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StartUp Visa Act Introduced By Senators Kerry and Lugar
Today, Senator John Kerry (D-MA) and Senator Richard Lugar (R-IN) introduced the StartUp Visa Act of 2010. The group of us behind the Startup Visa project have been working closely with key members of each Senators’ staff on this and we are incredibly pleased with the proposed bill.
Following is the text from the press release announcing the bill:
“Senators John Kerry (D-Mass.) and Richard Lugar (R-Ind.), the Chairman and Ranking Member of the Senate Foreign Relations Committee, today introduced legislation to drive job creation and increase America’s global competiveness by helping immigrant entrepreneurs secure visas to the United States.
The StartUp Visa Act of 2010 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 dedicate a significant sum – a minimum of $250,000 – to the immigrant’s startup venture.
“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.”
“Our country should strive to attract to the United States the most talented and highly skilled entrepreneurs. We should channel the power of innovative thinkers from around the world and American investors towards creating jobs and encouraging economic growth and future prosperity,” said Ranking Member Lugar.
The StartUp Visa Act of 2010 would amend immigration law to create a new EB-6 category for immigrant entrepreneurs, drawing from existing visas under the EB-5 category, which permits foreign nationals who invest at least $1 million into the U.S., and thereby create ten jobs, to obtain a green card. After proving that he or she has secured initial investment capital and if, after two years, the immigrant entrepreneur can show that he or she has generated at least five full-time jobs in the United States, attracted $1 million in additional investment capital or achieved $1 million in revenue, then he or she would receive permanent legal resident status.
More than 160 venture capitalists from across the country have endorsed the senators’ proposal. That letter of support is attached.”
The support from the venture capital and super angel community has been fantastic. Now that we have both a sponsored house bill (HR 4259 – sponsored by Jared Polis (D-CO)) and a sponsored senate bill, it’s time to crank up the grassroots support. Look for a few specific things to do in the next few days on both this blog and the Startup Visa blog.
Congrats! As someone who has 2 Master's degrees from the US, but can't work in the US now due to the craziness of the H1-B process, I have been following your efforts closely. I hope this actually does become legislation, am rooting for you !
One question, though: what is the status of spouses of these entrepreneurs during the 2-year visa period. Is it intended to be like the H-1, where spouses can't work, or the student/L categories where they can?
This is wonderful, did you get my submission?
Congratulations!
We have to stop focusing on importing engineers and spend more effort growing our own at home. This is a great stop gap but not a solution.
Epic – you guys made this happen so quickly. Awesome work.
[...] an early stage investor and entrepreneur for over 20 years and is the co-founder of Foundry Group. This post originally appeared on his blog, and it is republished here with [...]
Congratulations!
Give me your rich, your wealthy, your millionaires yearning to spend free…
Wow, this is so generous of the government. Congratulations!
Just to clarify, the criteria for staying after two years is satisfying any ONE of the following: create 5 full-time jobs, > $1 million in funding, or > $1 million in revenue? That's very reasonable, I'd say. Great work!
[...] 24, 2010 por pablobrenner Se presento en el senado americano la propuesta del Startup Visa Act, basicamente la idea es que cualquier emprendedor que consiga levantar USD 250,000 de un inversor [...]
Brad…AWESOME… As you said – beginning of 2010…
We are chronicling all major updates towards new legislation. We're calling this the first "Victory Update."
Those interested in a comical (and informative) post regarding the Startup Visa should check out Vidli's Lord of the Visa. It's a take on this movement from the folks (ie tech startup entrepreneurs) who are living and breathing the hassles, costs and inefficiencies of our immigration laws, right now.
We added today's Victory Update…Thank you everyone for your help and efforts! Check out the Lord of the Visa. Newest Wizard = John Kerry
http://bit.ly/9qE4jX
There's a really good debate going on over at hacker news about the merits of this bill. It might provide some angles of the argument (from both sides) that haven't yet been considered– def a read:
http://news.ycombinator.com/item?id=1148707
Congrats!!! awesome first steps!!! I can’t wait to help out!
I encourage you to read the actual bill and the background on it.
You are correct.
