Startups Act 2010, US wants technopreneur around the world

I was reading through Techcrunch and came across this post. Silicon Valley technocrats are drumming up support for the bill proposed by Senator John Kerry (D-MA) and Richard Lugar (R-IN) to be discussed next week Thursday.

Here is what the bill plans to accomplish:

The Startup Visa Act of 2010 would create a two year visa for immigrant entrepreneurs who are able to raise a minimum of $250,000, with $100,000 coming from a qualified U.S. angel or venture investor. After two years, if the immigrant entrepreneur is able to create five or more jobs (not including their children or spouse), attract an additional $1 million in investment, or produce $1 million in revenues, he or she will become a legal resident.

That means that entrepreneur from anywhere around the globe who could raise $150,000 and a $100,000 from a US investor is qualify for the Visa.

Immigrant Visa in the US has been a big issue ever since and this will not be any different as response on Techcrunch blog shows. Though some supports and others don’t. Argument ranges from abuse by other corporation to pushing jobs for foreigners at the expenses of already jobless Americans.

What does this mean for Africa?

As someone commented, a group of 15 people can invest like $10,000 each for a colleague to spearhead the startup plus get funding from US and set up the company then invite others. While this seem cumbersome, it’s the least possible option (i think).

A price tag of $150,000 is such a huge amount that is good enough to start a company here in Nigeria and become a multi-million naira company. Anyone who could raise this and still want to go out there; its either  the company will require large sum of money or just want to check out.

A brain-drain of technology talent 2.0

Africa sure experience massive emmigration of its talented population to the West in the ’80s till now, this will surely aggravate the trend.

Overlooking of emerging market

Well, if you are a US citizen and doing well, it is sure a good thing to see innovation continue from the valley and US still leading the pack, well this will help the US as companies registered their pay taxes and helps the government meet the demand of its population. On the other side, the US companies can also acquire startups outside of the US and operate them  as some promising startup may not be able to raise that much or be willing go to the US.

Africa will be the last on the list of expected applicants for this visa, Indians, Chinese and other easterns countries with great talents are the main target. Given contibution of people from these countries to Silicon Valley, VCs still believes that more are still available in these countries.

African market is emerging, our web life-style is just getting shape, the world might not notice for now, I believe in the next couple of years, ideas hanging between our hears will be implemented.

How do you think this impact Africa? If you can raise $150,000 can you apply for this visa if it’s eventually passed?

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