MORAN. Mr. President, I have only been a Member of the Senate for
2 years, but in that short period of time at least seven other
countries have taken actions that we have not taken to better support
and attract entrepreneurs to their countries' economies. The map beside
me shows those countries: the United Kingdom, Russia, Singapore,
Australia, Brazil, Chile, and Canada. Those countries have changed
their rules, regulations, passed laws, changed their policies to make
their country more friendly to startup businesses and to
entrepreneurship.
I wish to focus on and visit with my colleagues about what is
happening in one of those countries--our neighbor to the north,
Canada--and explain why it is in the interests of our own country to
act quickly to retain highly skilled and entrepreneurial immigrants.
In 2002, Canada announced plans to create a new visa to attract
foreign entrepreneurs to their country. Canada is developing a plan to
admit foreign entrepreneurs who have received capital from venture
funds to start businesses in Canada and to admit them to Canada within
weeks. A spokesman for the Canadian immigration agency was quoted in
September as saying: ``Canada seeks young, ambitious innovative
immigrants who will contribute to Canada's job growth and further drive
our economy.''
But Canada is not just changing its laws to attract entrepreneurs; it
is advertising and trying to lure talent there. The ad we are now
showing--this is a full-page ad that appeared in a publication called
Fast Company. It is an American magazine dedicated to startups, to
technology and innovation. The advertisement for Ontario highlights R&D
incentives and innovative and dynamic business environment
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and the top talent needed to grow new businesses.
We in Congress and in the administration need to take note of this.
Other countries, including our friends to the north, are aggressively
courting entrepreneurs and talented individuals and they are luring
them from here; they are trying to get them from the United States.
Canadian Citizenship and Immigration Minister Jason Kenney said: ``We
need to proactively target a new type of immigrant entrepreneur who has
the potential to build innovative companies that can compete on a
global scale and create jobs for Canadians.''
While we work in the United States to continue educating our children
with the skills for a 21st century economy and training the next
generation of great American entrepreneurs, we also need to be
welcoming to those who want to create a business in the United States
and employ Americans now. With respect to Canada, America is the
country of entrepreneurs, a place where those with good ideas who are
willing to work hard can come and make something for themselves.
There is a global battle for entrepreneurial talent and the United
States is falling behind. A story I heard while visiting California,
the Silicon Valley, last year, illustrates this point pretty well. A
large company that just a few years ago was a small startup told me
they had plans to hire 68 highly skilled immigrants but could not get a
visa for them to work in the United States. Rather than letting this
talent go, the company hired them but hired them at their location in
Canada. It is certainly troubling that 68 jobs went outside the United
States. They were lost in our country because the United States does
not have a visa program that works. What troubles me even more is that
some of those 68 people hired in Canada will go on to start a business
that may result in significant job creation in Canada. Those jobs that
could have been in the United States are now in another country and
those individuals who may start a company are no longer in the United
States but are now in Canada. When we lose entrepreneurs and highly
skilled immigrants, we lose the jobs they create.
The good news is there are steps we can take to attract and retain
foreign entrepreneurs and highly skilled immigrants. In a bipartisan
effort, Senator Warner, Senator Coons, Senator Rubio, and I introduced
Startup Act 2.0 last year. Senators Blunt and Scott Brown of
Massachusetts joined as cosponsors, and an identical bill was
introduced in the House of Representatives with an even number of
Republican and Democratic supporters. Again, this year, I am working
with those colleagues to reintroduce a bill very similar to that in
very short order.
Startup Act 2.0 makes changes to the Federal regulatory process to
lessen government burdens on job creators, modifies the Tax Code to
encourage investment in new businesses and capital formation, seeks to
accelerate the commercialization of university research that can lead
to new ventures and, most importantly, provides new opportunities for
highly educated and entrepreneurial immigrants to stay in the United
States where their talent and new ideas can fuel economic growth and,
most importantly, create jobs for Americans.
Startup Act 2.0 creates an entrepreneurial visa for foreign-born
entrepreneurs currently in the United States--legally in the United
States. Those with good ideas, with capital, and the willingness to
hire Americans would be able to stay in the United States and grow
their businesses. In many instances, foreign-born entrepreneurs, here
legally, have an idea and want to begin a company that will employ
Americans but are told their visa does not allow them to remain in the
United States.
Take the story of Asaf Darash. Asaf was born in Israel and came to
the United States in 2007 after being awarded a Fulbright scholarship
to study at the University of California. After completing his doctoral
thesis, he founded a software company called Regpack. Asaf raised $1.5
million in financing for the company and hired more than a dozen
Americans. His company has the potential to grow quickly and to further
create additional jobs. But Asaf, the founder of this dynamic company,
is no longer in the United States. My staff contacted him this morning
and he said that because of the difficulty in obtaining a visa and the
amount of time and effort it was taking, he decided it was easier to
move to Israel and take the core of the company, including its jobs,
with him. As Regpack grows, new jobs are going to be created in
Israel--jobs that could have been in the United States if we had a visa
dedicated to foreign entrepreneurs such as Asaf.
Sadly, his story is far from uncommon. Immigrants legally living in
the United States who have a good idea and want to start a business
have few options available to them. With very few ways to stay, these
entrepreneurs, just like Asaf, are forced to move and take their
businesses with them and take the jobs they have created and will
create to other countries.
I wish to make certain America is the best place for entrepreneurs
who want to build America and hire Americans. Passing Startup Act 2.0
will help make this happen.
Entrepreneurial immigrants have long contributed to the strength of
our country by starting companies and creating jobs. Of the current
Fortune 500 companies, more than 40 percent were founded by first- or
second-generation Americans. Today, 1 in every 10 Americans employed at
a privately owned U.S. company works at an immigrant-owned firm.
In our mobile world, entrepreneurs have a choice as to where they
start a business. For decades, there was no better place than the land
of opportunity--the United States of America. But things are changing.
Other countries are aggressively seeking the best and brightest, those
with entrepreneurial talent, as a way to grow their economy.
I believe most--in fact, I would say at least 80 percent--of my
colleagues in Congress agree with the visa provisions in Startup Act
2.0. They understand that retaining highly skilled entrepreneurial
immigrants will lead to economic growth and new jobs for Americans.
Unfortunately, there is an approach in Congress that has been here for
the last several years that says if we can't do everything, we will not
do anything. I urge my colleagues let's pass what we can agree on now
and keep working to find common ground on issues that still divide us.
Canada and other countries are creating new opportunities for
entrepreneurs, for startup companies, but the United States is still
the home of the American dream. We need to pass Startup 2.0 so
individuals can pursue their ambitions in America.
Millions of our citizens remain out of work. Our economy is barely
growing. One would think, common sense would suggest we would work hard
together to deal with the issues we have agreement on that would help
jump-start the economy.
Let's do that. Let's jump-start the American economy through
entrepreneurship and allow those with talents and skills we need to
pursue the American dream in the United States of America and thereby
strengthen our economy.
I suggest the absence of a quorum.
The PRESIDING OFFICER. The clerk will call the roll.
The legislative clerk proceeded to call the roll.
