The WordPress.com stats helper monkeys prepared a 2011 annual report for this blog.
Here’s an excerpt:
The concert hall at the Syndey Opera House holds 2,700 people. This blog was viewed about 11,000 times in 2011. If it were a concert at Sydney Opera House, it would take about 4 sold-out performances for that many people to see it.
Posted in Uncategorized
WASHINGTON, D.C. – Rep. Carolyn Maloney (D-NY) today introduced legislation, “The StartUp Visa Act of 2011,” H.R. 1114, to encourage innovation and economic growth by permitting immigrant entrepreneurs greater access to temporary U.S. visas. The bill matches legislation introduced this week by Senators John Kerry, Richard Lugar, and Mark Udall in the Senate.
“The entrepreneurial spirit among immigrants is ingrained in our country’s history and success,” said Rep. Maloney. “This legislation will promote our competitiveness around the globe and create a new generation of prosperity here at home by helping highly-skilled talent– wherever in the world it comes from–to create companies and jobs in the U.S.”
“Every job-creating American business started as an idea in the mind of an entrepreneur. We need to keep and bring more of those ideas to our shores where they can put Americans to work. Global competition for talent and investment grows more intense daily and the United States must step up or be left behind,” said Sen. Kerry, Senate sponsor of the bill.
“Creating a new magnet for innovations and innovators to come to the United States and create jobs here will offer our economy a double shot in the arm – robust job creation at home and reaffirmation that we’re the world’s best place to do business.”
The “StartUp Visa Act of 2011” better utilizes existing visas by making adjustments to the existing EB-5 visa to accommodate those entrepreneurs who fit one of three fact patterns:
Option One: Immigrant 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 5 new jobs and raised not less than $500,000 in additional capital investment or generate not less than $500,000 in revenue.
Option Two: Immigrant entrepreneurs currently living and working inside the U.S. on an unexpired H-1B visa; OR immigrant entrepreneurs currently in the U.S. who have completed a graduate level degree in science, technology, engineering, math, computer science, or other relevant academic discipline from an accredited United States college, university, or other institution of higher education would be eligible for a StartUp Visa if…
- They demonstrate annual income of not less than roughly $30,000 or the possession of assets of not less than roughly $60,000; and
- Have proven that a qualified U.S. investor agrees to financially back their entrepreneurial venture with a minimum investment of $20,000.
After two years, their business must have created 3 new jobs and raised not less than $100,000 in additional capital investment or generate not less than $100,000 in revenue.
Option Three: Immigrant entrepreneurs living outside the U.S. would be eligible to apply for a StartUp Visa if they have controlling interest of a company in a foreign country that has generated, during the most recent 12-month period, not less than $100,000 in revenue from sales in the U.S. After two years, their business must have created 3 new jobs and raised not less than $100,000 in additional capital investment or generate not less than $100,000 in revenue.
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Background.
A copy of the House legislation is accessible here. (PDF)
Visas covering these options would be reallocated under existing EB-5 visa – which grants visas to foreign nationals who invest $1 million towards the creation of 10 jobs. Under a new EB-6 category, a visa would be granted to the innovative entrepreneur with intellectual capital, instead of a wealthy foreign investor who is in a position to buy a visa. The legislation transfers an allotment of the yearly 9,940 EB-5 visas, of which only 4,191 visas were used in FY 2009, to be granted under the new EB-6 category. The creation of new visas is not authorized in this bill.
The investor(s) eligible to “sponsor” immigrant entrepreneurs must be based in the U.S. – with the majority of partners being U.S. citizens – and have made $10 million capital commitments over the course of 2 years, with at least four investments exceeding $500,000 as stipulated in applicable SEC investor rules.
Posted in Endorsement
WASHINGTON, D.C. – Senators John Kerry (D-Mass.) and Richard Lugar (R-Ind.), the Chairman and Ranking Member of the Senate Foreign Relations Committee, along with Senator Mark Udall (D-Colo.), today reintroduced legislation to drive job creation and increase America’s global competiveness by helping immigrant entrepreneurs secure visas to the United States. Congresswoman Carolyn Maloney (D-N.Y.) plans to introduce companion legislation in the House.
The StartUp Visa Act of 2011 will allow an immigrant entrepreneur to receive a two year visa if he or she can show that a qualified U.S. investor is willing to invest in the immigrant’s startup venture. And in an expansion from the Kerry-Lugar StartUp Visa Act of 2010, the pool of eligible immigrants would now include holders of H-1B visas and entrepreneurs living outside the United States with a market presence in the country.
