WASHINGTON, DC – The National Venture Capital Association (NVCA) today applauded Senator Jeff Flake (R-AZ) for introducing legislation to create a startup visa so that foreign-born entrepreneurs can bring their innovative ideas to the U.S. to build high-growth startups that create American jobs. Under the Attracting and Retaining Entrepreneurs Act, an immigrant entrepreneur would earn a “nonimmigrant invest visa” or “invest immigrant visa” if he or she has a significant ownership interest in a startup that receives requisite investment from an investor and meets other requirements, such as job creation.
“Knowing of the significant contributions immigrant founders bring to the startup ecosystem and the broader U.S. economy, NVCA has long advocated for the creation of a startup visa for foreign-born entrepreneurs to build their companies in the U.S.,” said Bobby Franklin, President and CEO of NVCA. “For too long, U.S. immigration policy has created more roadblocks than opportunities, and with the U.S. continuing to lose market share of global venture capital investment, now more than ever we need to do all we can to attract and retain the best and the brightest from around the world. Senator Flake has introduced a very thoughtful piece of legislation that will go a long way in meeting that goal. We applaud him for showing leadership on this important issue and will do all we can to assist in his efforts to create a startup visa.”
View NVCA’s letter of support HERE.