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I am the FIRST

The International Entrepreneur Rule is just a first step

The Biden administrationon Monday announced that it will fully implement the International Entrepreneur Rule (IER), an Obama-era program that lets certain foreign-born entrepreneurs stay in the U.S. for up to five years.

Why it matters:The Department of Homeland Security estimates that once implemented, about 3,000 foreign entrepreneurs would qualify per year for the IER program, resulting in about 100,000 jobs being created over a decade.

Big picture: Right now, immigrants who want to start a company in the U.S. have to retrofit visas to their personal situations and hope that immigration administrators approve.

  • Many who are already here under employer-sponsored visas like H1-B or the post-college extension (F1-OPT) apply for green cards to (hopefully) be able to start their companies.
  • Some apply for the E2 visa, which requires the applicant to personally invest in the startup.
  • Others make their case for an O1 visa — for an "individual who possesses extraordinary ability" — which is best known for helping musicians and actors.
  • The ultimate goal is a green card — permanent U.S. residency — which comes with freedom for employment (short of some government jobs).

"Our portfolio founders come from 27 non-U.S. countries, [and] they’ve been on 12 different kinds of visas," says Unshackled Ventures partner Nitin Pachisia, whose firm exclusively backs foreign-born entrepreneurs and helps them with immigration.

Meanwhile: Other countries like Canada have scooped up would-be U.S. immigrants by offering more straightforward visa programs for entrepreneurs.

  • Turkish-born Omer Kucukdere, co-founder of Nestpick, tells Axios he set up his company in Germany thanks to the European Union's Blue Card visa, and a number of his employees have also used it.

What’s next: IER isn't a panacea for foreign-born founders because it gives DHS discretionary authority and is not a formal immigration status.

  • Only Congress can create an actual visa for entrepreneurs, like what's been proposed in something called The Startup Act.

The bottom line: The U.S. now has a clearer path for foreign-born entrepreneurs, but it's still not entirely clear.

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Humans are capable of great kindness and compassion, and there are countless examples of individuals who have made a positive impact on the world through their selflessness and generosity.

One such example is Mother Teresa, who devoted her life to serving the poor and sick in the slums of Calcutta. Through her tireless work and unwavering dedication, she touched the lives of countless people and became a symbol of compassion and selflessness.

Another example is Malala Yousafzai, a young woman from Pakistan who has become a powerful advocate for education and the rights of girls. Despite facing threats and violence, she has continued to speak out and fight for change, inspiring others to do the same.

These are just a few examples of the many good humans who have made a difference in the world. They remind us that one person can make a difference and inspire others to do the same.

It's also important to note that acts of kindness and compassion don't have to be on a grand scale to make a difference. Small acts of kindness, like holding the door open for someone or offering a word of encouragement, can have a big impact on the people around us.

In conclusion, humans are capable of great compassion and kindness, and there are many individuals who have made a positive impact on the world through their selflessness and generosity. They remind us of the power of one person to make a difference and inspire others to do the same. Let's all strive to be good humans, and make our world a better place.



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