“Every job-creating American business started as an idea in the mind of an entrepreneur. We need to keep and bring more of those ideas to our shores where they can put Americans to work. Global competition for talent and investment grows more intense daily and the United States must step up or be left behind,” said Sen. Kerry. “Everywhere Dick Lugar and I travel for the Foreign Relations Committee, we see firsthand the entrepreneurial spirit driving the economies of our competitors. Creating a new magnet for innovations and innovators to come to the United States and create jobs here will offer our economy a double shot in the arm – robust job creation at home and reaffirmation that we’re the world’s best place to do business.”
“We want to establish a way for the smartest and most entrepreneurial individuals in the world to come to the United States and create jobs. Many are already here studying at our great universities,” said Sen. Lugar. “Helping them stay to invest in their ideas and create jobs benefits all Americans.”
“Our broken immigration system prevents talented entrepreneurs from all over the world from developing ideas that keep America competitive in a global economy. While I believe broader reform of the immigration system is long overdue, this fix is important to ensure we don’t unnecessarily hinder the innovators and entrepreneurs who will help drive America’s future economy,” said Sen. Udall.
“The entrepreneurial spirit among immigrants is ingrained in our country’s history and success,” said Rep. Maloney. “This legislation will promote our competitiveness around the globe and create a new generation of prosperity here at home by helping highly-skilled talent– wherever in the world it comes from–to create companies and jobs in the U.S.”
Options for Entrepreneurs
The StartUp Visa Act of 2011 would amend immigration law to give immigrant entrepreneurs three new options for entry or retention of residency:
Option One: Immigrant 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 5 new jobs and raised not less than $500,000 in additional capital investment or generate not less than $500,000 in revenue.
Option Two: Immigrant entrepreneurs currently in the U.S. on an unexpired H-1B visa; OR immigrant entrepreneurs currently in the U.S. who have completed a graduate level degree in science, technology, engineering, math, computer science, or other relevant academic discipline from an accredited United States college, university, or other institution of higher education would be eligible for a StartUp Visa if;
They demonstrate annual income of not less than roughly $30,000 or the possession of assets of not less than roughly $60,000; and
Have proven that a qualified U.S. investor agrees to financially back their entrepreneurial venture with a minimum investment of $20,000.
After two years, their business must have created 3 new jobs and raised not less than $100,000 in additional capital investment or generate not less than $100,000 in revenue.
Option Three: Immigrant entrepreneurs living outside the U.S. would be eligible to apply for a StartUp Visa if they have controlling interest of a company in a foreign country that has generated, during the most recent 12-month period, not less than $100,000 in revenue from sales in the U.S.
After two years, their business must have created 3 new jobs and raised not less than $100,000 in additional capital investment or generate not less than $100,000 in revenue.
Better Utilizing Existing Visas
To accommodate this new type of visa, adjustments would be made to the existing EB-5 visa – which grants visas to foreign nationals who invest $1 million towards the creation of 10 jobs. Under a new EB-6 category, a visa would be granted to the innovative entrepreneur with intellectual capital, instead of a wealthy foreign investor who is in a position to buy a visa. The legislation transfers an allotment of the yearly 9,940 EB-5 visas, of which only 4,191 visas were used in FY 2009, to be granted under the new EB-6 category. The creation of new visas is not authorized in this bill.
Preventing fraud and abuse
The investor(s) eligible to “sponsor” immigrant entrepreneurs must be based in the U.S. – with the majority of partners being U.S. citizens – and have made $10 million capital commitments over the course of 2 years, with at least four investments exceeding $500,000 as stipulated in applicable SEC investor rules.
# # #
Posted in Uncategorized
Following is a letter to Senator Barbara Boxer from the Silicon Valley Leadership Group which recently endorsed The Startup Visa. The Silicon Valley Leadership Group was founded in 1977 by David Packard, the co-founder of HP, and has over 300 member companies from Silicon Valley along with a very experienced board of directors.
Re: Strong support for StartUP Visa Act (S. 3029)
August 9, 2010
Dear Senator Boxer,
On behalf of the Silicon Valley Leadership Group, we are writing in support of the StartUp Visa Act, S. 3029 (Kerry).
