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VCs To Congress: U.S. Immigration Policies Are Hurting Startup Communities, Economy

As Congress kicks around immigration reform, Silicon Valley is speaking up. In a recent National Venture Capital Association survey 74% of respondents said that current laws hurt U.S. competitiveness. Nearly four in five believe it's too hard for the newly arrived to start a business in the U.S. Here's the argument for granting more H-1B visas. One-third of American VC-backed companies that have gone public in the last six years have at least one foreign-born founder (examples: Facebook, LinkedIn, ZipCar and Tesla Motors). Once they get here, immigrant-led companies deliver: Those IPO'ed, VC-backed firms had a recent total market cap of $900 billion.