US Might Be Running Out of Entrepreneurs

Thursday, 08 Nov 2012 07:58 AM

By Michael Kling

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Entrepreneurs and technological advancements have long been the U.S. economy's turbo-charged engine. Yet those days might have come to an end.

Tough visa requirements are the monkey wrench thrown into that economic engine, according to CNBC.

Foreign-born entrepreneurs have typically moved to the United States to start companies or remained after attending American universities. Because of work visa difficulties, they're now returning going home, taking their venture capital and jobs with them.

Editor's Note:
 
'It’s Curtains for the US' — Hear Unapologetic Warning from Prophetic Economist.

"It's increasingly hard for a foreign-born entrepreneur to get an appropriate visa to stay in the U.S.," Brad Feld, managing director of venture capital firm Foundry Group, told CNBC.

Although the situation has improved somewhat recently, it's still "a disaster," he added.

"Talk to anyone in the startup community, and they all say we've started to run out of talent," Vivek Wadhwa, at Duke University's Center for Entrepreneurship and Research Commercialization, told CNBC.

"What you're seeing is less innovation than you might have otherwise seen. Economic growth is being given away."

Startup Visa, an organization investors created to reform immigration rules, is advocating a bill that would expand the number of entrepreneurial immigrants who can qualify for a visa. The bill would allow immigrant entrepreneurs to receive a two-year visa if they can show that a qualified U.S. investor is willing to invest in their startup venture.

"Global competition for talent and investment grows more intense daily and the United States must step up or be left behind,” said Sen. John Kerry, D-Mass., who introduced the bill with Sen. Richard Lugar, R-Ind.

“We want to establish a way for the smartest and most entrepreneurial individuals in the world to come to the United States and create jobs. Many are already here studying at our great universities,” said Lugar.

Editor's Note:
 
'It’s Curtains for the US' — Hear Unapologetic Warning from Prophetic Economist.

© 2014 Moneynews. All rights reserved.

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