| On February 24, the first positive US Immigration | | | | today and most probably a completely new world |
| reform legislation was officially introduced to | | | | economic superpower where these companies did |
| Congress co-sponsored by Senators Kerry (D-MA) | | | | reside. |
| and Lugar (R-IN). | | | | Essentially a new visa category would be created |
| So this new bill titled the StartUp Visa Act of 2010 | | | | called EB-6 for immigrant entrepreneurs, and take a |
| has been what many venture capitalists, industry | | | | portion of visas from the current EB-5 visa category |
| leaders in the Silicon Valley and technology space and | | | | which allows foreigners who invest a minimum of $1 |
| prominent academics like Vivek Wadhwa had been | | | | million into the U.S. economy, and create ten jobs to |
| calling for to help drive job creation and increase | | | | be able to get a green card. The EB-5 has many |
| America's global competitiveness by allowing | | | | strict conditions attached to it, including around |
| immigrant entrepreneurs to remain in the US and | | | | location of operation making it a less desirable option. |
| innovate. | | | | The StartUp visa will be made available to qualified |
| There is great precedent for this as according to | | | | candidates if they can suffice the following criteria; |
| American Made: The Impact of Immigrant | | | | - have a qualified venture capitalist or angel investor |
| Entrepreneurs and Professionals on U.S. | | | | that has invested a minimum of at least $100,000 per |
| Competitiveness, a 2006 study commissioned by the | | | | immigrant founder, totaling a minimum amount of |
| National Venture Capital Association, 25% of U.S. | | | | $250,000. |
| public companies that were backed by venture capital | | | | - following proof of securing the initial funding capital, |
| had immigrant founders. The list reads like a who's | | | | after two years, the immigrant can show that he or |
| who of the tech industry with Intel, Yahoo and | | | | she has generated at least five full-time jobs in the |
| Google. | | | | United States (beyond immediate family members), |
| So you can see we are talking about millions of | | | | and attracted another 1 million in investment funding |
| Americans directly and indirectly employed and | | | | or generated $1 million in revenue, then that person |
| involved in these industries and a huge injection to | | | | would receive permanent resident status (i.e. a green |
| the US economy as a whole that if it didn't exist in | | | | card). |
| whole or partially would mean a radically different US | | | | |