Saturday, 20 January, 2018

Venture capital association slams Trump Administration's delay of the International Entrepreneur Rule

Venture capital association slams Trump Administration's delay of the International Entrepreneur Rule Venture capital association slams Trump Administration's delay of the International Entrepreneur Rule
Christy Curtis | 12 July, 2017, 02:05

Under the rule, foreign entrepreneurs who received financial backing for a new business venture could come to the US for 30 months to build their companies, a stay that could be extended if they raised $250,000 or more for their business from American investors or $100,000 or more from government entities.

The Trump administration has delayed implementation of an Obama-era rule that would have made it easier for foreign entrepreneurs to enter the USA for building their startups.

"The notice reads, "This delay will provide DHS with an opportunity to obtain comments from the public regarding a proposal to rescind the rule" in light of President (Donald) Trump's executive order from earlier this year on immigration enforcement".

The NVCA's work on the International Entrepreneur Rule began last October, when the organization pushed to ensure that the rule would be finalized before the end of the Obama administration.

In its decision, DHS determined that the International Entrepreneur Rule violated this order and chose to delay it accordingly.

The Rule was due to come into effect next week and would have allowed entrepreneurs with stateside backing of at least US$250k to move to the Land Of The Free to start a company.

"Big mistake", wrote America Online founder Steve Case, now chief executive of the Revolution investment fund, in a post on Twitter.

"Immigrant entrepreneurs are job makers, not job takers", he said.

Looks like the Trump administration doesn't want to let anything come in between his efforts to constrict immigration flows to the country.

More than 160 technology firms, including Amazon, Facebook and Google parent Alphabet backed a legal brief criticising an earlier executive order banning travel into the USA from six Middle Eastern countries.

"Today's announcement is extremely disappointing and represents a fundamental misunderstanding of the critical role immigrant entrepreneurs play in growing the next generation of American companies", Bobby Franklin, President and CEO of NVCA, said in a statement.

A group of Republican senators last month sent Homeland Security Secretary John Kelly a letter calling the rule consistent with the administration's "goals of stimulating the economy and creating job growth at home".

United States technology firms, which are heavily dependent on their ability to attract talent from overseas, have also been critical of the administration's moves to restrict access to the H-1B visas used for skilled staff.

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