US Visas to lure Startups
By Shalini Singh
For many reasons, USA has been the perfect incubator for new ideas and startups. But economic super powers like China and India are developing ecosystems which would nourish smart young men and women and their bright ideas. Today, given a choice many IIM and IIT graduates prefer staying in India rather than going abroad.
Two powerful US politicians Senator John Kerry (Democrats) and Richard Lugar (Republican) have joined hands to introduce legislation that would help startups and their founders from all over the world have an easier time to live and work in USA. Naturally, this would help ensure that America continues its dominance in IT, green and other technologies.
If passed by Congress, how would this Startup Visa work? Any Indian can apply for a Startup Visa if a Venture Capitalist in USA invests $100K in his new company to make a total of $250K raised by the startup founders. Initially, the Startup Visa will be granted for two years. If the Startup founders want their Visa extended they will have to either create 5 new jobs every 2 years, get investment of $1 Million every 2 years or generate $1 Million in revenue and be turning a profit.
Maximum of 3 founders of the startup, as well as their immediate families, will get this Visa.
Will Congress pass this Startup Visa Bill? The signs look positive. The recession is over and equally importantly, both the political parties have joined hands to push it.