Yuri Assomov, a serial entrepreneur and University professor, posted on TechCrunch a very interesting article where he explains why the Startup 2.0 Act would hypothetically have had as a consequence the visa rejection for people like himself, Peter Thiel, Michael Moritz, Steve Chen, Linus Torvalds, Shai Agassi, Marten Mickos, Max Levchin, Elon Musk, Niklas Zennstrom, Stepan Pachikovand even Vivek Wadhva.
Washington has been great at creating hype on the Startup Act before elections and primaries, marketing to us that the act would help startups and most of all would help foreign entrepreneurs set up they companies in the USA. Nice marketing, extremely bad execution. I must say that it’s one of the most stupid things I read in a while. Check out the following Section 4, regarding visas for immigrant entrepreneurs:
Are you fucking kidding me?
At this point you should either be crying or laughing, both rolling on the floor. Let’s revisit this sentences in a timeline of a wannabe immigrant entrepreneur.
- You first have to get an H1-B Visa. There are only 65,000 per year (this year they are already over) and you need a 4-year degree from a university. No drop-outs whatsoever.
- After that, you have to start a business. Problem is that H1B visas are usually for full-time employment and so you have to start the business in your spare time. You have to do this in the first year after you get to the US, which is a period in time when you’re usually broke and have to figure out your new life (you can only come to the US 10 days prior to your start date). It’s a fun period, since you will have no credit score and most landlords will ask for one and will want 3 paystubs. Good luck explaining you don’t have debt.
- Then you have to hire 2 people, which is illegal to do as, for H1B rules, you can’t work for the company you started, you can only be a passive shareholder.
- Then you have to either invest or raise $100k, again while working full-time for another company. Good luck going to an investor and telling them that you will join full-time the company only when your visa is approved.
This my friends is what the people in Washington were able to come up with. I’m speechless. Sometimes I wonder how people that write this stuff can run a country.
The Economist is already warning the US that other countries actually get it, and are attracting the talent that instead could have come here.