U.S. Proposes Immigration Rule Aimed at Entrepreneurs
Marlene Breverman stashed this in Start-ups
To qualify, an applicant must have an “active and central role,” and a significant ownership stake, in an American company founded in the last three years.
Entrepreneurs in any industry would be eligible to apply, but the new rule would be especially significant for the technology field. Creating an immigration route for start-up founders has been one of Silicon Valley’s political priorities.
When Patrick Collison, an Irish immigrant, co-founded the payment processing company Stripe, visa issues were a significant hurdle. CreditPau Barrena/Bloomberg
"More than half of American tech start-ups valued at $1 billion or more had at least one immigrant founder, according to a recent study by the National Foundation for American Policy, a research group that focuses on immigration issues.
Mr. Collison and his brother John started Stripe five years ago while attending colleges in Massachusetts. Dealing with the brothers’ visa issues was one of the biggest challenges Stripe had to overcome in its early days, Mr. Collison said. The company now has more than 500 employees, and Mr. Collison is part of a group of Silicon Valley executives and investors pressing for immigration reform."
The logic makes sense. We've been waiting for reform like this for years.
The Department of Homeland Security’s 155-page proposal will be open for public comment for 45 days. After that, the department can move forward with a final rule, which could take effect as soon as next year.
Sounds like progress!