Yesterday, the White House announced it was delaying and likely eliminating the International Entrepreneur Rule. This rule is the closest we’ve come to a Startup Visa, something I’ve been working on with numerous other people since 2009. Several failed bills in Congress, a failed bipartisan Senate comprehensive immigration reform bill, and an Executive Order later, and we still have nothing.
I’m disappointed but not surprised. Steve Case says it really well in his article America Will Fall Behind Without Immigrant Entrepreneurs. I won’t repeat his words here because I agree 100% with them. I encourage you to go read his post if this is a topic you care about.
If you just want Steve’s punch line, it follows:
“The data is clear: immigrant entrepreneurs are job makers, not job takers. And today, we just pushed them to create jobs somewhere else.”
Jeff Farrah of The National Venture Capital Association wrote a thoughtful post titled An Unforced Error for Job Creation. It explains what the International Entrepreneurship Rule is and why delaying and rescinding it is at fundamental odds with a number of goals of the Trump Administration. Jeff’s article ends with a clear message.
“Finally, rescinding the rule is at odds with the administration’s goal of advancing emerging technology. Last month, top VCs joined President Trump at the White House to discuss how to bring to life next-generation technology. What was one of the key recommendations from venture leaders? Retain the International Entrepreneur Rule so the best technology is created and developed here rather than overseas. Today’s action is 180 degrees from the recommendation of successful startup leaders.
The administration’s move is certainly a setback, but it’s far from the end of the road. NVCA will continue to be the leading voice in Washington for immigrant entrepreneurship. We’ll continue to advocate that the Trump Administration reverse course and allow the International Entrepreneur Rule to take effect. Only then will the United States realize the full benefit of immigrant entrepreneurs to our nation.”
While I agree that it’s a setback, in the eight years since a group of us started advocating for a startup visa, entrepreneurship has taken off around the world. A number of other countries now have startup visas modeled after the original US startup visa idea. As entrepreneurship is democratizing the world, the US has exported a great idea for attracting entrepreneurs to one’s country, while denying the US’s ability to do this for itself.
That’s unfortunate and disappointing for the US, but great for the rest of the world.
Also published on Medium.