Some countries, like Canada and New Zealand, are mounting credible challenges to America's entrepreneurial leadership by welcoming foreign talent with entrepreneur-friendly immigration policy. Using what are referred to as start-up visas, these countries provide foreign entrepreneurs a pathway that doesn't require them to be employees or students. Instead, they qualify for these visas based on various criteria, such as raised capital, founder investment, sales, jobs created or other meaningful metrics.
While the U.S. has shown an interest in creating an environment where it can compete for this talent, Congressional gridlock and partisan, fear-based immigration dogma have caused recent efforts to stall (e.g., the Start-Up Act 3.0). Some elected officials do see the light and understand the need to make a course correction in order to allow potential immigrant entrepreneurs to build their companies and create jobs here. The magnitude of such a change could be somewhere between 500,000, to 1.5 million jobs over a 10-year period, depending on the benchmark used.
For the latest read on the global economy from Young Presidents' Organization members, check out the just-released YPO Global Pulse Survey.
—By John Torrens, Ph.D., is the founder and president of Liberty POST, a pediatric rehabilitation and health-care company, as well as a professor of entrepreneurial practice at Syracuse University's Whitman School of management.
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