The Week (US)
Let business creators into the U.S.
The U.S. is turning away far too many entrepreneurs, said Amy Feldman. There are currently 3.2 million immigrants operating businesses in the U.S., representing 22 percent of all business owners. “They hold disproportionate numbers of patents for new technologies, employ 8 million people, and are represented as founders at more than half of all venture-backed unicorns,” or startups valued at over $1 billion. Yet our “convoluted, highly politicized immigration policy” puts “roadblocks in the way of foreign-born founders.” Other countries have taken notice. Singapore and the U.K., for instance, have started wooing business creators with startup visas given specifically
for founders. “Former President Donald Trump’s overt hostility toward immigrants isn’t echoed by the new administration.” But it still typically takes five years to get an employment-based green card, discouraging immigrants who once thought of the U.S. as the best place to start a business. The Biden administration in May resurrected the International Entrepreneur Rule, effectively inoperative under Trump, which lets the Department of Homeland Security grant a special, limited entry to foreign entrepreneurs with at least $250,000 in funding. It’s just a first step, and the U.S. needs many more to “keep its edge in the global battle for talent.”