Politicians and Silicon Valley companies continue to work together as they try to create a fair method to bring more skilled foreign workers into the United States.
"Every day the American economy is losing ground - not to mention high-tech jobs and technologies - to India and China because foreign-born entrepreneurs cannot secure a visa to stay in the US," said Congressman Jared Polis, who supports a new start-up visa designed for foreign workers who have "good ideas."
In early November, just 46,700 of the 65,000 allocated H-1B visa applications had been filled for the 2010 work year -- the 20,000 visa cap designed for foreign students in the U.S. who have a master's degree or higher did reach the 20,000 quota.
It may seem like a good idea to create a new visa proposal, but tech companies likely aren't going to support such a movement when the economy is bad. The lack of Silicon Valley support will lead many talented developers to stay in their native homeland, with travel to and from the United States only when necessary.
Polis and other politicians seem to be interested in updating the U.S. government's EB-5 visa system -- officially introduced in 1990 -- and offers 10,000 visas, but applicants must be able to create 10 full-time jobs and have $1 million capital ready to invest. Instead of $1M, foreign entrepreneurs will have to receive $100,000 from an "angel investor," or $250,000 from a VC firm.
If a candidate meets those requirements, they must then prove they'll be able to create between five and 10 jobs, along with $1M in revenue.