,000 in assets) would be eligible to apply for a startup visa if they also have a qualified U.S. investor invest a minimum of $20,000. After two years, their business must have created three new jobs and raised not less than $100,000 in additional capital investment or generate not less than $100,000 in revenue.Option Three:
Foreign entrepreneurs living outside the U.S. would be eligible to apply for a startup visa if they have a controlling interest in a company in a foreign country that has generated not less than $100,000 in revenue from sales in the U.S. during the most recent 12-month period. After two years, their business must have created three new jobs and raised not less than $100,000 in additional capital investment, or generate not less than $100,000 in revenue.
Why It’s Important
More high-tech entrepreneurial jobs will certainly be created in the coming years. The Startup Visa Act aims to ensure that they be created and retained in the United States.
Investor and entrepreneur Brad Feld gives an example of a company called Vanilla, which was a part of his Techstars accelerator program based in Colorado. After the accelerator program concluded, the co-founders of Vanilla we not able to secure the appropriate visa to stay in the U.S. to continue their work. Although U.S. investors were quite interested in the startup concept, they were tentative to invest given the instability created by the founders’ visa statuses.
Because of current immigration laws, the co-founders of Vanilla were unable to secure a visa and departed the U.S., relocating the startup in Canada. Since that time, theyâve raised $500,000 and created three jobs to support the startup, with a plan to add more as the business grows. Those jobs most certainly could have been filled by U.S. workers, especially since the Colorado accelerator program put time, talent and effort into mentoring and supporting their concept.
Here is a quote from President Obama on foreign entrepreneurs and the prospects of a startup visa classification:
âIf weâve got smart people who want to come here and start businesses and are PhDs in math and science and computer science, why donât we want them to say? I mean, why would we want to send them someplace else? So those are potential job creators. Those are job generators. I think about somebody like an Andy Grove of Intel. We want more Andy Groves here in the United States … We donât want them starting Intel in China or starting it in France. We want them starting it*here.â
How to Support the Startup Visa Initiative
So what can you do to help? You can contact your local congressional representative to let them know that you support the proposed bill. You can also sign this letter supporting the Startup Visa Act. The startup visa website also has more information on what you can do, along with updates on the bill.
Image courtesy of iStockphoto, belterz
More About: economy, government, immigration, law, legal, Opinion, startups
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