<story><title>Senators Kerry &amp; Lugar Introduce the Startup Visa Act</title><url>http://startupvisa.com/2010/02/24/kerry-lugar-startup-visa-act/</url></story><parent_chain><item><author>tptacek</author><text>This is a bill that proposes to give US venture capitalists the overt ability to terminate the residency status of founders and their families.&lt;p&gt;Not only do you have to get sponsored by an effectively arbitrary class of financiers (it is possible that Warren Buffet wouldn&apos;t qualify under these terms, depending on whether he has &lt;i&gt;personally&lt;/i&gt; made 2 equity investments last year), but even if your company creates 10 US jobs and is cash-flow-positive, if you don&apos;t raise $1MM in capital or make $1MM in revenue, you&apos;re out.</text></item></parent_chain><comment><author>lionhearted</author><text>&amp;#62; This is a bill that proposes to give US venture capitalists the overt ability to terminate the residency status of founders and their families.&lt;p&gt;False.&lt;p&gt;&quot;To make visas available, we would amend immigration law to create a new EB-6 category for immigrant entrepreneurs. We would draw from existing visas under the EB-5 category. The EB-5 permits foreign nationals who invest at $1 million in the U.S., and thereby creates 10 jobs, to obtain a green card. In areas where unemployment is high, foreign nationals only need to invest $500,000 to obtain residency. Though roughly 10,000 visas are annually allocated for the EB-5 category, less than half were used in FY 2009, so the addition of immigrant entrepreneurs should not present an unreasonable burden.&quot;&lt;p&gt;Green card is permanent residency - once they&apos;ve got it, they&apos;ve got it. This looks pretty awesome.&lt;p&gt;&lt;a href=&quot;http://startupvisa.files.wordpress.com/2010/02/dc-startup-visa-act-2-24-10.pdf&quot; rel=&quot;nofollow&quot;&gt;http://startupvisa.files.wordpress.com/2010/02/dc-startup-vi...&lt;/a&gt;&lt;p&gt;It was a pdf and I coudln&apos;t figure out how to highlight so I retyped it myself - apologies if there&apos;s a minor grammar/spelling error.</text></comment>
<story><title>Senators Kerry &amp; Lugar Introduce the Startup Visa Act</title><url>http://startupvisa.com/2010/02/24/kerry-lugar-startup-visa-act/</url></story><parent_chain><item><author>tptacek</author><text>This is a bill that proposes to give US venture capitalists the overt ability to terminate the residency status of founders and their families.&lt;p&gt;Not only do you have to get sponsored by an effectively arbitrary class of financiers (it is possible that Warren Buffet wouldn&apos;t qualify under these terms, depending on whether he has &lt;i&gt;personally&lt;/i&gt; made 2 equity investments last year), but even if your company creates 10 US jobs and is cash-flow-positive, if you don&apos;t raise $1MM in capital or make $1MM in revenue, you&apos;re out.</text></item></parent_chain><comment><author>jbooth</author><text>So, in your estimation, would that be &quot;better&quot; or &quot;worse&quot; than &quot;you cannot get a visa to come to the US and start a company at all, ever&quot; (the status quo)</text></comment>