Feb. 25, 2010 4:30 pm

Local, national VCs back “Startup Visa” law

Senators John Kerry (D-Mass.) and Rich Lugar (R-Ind.) have proposed a new type of visa for foreign entrepreneurs that have received capital and are looking to start a company in America. The new visa can be awarded to anyone who has raised at least $250,000 ($100,000 of which must come from a U.S. investor) and […]

Senators John Kerry (D-Mass.) and Rich Lugar (R-Ind.) have proposed a new type of visa for foreign entrepreneurs that have received capital and are looking to start a company in America.

The new visa can be awarded to anyone who has raised at least $250,000 ($100,000 of which must come from a U.S. investor) and is able to create five jobs and $1,000,000 in revenue in two years. The bill has received support from the National Venture Capital Association and 160 VCs offered support in a letter to congress, including three partners of First Round Capital.

As reported by Technically Philly, Mayor Nutter is undergoing comparable efforts to attract technology companies and startups using the city’s tax structure as an incentive. What if the city promised additional bonuses to recipients of the Startup Visa? Especially those who’d like to start a video game studio?

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Sean Blanda is an adviser to Technical.ly, the local technology news network, having cofounded its flagship Technically Philly in February 2009. He is a media consultant, engagement editor for Behance and lives in Brooklyn, NYC.

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  • Streetsmart

    What Philly needs – primarily – is a more substantial angel and VC market.