As you may know, this legislation is critical to Silicon Valley, as it would help facilitate and prioritize bringing in qualified entrepreneurs, enabling the U.S. to remain a competitive hub of global start up activity. We support the efforts of Senators Kerry and Lugar to create jobs here at a time when the best and brightest can help drive our economic recovery. Specifically, the StartUP Visa Act would grant three year visas to foreigners who:
The goal of the StartUP Visa legislation is to create an alternate visa system to the H1B program, in which temporary visas are granted to immigrants working in specialized fields including the high-tech industry. Currently, there are 65,000 HIB visas awarded to immigrants and an additional 20,000 H1B visas awarded to individuals who hold an advanced degree. Additionally, this legislation would create a new set of visas that require immigrants to invest at least $1 million dollars in the US and employ at least 10 people.
One hundred and sixty venture capitalists and angel investors support the bill. According to the National Venture Capital Association (NVCA), 25 percent of America’s venture-backed and publicly-traded businesses, including: Google, Yahoo!, eBay, Intel, Pfizer, DuPont and Procter & Gamble are examples of American success stories founded or co-founded by foreign born residents. Further, in 2005, these companies netted more than $52 billion in sales and employed 450,000 workers. In 2006, 24% of all filled patents had foreign residents listed as the inventor or co-inventor.
We encourage your support for S. 3029 and to urge immediate action on the Senate floor. Thank you in advance for your consideration.
Sincerely,
Carl Guardino
President and CEO
cc: Senators Kerry, Lugar and Udall
Posted in Endorsement
The American Bar Association’s (ABA) governing body, the House of Delegates, voted in favor of Resolution 300, calling on Congress to create a new visa program designed to provide a mechanism for immigrant-entrepreneurs to enter or remain in the United States to build bona fide businesses. The initiative known as the “Startup Visa” has legislation pending in Congress that the ABA will now encourage such legislation be enacted into law.
“Immigrant-entrepreneurs face a patchwork of immigration laws which they may or may not be able to piece together to come, stay and build a business in the U.S.,” said Barbara Mayden in her speech to the ABA delegates. “Given the hurdles that exist here [for immigrant-entrepreneurs], many believe that greater opportunity exists elsewhere … this represents a relief well.”
The ABA resolution states that the “American Bar Association urges Congress to enact laws that provide for an immigration classification whereby foreign nationals intending to form businesses are provided a mechanism (such as Startup Visa) under which they can enter or remain in the United States to obtain permanent resident status in order to build such businesses.” This resolution authorizes the ABA to publicly support and advance these efforts to enact this key immigration reform. This support of the Startup Visa was initiated by the ABA’s Section of Business Law and co-sponsored by the Sections of International Law, Antitrust, and Real Property, as well as supported by the Commission on Immigration and the Section of Individual Rights and Responsibilities.
“The ABA represents a key voice of the legal community,” said Eric Koester, an author of the Startup Visa resolution. “We recognize that the Startup Visa initiative is crucial to help America continue its place as the center of entrepreneurship and technology. While there is certainly more work to be done to get this enacted, another ally has lined up behind the Startup Visa movement.”
With nearly 400,000 members, the American Bar Association is the largest voluntary professional membership organization in the world. As the national voice of the legal profession, the ABA works to improve the administration of justice, promotes programs that assist lawyers and judges in their work, accredits law schools, provides continuing legal education, and works to build public understanding around the world of the importance of the rule of law.
Download a copy of the ABA’s resolution and report on the Startup Visa or replay the speech in support of the Startup Visa to the ABA by Barbara Mayden, the representative of the Section of Business Law.
Posted in Endorsement
[For Immediate Release]
Grass-roots team behind StartupVisa.com to meet, brief representatives of White House, Senators, State & Commerce Departments, DHS, SBA
San Francisco, CA, March 2, 2010 — A group of Silicon Valley entrepreneurs and venture capitalists will travel to Washington DC this week to promote the Startup Visa Act of 2010, legislation to spur job creation by enabling startup founders to bring new companies to the US, if they can demonstrate funding from US-based investors. The group plans to meet with a variety of federal representatives to brief them on the bill, including the White House, State Department, Commerce Department, DHS, SBA, and members of congress.