I read through it. Dave McClure who is part of the group that leads the Startup Visa Movement responded thoughtfully to a lot of the negative responses. There were a few constructive suggestions, but the vitrol on Hacker News always surprises me and discredits a lot of the discussion.
StartUp Visa Act Introduced By John Kerry and Richard Lugar…
Senator John Kerry (D-MA) and Senator Richard Lugar (R-IN) introduced the StartUp Visa Act of 2010. The act will allow an immigrant entrepreneur willing to invest $250,000, to receive a two year visa….
Brad,
The best thing readers of your blog could do to help move this initiative forward would be to request their congressman and Senators to sign on as co-sponsors of the bill. While letters, FAXes or email can be one way to make the request, but personal meetings are the most effective way to lobby as you can engage in actual dialogue.
You can locate the contact information for your representatives at http://www.govtrack.org. By entering the bill numbers (HR 4259 for House and S 3029 for Senate) you can also see what the progress is on movement of bills through the legislative process.
Near term, just watching what happens with regards to co-sponsors will tell the story on whether the effort is getting traction. If co-sponsors aren't signing on it won't emerge from committee to be voted on anytime soon.
It's a long and tortutious process to move something all the way through to an approved statute. Keep the communications coming and remind your readers if they support this they need to step up and get engaged themselves.
are you sure, is it any one of the following
the criteria for staying after two years is satisfying any ONE of the following: create 5 full-time jobs, > $1 million in funding, or > $1 million in revenue? That's very reasonable, I'd say. Great work!
are you sure, is any one of the 3 criterias u mentioned
[...] StartUp Visa Act Introduced By Senators Kerry and Lugar (feld.com) [...]
" today introduced legislation to drive job creation and increase America’s global competiveness by helping immigrant entrepreneurs secure visas to the United States." Huh? How can the US government create jobs? They can't do anything except take away jobs from the private sector and make us the serfs of the government.
It's basically what Munger said, "Basically, it's over."
@bfeld FYI
Just found the following (via http://www.xconomy.com)
"[T]he available evidence does suggest a few tentative policy conclusions. First, investing too much in attracting large, mature firms may not be good policy. These firms may provide an immediate headline associated with new jobs, but encouraging a profusion of small, independent firms is more likely to lead to sustained economic growth."
(http://www.xconomy.com/boston/2010/02/25/what-mak...
It is really an very exciting news. When I first heard the news, I doubted it is true, because I still remember my previous story. Several years ago, my previous IT manager asked me to co-found a new software company with him. It was a great opportunity for me, but I had to give it up, because he cannot support me H1B visa. There was no startup visa at that time. I hope the bill can be passed in Congress soon. Thanks a lot for Mr. Brad Feld's strong support.
Regret posting an incorrect URL above. GovTrack is a useful site but the correct address is http://www.govtrack.us
More fool you for even giving any credence or belief in the things which politicians say or promise when enacting legislation which grasps even more tax money from an unwilling electorate than they do now.
I do not support Startup visa. We need jobs for our people not immigrants. I am against this.
The Startup Visa Act will create jobs for Americans. The visa goes to an immigrant entrepreneur who creates a new company where one previously did not exist. To keep the visa, this new company must create jobs for at least five Americans over the next two years.
how can i have a Visa of USA?
[...] Startup Visa Act. Without the help of lobbyists or PACs or piles of money, the Startup Visa Act is gaining ground on Capitol Hill, reports Eric Ries on Startup Lessons Learned. Follow the progress with two moving [...]
[...] Startup Visa Act. Without the help of lobbyists or PACs or piles of money, the Startup Visa Act is gaining ground on Capitol Hill, reports Eric Ries on Startup Lessons Learned. Follow the progress with two moving [...]
[...] Startup Visa Act. Without the help of lobbyists or PACs or piles of money, the Startup Visa Act is gaining ground on Capitol Hill, reports Eric Ries on Startup Lessons Learned. Follow the progress with two moving [...]
[...] Startup Visa Act. Without the help of lobbyists or PACs or piles of money, the Startup Visa Act is gaining ground on Capitol Hill, reports Eric Ries on Startup Lessons Learned. Follow the progress with two moving [...]