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
Flash Poll
Video
Slideshows
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2014-3345
Published: 2014-08-28
The web framework in Cisco Transport Gateway for Smart Call Home (aka TG-SCH or Transport Gateway Installation Software) 4.0 does not properly check authorization for administrative web pages, which allows remote attackers to modify the product via a crafted URL, aka Bug ID CSCuq31503.

CVE-2014-3347
Published: 2014-08-28
Cisco IOS 15.1(4)M2 on Cisco 1800 ISR devices, when the ISDN Basic Rate Interface is enabled, allows remote attackers to cause a denial of service (device hang) by leveraging knowledge of the ISDN phone number to trigger an interrupt timer collision during entropy collection, leading to an invalid s...

CVE-2014-4199
Published: 2014-08-28
vm-support 0.88 in VMware Tools, as distributed with VMware Workstation through 10.0.3 and other products, allows local users to write to arbitrary files via a symlink attack on a file in /tmp.

CVE-2014-4200
Published: 2014-08-28
vm-support 0.88 in VMware Tools, as distributed with VMware Workstation through 10.0.3 and other products, uses 0644 permissions for the vm-support archive, which allows local users to obtain sensitive information by extracting files from this archive.

CVE-2014-0761
Published: 2014-08-27
The DNP3 driver in CG Automation ePAQ-9410 Substation Gateway allows remote attackers to cause a denial of service (infinite loop or process crash) via a crafted TCP packet.

Best of the Web
Dark Reading Radio
Archived Dark Reading Radio
This episode of Dark Reading Radio looks at infosec security from the big enterprise POV with interviews featuring Ron Plesco, Cyber Investigations, Intelligence & Analytics at KPMG; and Chris Inglis & Chris Bell of Securonix.