Saturday, January 2, 2010

Immigration Reform Idea: Start-up Visas

BBC News is reporting about an innovative visa proposal from US congressman Jared Polis:
It would be granted to foreign entrepreneurs if their business plan attracts either $250,000 from a venture capital operating company that is primarily US based or $100,000 from an angel investor.
They must also show that the business will create five to ten jobs or generate a profit and at least $1m in revenue.

YouNoodle is a start-up company founded by two British entrepreneurs. It tracks the start-up sector and said the figures speak for themselves.
"If just ten thousand start-up visas were made available this would mean over 3000 additional new innovative and funded companies would be based in the US every year," said Kirill Makharinsky, YouNoodle co-founder."They would generate more than 10,000 jobs on average every year. In the first 10 years that would add up to over 500,000 highly-skilled new jobs. So the upside is huge and the downside is negligible because no jobs are being taken away from US citizens," Mr Makharinsky told BBC News.
I've blogged before about the need to reform Ireland's immigration policies. These are the kinds of ideas we ought to be considering if we hope to be competitive in the market for talent.