On Monday, the Department of Homeland Security was scheduled to begin receiving applications from foreign-born startup founders under the International Entrepreneur Rule. Unfortunately, the Trump Administration delayed the rule with an eye on eventually rescinding it, shutting down a commonsense policy tool that would have kept job-creators in the U.S. to build their companies here and hire American workers.
As a quick refresher, the International Entrepreneur Rule was put in place during the final days of the Obama Administration and would have created a regulatory structure similar to a Startup Visa, which NVCA has supported for over a decade. While the Startup Visa has been caught up in the broader immigration reform efforts that have stalled in Congress, the International Entrepreneur Rule had the potential to accomplish many of the same outcomes. (more…)
Stop me if you’ve heard this one before: an entrepreneur comes to the United States from her home country with dreams of growing an idea into a blockbuster company. The entrepreneur starts the company here because of our culture of innovation and risk-taking, coupled with robust financing options and the world’s best universities. Working shoulder-to-shoulder with a venture capitalist, the entrepreneur succeeds and creates an exceptional company that employs thousands of Americans, improves lives, and delivers technological or medical advancement.
Given the many benefits new companies bring the U.S., you would think our government would be clamoring to attract the world’s best entrepreneurs like policymakers have in Canada, France, and the U.K. Sadly, that’s not the case. Earlier today the Trump Administration announced it would do the exact opposite and delay International Entrepreneur Rule with an eye toward rescinding the rule in the next several months. That’s a missed opportunity and one that competitor countries are cheering today. (more…)
Like you, we have had time to digest the executive order “Protecting the Nation From Foreign Terrorist Entry Into the United States” issued by President Trump last Friday. Under the order, the president indefinitely barred Syrian refugees from entering the U.S., implemented a hold on all refugee admission for 120 days and blocked entry of citizens from seven predominantly Muslim nations into the U.S. for 90 days.
The consequences of the late Friday order sent ripples across our country, leading to chaos and confusion at airports, surprising detentions, mass demonstrations, and global outrage. As the impact of the order became better understood, the criticism has only increased.
I am troubled about the uncertainty that President Trump’s executive order brings to the U.S. entrepreneurial ecosystem. America’s traditions of openness, collaboration and inclusion, have been critical elements to our success as a nation, and are particularly important to the health of entrepreneurship. When NVCA looks at changes to immigration policy, we must consider whether those changes would attract or repel the best and the brightest from around the world.
As the Obama Administration begins to sketch out the details of the President’s executive order on immigration, the Department of Homeland Security (DHS) has requested that interested stakeholders submit their recommendations on how best to implement the president’s proposed reforms.
With immigration reform having long been a top priority of NVCA, we wasted no time in engaging our member firms and their portfolio companies to develop and submit our own recommendations on behalf of the entrepreneurial ecosystem. (more…)
Last night President Obama announced his executive action to fix the nation’s broken immigration system. Key provisions of the Executive Order benefit the innovation ecosystem and represent a victory for NVCA. Here is a short recap of the provisions that relate to high-skilled immigrant entrepreneurs, the venture capital industry and why this is such an important achievement for NVCA. (more…)
The much-talked about Wall Street Journal piece from Rupert Murdoch on the urgent need to pass immigration reform shines a bright light on the need for Congress to come together and act. While Murdoch is one of many, many voices championing this issue, his piece stands in contrast to the cacophony of voices who are sending immigration reform to the legislative graveyard.
Murdoch’s voice is important because he makes one point crystal clear: Immigration reform is not dead. As a nation we cannot pass on this opportunity to reform our immigration system because the engine of the U.S. economy—innovation and entrepreneurship—depends on the foreign-born entrepreneurs who come to America to build new businesses. (more…)
NVCA has joined forces with the Partnership for a New American Economy in an effort to increase awareness of the need for comprehensive immigration reform in the run-up to President Obama’s State of the Union address tomorrow. Specifically, we are asking our members to change their profile pictures – on Facebook, Twitter, LinkedIn, and other social media platforms – to the pro-reform images posted here. Also, please share your messages of support using the hashtag #iamimmigration. (more…)
Late yesterday the Senate passed a comprehensive immigration proposal by a margin of 68 to 32, with 14 Republicans joining all of the Chamber’s Democrats in favor of the measure. For the venture industry and our entrepreneurs, as well as the broader high-tech and life science communities, the bill represents a critical recognition of the linkage between high-skilled immigration and broader U.S. economic competitiveness and job creation.
NVCA worked closely with Senators Bennet (D-CO), Shaheen (D-NH), Warner (D-VA) and Udall (D-CO) to clarify portions of the newly created INVEST visa for entrepreneurs as the Senate debated the broader bill. We’ll be reviewing the final details of the bill as passed by the Senate and will share further analysis in the coming days. But, we’re hopeful that the combination of increased access to green cards for those graduating from U.S. universities, the INVEST visa for entrepreneurs that want to start a company, and the increased number of H-1B visas available will create a smoother pathway for entrepreneurs than has been possible. (more…)
In the last several weeks the buzz around high-skilled immigration reform has noticeably increased with many groups across the country contributing to the campaign to enact meaningful change in this area. We, at the National Venture Capital Association, are extremely encouraged by the public support and momentum around an issue that we have long supported. Each and every group has a role to play as the debate moves forward. For the NVCA’s part, we do our best work in Washington D.C., often out of the public spotlight, helping to frame and advocate for those provisions most important to the venture capital industry and the companies in which we invest. These efforts, combined with more public campaigns from other coalitions who share our goals, will continue in earnest as immigration reform moves through the Senate, and eventually, hopefully through the House of Representatives. (more…)