“Job creation is a national priority,” said Dave McClure, organizer of the trip and a venture capitalist and former software entrepreneur. “With the Startup Visa Act, we can create thousands of new jobs immediately, and tens of thousands more as these new startups grow into the next Googles, Yahoos, and eBays of their generation. It’s a huge win-win, and we’re traveling to DC to encourage the quick passage of this much-needed reform.”
The Startup Visa Act of 2010, introduced last week by Senator John Kerry (D-MA) and Richard Lugar (R-IN), would modify the existing EB-5 visa to enable job-creating entrepreneurs to immigrate to the United States. The bill requires each entrepreneur to have a sponsoring US venture capital or angel investor who will invest at least $100,000 in their startup, and total funds raised must be at least $250,000 per company. The legislation is supported by more than 150 venture capitalists and investors who signed a letter urging its passage. While in DC, the group will be meeting with members of Congress, The White House, Commerce Department, State Department and Small Business Administration, and bringing thousands of messages from voters around the country who support the bill.
The grass-roots effort to create the bill began last year, prompted by a blog post by Paul Graham of venture capital firm Y Combinator. Brad Feld, a venture capitalist with Foundry Group based in Colorado, took the next step and began promoting the idea on his website and blog. McClure and Silicon Valley entrepreneurs Eric Ries and Shervin Pishevar then joined the effort by creating the StartupVisa.com website after a previous trip to DC by Silicon Valley geeks in September, and producing a video featuring Ries and Canadian entrepreneur Eric Diep, who had been unable to get a visa to start his company in the US. Feld worked together with congressman Jared Polis (D-CO) to draft legislation introduced in the House last fall, and was later joined by Kerry and Lugar in introducing similar legislation in the Senate last week.
As McClure and others joined in, the Startup Visa movement became an example of how technology innovation can inspire change, and quickly gathered thousands of supporters in just a few weeks. The group has relied solely on the use of social media tools such as Twitter, Facebook, YouTube, and blogs to promote its ideas, and have generated over 2,000 letters in support from voters across the country. “There are no lobbyists, no campaign contributions, no PR agencies,” McClure said. “This is a 100% grass-roots movement of citizens who want to encourage job creation and innovation in the United States.”
“America and the American Dream has attracted the world’s immigrants and their dreams for centuries, ” said Shervin Pishevar. “Our country has been reinvigorated and reinvented by a stream of humanity from all parts of our world. Increasingly, it has become harder for the best and the brightest minds to come to America and write the next chapter of the America Story. The StartUp Visa Act is about winning the race for the very best of the world’s brains and startups who will in turn create jobs and opportunities for all Americans.”
Support Job Creation in the US by Supporting StartupVisa.com!
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[PR Contact Dave McClure - 650-743-4738 - dave.mcclure@gmail.com]
Posted in Uncategorized
Tagged goap, immigration, Kerry, Lugar, Polis, press release, Startup Visa Act, StartupVisa, washington dc
We are thrilled to announce Senators John Kerry (D-MA) & Richard Lugar (R-IN) today introduced The Startup Visa Act in Washington.
The full text of the proposed legislation is here.
This new legislation is also supported by signatures from over 100 US venture capital and angel investors.
The Startup Visa Act proposes legislation to modify the existing EB-5 Visa in order to drive job creation in the US and increase American global competitiveness. This would enable immigrant entrepreneurs who are creating new companies to secure visas to come to the United States, if there is investment capital available from a sponsoring US venture capital or angel investor of at least $100,000 in an equity financing of not less than $250,000.
Earlier legislation had been proposed last year by US Representative Jared Polis (D, CO-2), H.R. 4259, the Employment Benefit Act of 2009, also known as the StartupVisa. Later, HR 4259 was included in the overall House Comprehensive Immigration Reform Bill.
The folks here at StartupVisa.com are all very proud of this moment, and we ask for your support as the proposed Startup Visa Act legislation moves closer to a vote. We will provide more information from the sponsoring legislators as it becomes available.
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Relevant documents are available below:
Posted in Uncategorized
Tagged EB-5, Kerry, Lugar, Polis, Startup Visa Act, StartupVisa
Entrepreneurship, the primary engine of our prosperity in the last two decades, is endangered by our immigration policy, which makes it very difficult for some of the brightest and most motivated individuals to stay in our country. The StartupVisa movement is trying to unleash the power of immigrant entrepreneurs to create jobs, wealth and innovation in the United States. We are a group of entrepreneurs, technologists and venture capitalists passionate about creating visa reform that allows immigrant entrepreneurs to contribute to the US economy by starting new companies.
