The Startup Visa Act must be stopped
22 March 2010
Originally posted on Business Insider
Bad news: the widely-beloved Startup Visa project is a terrible idea — and this is coming from a guy who desperately wants to see it work.
About a year ago, Paul Graham of Y Combinator put out an idea for a Startup Visa that would allow foreign entrepreneurs to set up in the United States if they could raise enough money from institutional investors such as renowned business angels and VC firms.
Brad Feld, a VC at Foundry Group, pounced on the idea, a movement was formed, and recently a bill, the Startup Visa Act, was introduced in the Senate by two prominent senators on the Foreign Relations Committee, John Kerry and Dick Lugar.
Pretty much all the digerati are in love with the idea and believe it will finally allow immigrants to start companies in the US.
As a technology entrepreneur in Paris, who thinks the US is (sadly) still a better place than Europe to start a technology startup and who, in a perfect world, would be starting his next company in New York, I should love this. But I don’t.