Fremont: The dream of U.S. to become the world's best startup hub is currently a dream as their current immigration policies have prevented many foreign-born startup founders from remaining in the U.S. The policy is forcing foreign-born startup founders with venture capital and employees out of the country, effectively sending thousands of high paying knowledge jobs overseas for no reason.
However, the U.S. government is trying new ways to attract these foreign-born startups. They have come up with a new "Startup Visa" - a process through which establishing businesses in the U.S. will become more easier for foreign entrepreneurs. The visa will allow the entrepreneurs to keep their companies and their jobs in the U.S.
The new visa will be provided under certain conditions:
1. Entrepreneurs living outside the U.S. qualify for the visa if an American investor agrees to fund their entrepreneur ventures with a minimum investment of $100,000. Two years later, the startup must have created five new American jobs and either have raised more than $500,000 in financing or be generating more than $500,000 in yearly revenue.
2. Workers on H- 1B visas or graduates from the U.S. universities in science, technology, engineering, mathematics or computer science are eligible if they have an annual income of at least $30,000 or assets of at least $60,000 and have had an American investor commit investment of at least $20,000 in their ventures. After two years, the startup must have created three new American jobs and either have raised more than $100,000 in financing or be generating more than $100,000 in yearly revenue.
3. Foreign entrepreneurs whose business has generated at least $100,000 in sales from the U.S. After two years, the startup must have created three new American Jobs and either have raised more than $100,000 in financing or be generating more than $100,000 in yearly revenue.
Every job being created by such startups will contribute towards fulfilling the global competition for talent and investment in the U.S. This visa act will enable the foreign students and workers who are already in the U.S. to qualify for a visa with a reasonable requirement, where they should have the potential with enough savings so as not to burden the American taxpayers and get a qualified investor or a government entity.
Yet, there is a huge risk involved with this visa. If their entrepreneurial venture fails or does not take a fly, they must start again or leave the U.S. These factors do not suit entrepreneurship, as entrepreneurship means risk taker with no guarantee of success or failure. However, the fact remains that the skilled immigrants create jobs and they have to do so if they want to remain in the U.S. This is future, what about the present? Presently, these entrepreneurs have no other option than taking their ideas home and give a competition to the U.S.