Risk
3/4/2010
03:43 PM
Connect Directly
RSS
E-Mail
50%
50%

Startup Visa Act Proposed To Create US Jobs

High-tech firms would likely benefit from the legislation, which would give permanent legal status to immigrants who attract $1 million in revenue or investments.

Legislation supporting immigrants with the wherewithal to start companies in the U.S. has been introduced by Senators John Kerry and Richard Lugar with the hopes that it would help create badly needed U.S. jobs.

Supported by a group of Silicon Valley investors who visited Washington this week, the bill would revise the E-5 visa program to accredit any foreign entrepreneur who has raised at least $250,000 for a business venture. The bill calls for the creation of a new two-year visa called EB-6 for successful applicants. More than 150 U.S. venture capitalists have supported the legislation.

"Everywhere Dick Lugar and I travel for the Foreign Relations Committee," said Kerry in a statement, "we see firsthand the entrepreneurial spirit driving the economies of our competitors. Creating a new magnet for innovations and innovators to come to the United States and create jobs here will offer our economy a double shot in the arm -- robust job creation at home and reaffirmation that we're the world's best place to do business."

The legislation, dubbed the Startup Visa Act of 2010, calls for amending existing EB-5 immigration laws. If an immigrant entrepreneur attracts $1 million in additional investments or achieves $1 million in revenue, the entrepreneur would be granted permanent legal resident status. According to many of the venture capitalists supporting the bill, high-tech startups would likely benefit from the bill.

Many U.S. computer and IT companies have been started by immigrants from foreign countries.

For instance a 2006 study of high-tech firms found that nearly half of the founders were immigrants. The study listed many foreign immigrants who founded successful companies, including Intel's Andy Grove, from Hungary; Sun Microsystem's Andreas Bechtolsheim, Germany, and Vinod Khosla, India; eBay's Pierre Omidyar, France; Yahoo's Jerry Yang, Taiwan; Google's Sergey Brin, Russia; Nvidia's Jen-Hsun Huang, Taiwan; and Cascade Communications' Gururaj Despande, India.

Comment  | 
Print  | 
More Insights
Register for Dark Reading Newsletters
White Papers
Cartoon
Current Issue
Dark Reading, September 16, 2014
Malicious software is morphing to be more targeted, stealthy, and destructive. Are you prepared to stop it?
Flash Poll
Video
Slideshows
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2014-0985
Published: 2014-09-20
Stack-based buffer overflow in Advantech WebAccess (formerly BroadWin WebAccess) 7.2 allows remote attackers to execute arbitrary code via the NodeName parameter.

CVE-2014-0986
Published: 2014-09-20
Stack-based buffer overflow in Advantech WebAccess (formerly BroadWin WebAccess) 7.2 allows remote attackers to execute arbitrary code via the GotoCmd parameter.

CVE-2014-0987
Published: 2014-09-20
Stack-based buffer overflow in Advantech WebAccess (formerly BroadWin WebAccess) 7.2 allows remote attackers to execute arbitrary code via the NodeName2 parameter.

CVE-2014-0988
Published: 2014-09-20
Stack-based buffer overflow in Advantech WebAccess (formerly BroadWin WebAccess) 7.2 allows remote attackers to execute arbitrary code via the AccessCode parameter.

CVE-2014-0989
Published: 2014-09-20
Stack-based buffer overflow in Advantech WebAccess (formerly BroadWin WebAccess) 7.2 allows remote attackers to execute arbitrary code via the AccessCode2 parameter.

Best of the Web
Dark Reading Radio