As part of our mission, we are visiting Washington DC to meet with notable congressional representatives to brief them on the proposed StartupVisa legislation. We have received positive feedback from a number of members of Congress and this trip will help us advance the legislative reform process.
You can help! Tell us your story!
We want to use your stories to paint a picture in Congress about the potential impact of this legislation. Have you battled visa issues while starting your company? Tell us about your immigration woes. Maybe you were almost kicked out of the US? Or perhaps your financing rounds were affected adversely due to visa risks. Maybe you lost out on a fair amount of equity? Maybe you were trapped in your home country and your company suffered. Maybe you are just twiddling your thumbs, and limited from creating real value because you cannot start your company today? We know there are many stories and situations behind being an immigrant entrepreneur in the US. Tell us your story! Quantify the loss. Qualify the distress.
We will use these stories make the case for StartupVisa reform on our trip to Washington DC – March 3rd through 6th. If you wish, we can also anonymize personal information to ensure confidentiality.
Share this with your friends
More stories directly lead to more potential impact of our movement in Congress.
Round 1 Call for Stories Deadline: Feb 27, 2010, 11 PM
Posted in Uncategorized
Advanced countries are competing to attract the world’s best entrepreneurs — the US should too.
by Eric Ries
Entrepreneurship is one of the most significant contributors to a nation’s prosperity [6]. In an increasingly globalized economy, many of the advanced nations in the world are racing to attract the brightest entrepreneurial minds, regardless of their country of origin. The startups created by these highly skilled immigrants will generate most of the jobs and wealth in these countries in the future [3]. This is a race we cannot afford to ignore.
The case of the United Kingdom provides a good example of such a program. Launched last year, the tier 1 “Entrepreneur Visa” category [1] allows entrepreneurs to enter the country to create new startups. The eligibility criterion for this visa is based on the point system used by the UK to evaluate new immigrant applications. In addition to traditional attributes, such as language proficiency and educational qualifications, applicants are awarded points for access to capital (above £200,000) and for adhering to appropriate financial regulations. While the initial program allows entrepreneurs to stay for 2 years, it is subject to a review whereupon the applicant may be eligible to be granted immediate permanent residency.
Several other advanced countries have very similar programs. Canada requires users to demonstrate access to $300,000 CDN of capital, and to create at least one full-time job as a result of their startup [2]. Australia, Germany and New Zealand have similar categories to encourage entrepreneurs to start businesses in their country. While several of these programs are relatively new and therefore there is a lack of data to demonstrate efficacy, the impact of startups on generating new jobs in an economy has been proved repeatedly [3].
The United States has a similar program – the EB5 visa category, which allows immigrants to invest $1 million or more and generate ten jobs as part of that investment [4]. However, that category is limited to investors, and not the entrepreneurs who are going to drive that value creation. The impact of this visa category could be dramatically increased if we focus on the entrepreneur who creates the business, as opposed to focusing solely on the investor holding capital. Small changes can dramatically increase the efficacy of this program and increase our economic competitiveness in the future.
Bibliography
[1] UK Border Agency. Entrepreneur Visas.(accessed 10 16, 2009).
[2] Citizenship and Immigration Services, Canada. Entrepreneurs and Investors. 03 31, 2007. (accessed 10 16, 2009).
[3] Ewing Marion Kauffman Foundation. Business Dynamic Statistics. 2009. (accessed 10 16, 2009).
[4] USCIS. Employment-based Immigrant EB-5. USCIS. (accessed 10 16, 2009).
[5] Wadhwa, Vivek. “America’s Immigrant Brain Drain.” BusinessWeek. March 5, 2009. (accessed October 12, 2009).
[6] Wadhwa, Vivek, AnnaLee Saxenian, Ben Rissing, and Gary Gereffi. ” Skilled Immigration and Economic Growth.” Applied Research in Economic Development 5, no. 1 (May 2008): 6-14.
[7] Wadhwa, Vivek, AnnaLee Saxenian, Richard Freeman, and Salkever Alex. Losing the World’s Best and Brightest. Research Report, Ewing Marrion Kauffman Foundation, Ewing Marrion Kauffman Foundation, 2009.
Posted in Uncategorized
Tagged Australia, Canada, EB-5 visa, entrepreneur visa, entrepreneurship, UK
