Back in October I wrote about U.S. immigration policy and how frustrating this is for entrepreneurs trying to come here and start new businesses. I mentioned two European startups having challenges on this front and since then I have a third startup executive, founder and CEO Franco Petrucci of Decisyon in Italy who is now concerned about his visa situation. In Franco's case his plan is to get Decisyon's sales ramped up in the U.S. and eventually move the headquarters of the business here. If successful - and, as part of his team I sure hope he/we will be - he will create jobs here, add to the economic output of the Valley and reinvest profits. Why do we make it so hard on these people?
Well, fortunately the efforts of StartupVisa.com, Fred Wilson and many others in the VC community has resulted in some action! Last month two senior senators, John Kerry (D-MA) & Richard Lugar (R-IN), in a rare show of bipartisanship, introduced a bill in Congress to help solve this. The Startup Visa Act would grant two-year visas to foreign entrepreneurs who can show that a U.S. investor is willing to put up at least $250,000 in funding for their startup. If, after the two years, the venture has created at least 5 jobs, achieved $1,000,000 in revenues or attracted at least $1,000,000 more investment then the entrepreneur will be granted a green card - full residency status. Here's an example quoted by the VC's who supported this initiative that helped tip the scales:
"Vanilla is an example of a type of company this visa would apply to. Vanilla has two founders, both Canadian. They spent the summer in Boulder, Colorado as part of the TechStars accelerator program getting advice, help, and mentorship from over 50 U.S. based entrepreneurs and investors. Numerous investors were interested in funding Vanilla and helping them to grow their company from Boulder; however neither founder was able to give investors comfort that they could get an appropriate visa to stay and work in the US. Since then, the founders have relocated to Montreal, raised $500,000, and started their company in Canada. Today, they are adding three people to their team, all based in Montreal. If successful, they will add many more people to the team over the next few years."
Some good news out of Washington for a change, and Silicon Valley will be a big beneficiary! Check out this letter from Sens. Kerry and Lugar, and the draft of the Act being proposed:
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