A proposal by Congressman Jared Polis to offer “foreigners with good ideas” is gaining interest in Silicon Valley where several tech company founders are immigrants according to research by Duke University.

The proposal would make it easier for foreign entrepreneurs to create a startup company that could possibly become “the next big thing” such as a Yahoo or Google and is part of a plan in the current overhaul of the nation’s immigration system. Apparently, the U.S. is losing ground in technology and high-tech jobs to countries such as India and China because of the difficulties associated with securing a visa for foreign born entrepreneurs.

f approved, the proposal will grant foreign entrepreneurs a visa who can secure either $250,000 in venture capital that is primarily located in the U.S. or $100,000 from an angel investor. They will also need to show that their business would create at least five to ten jobs or create profit of at least $1million in revenue.

At this point, the requirements are not set in stone and can change at any time until the bill goes to the committee. Also, some fear that such a plan would hurt Americans who are in desperate need of jobs. Others say the opposite.

Nevertheless, many countries are trying to attract top high-tech entrepreneurs from around the world and some say the margin of those who would win visas in the U.S. compared to the large pool of applicants would be negligible.

Written by Maggie Shiels; Edited by Clint Davis

Source: BBC News