How do we create more jobs in the US? One way is to offer US citizenship to entrepreneurs from other countries to get them to start their companies here instead of in their home countries. Think about Sergey Brin, Jerry Wang, and the many other immigrants who started some of the biggest high tech firms here…we need to bring more of the people who start companies like this to our shores.
An idea I heard about years ago is gaining big time traction, and it’s a good thing. In the WSJ tonight I read that a new policy will begin pushing a new plan to make it easier for immigrants who want to start companies in the US to get H1B visas and the green cards they need to legally live here.
The changes in immigration policy, which thankfully don’t require approval from Congress, “could yield tens of thousands of start-ups and hundreds of thousands of jobs,” said Vivek Wadhwa, a visiting scholar at Berkeley.
It used to be that immigrant entrepreneurs had to have job offers to stay here. Many would leave with their complicated ideas and set up companies elsewhere. But now they will be eligible for EB-2 immigrant visas if they demonstrate that their business endeavors will be in the US national interest, and invest at least $500,000 and create at least 10 jobs.
Many immigrants have gotten advanced degrees here and then moved back home to India or other countries. India, too is fighting to get these brilliant graduate school scientists and risk takers, so it’s a bidding war. This new law is designed to keep them here, and is a good example of some of the behind the scenes work that Obama should be credited for.