Today Silicon Valley Bank (SVB) announced their support for Global EIR, a cause for which I care deeply. As you may know, over breakfast in 2015 Jeff Bussgang and I launched Global EIR with the hope of advancing the startup visa effort on a local and state level after it stalled in Congress.
Since then, Global EIR has grown to 13 university programs across the country, helping 42 international founders start companies. These companies have created 123 new jobs and raised $29.9 million in investment for the US economy. And there is still an overwhelming demand of visionary international founders that want to start companies in the US. If Global EIR can raise $300,000 this summer, they can scale rapidly over the next 18 months, with an ultimate goal of helping over 10,000 founders per year.
In response to this opportunity, SVB is joining Amy and me in a match challenge to raise $300,000 for Global EIR. For every $1 you donate up to $100,000, Amy and I will donate $1, and SVB will donate $1 on top of that. So – your $1 donation gets a $2 match.
I’m grateful that SVB sees in Global EIR a way to unlock the potential of the next generation of great founders, no matter where they were born. The entire team at SVB is unique among banks in their willingness to make bets on behalf of founders and startups and are often the first stop when a startup needs banking services. What makes this even more impressive is how quickly and consistently the startup community reinvents itself, yet SVB is always there to make a good first impression on new founders.
For these new founders, many were born in other countries and came to the US for a variety of reasons. For some, education brought them here. Others came to turn a great idea into a startup and ultimately into a world-changing company. Like SVB, the world’s founders know that the US has the right ingredients of capital, talent, and a culture that celebrates risk-taking. However, despite over a dozen countries creating visas to attract international founders, the US still does not have a startup visa.
When I reached out to long time friends at SVB, including Pamela Aldsworth and John China, they immediately were supportive of the idea of Global EIR. SVB had previously supported the Global EIR program in Boston with the University of Massachusetts, so I was delighted when they jumped on the opportunity to join a fundraising match with me across the entire country. It turns out that SVB’s general counsel, Michael Zuckert, is passionate about this issue and will be joining the Global EIR board.
Through Global EIR, universities run programs that help international founders obtain a visa, stimulate entrepreneurship at their universities, and unlock economic development in communities across the US. Global EIR supports programs throughout the US, currently ranging from Anchorage to Boston and seeks to expand to everywhere in between. We want to ensure that the world’s best and brightest founders continue to see the US as the best place to build their businesses and create jobs.
As many of longtime readers know, I’ve long been supportive of the startup visa. In 2009, I was inspired when two of the ten Techstars Boulder companies that year had international founders. With a startup visa, their promising companies would have an easy immigration pathway to create American jobs. Without one, they struggled to manage their visa status while also building their businesses. It should have been trivial for them to stay in the US; it wasn’t.
As with the entrepreneurs Global EIR helps, the organization began as a chaotic startup with Craig Montuori and Chris Nicholson leading Global EIR over the past two years. They learned a ton with our pilot schools UMass, CU Boulder, and SJSU. We were fortunate to have great partners in Bill Brah, George Deriso, and Anuradha Basu to help us figure this out to the point where we are now ready to scale to all 50 US states.
When we decided to have Global EIR go through the Techstars Boulder earlier this year as a non-profit, our goal was to get them ready to scale up. The experience of Techstars Boulder exceeded all expectations, and it’s great to see the Global EIR team start to take things to the next level.
For my VC friends, every time you invest in a brilliant immigrant founder, consider joining me and SVB in supporting Global EIR so that the next immigrant founder can have the chance to pitch to you. Email me and let’s talk about how to partner together in this work.
If you are a foreign entrepreneur who wants to build your company in the US, also email me, and I’ll connect you to the program.
Also published on Medium.