Big Bets and the Startup Visa Act

The story of the United States and its rise to unmatched global power is based on one maxim: Dare to be great. When George Washington and his fellow colonialists decided over 200 years ago to take on the British superpower that governed them, it was in the name of something bigger: a belief that an independent nation could be founded that fostered both equality and bold thinking. This idea has formed the core of who we are as a people.

Innovation is how this idea has manifested itself in terms of business. Since our founding, we have created generation after generation of great minds. From Franklin to Edison to Ford to Gates to Brin, bright people have taken big chances. The doubters were ignored and great companies were created that today employ thousands of American citizens. Venture capital firms have popped up everywhere. These venture capital investors have also taken bets on seemingly crazy ideas and as a result have been instrumental in job creation and strengthening the economy.

One way that we can ensure this innovation and healthy risk-taking continues is for the government to provide incentives for the great minds of this generation to make big bets. Forget entering the corporate world and instead create the next corporate world. Government funding through institutions and academic centers has spurred great research and development. Tax incentives and small business loans have proved highly meaningful as well. There is one bill on the docket now, however, that could truly make the United States the destination of the world’s great entrepreneurs.

This is the Startup Visa Act, which would provide visas to foreign entrepreneurs who have at least $1 million in committed capital to launch a business, and create at least ten jobs in the U.S. This would allow innovators who are able to secure venture capital funding to set up shop on U.S. soil and create jobs for Americans. This would create a legal basis for foreign inventors and business persons to come to this country and add meaningful value to the economy and society. This would increase the competitive positioning of the U.S. in world markets and solidify the notion of America as being the true “land of opportunity.”