After being officially passed in January, the "International Entrepreneur Rule" was set to take effect July 17th, 2017 in the United States. This week though, the new rule was delayed by the Department of Homeland Security.
The International Entrepreneur Rule is a critical effort to ensure that the best and the brightest foreign-born entrepreneurs could more easily grow the companies that will create American jobs here in the U.S. while expanding our economy. The delay by the DHS is unquestionably a setback for the United States in the global race for talent. We should be encouraging innovators to bring their new ideas, expertise, and unique skills to our country, rather than incentivizing them to put their talents to work for our competitors abroad.
As the Managing Director of the Founder Institute in New York I can say from first-hand experience the proposed International Entrepreneur Rule would be a big step forward for America. Time after time I have watched as prospective international founders come to Founder Institute New York to start a high-growth tech-enabled company, only to be stopped from incorporating and progressing the new company by the limitations of current immigration laws.
With an estimated 3,000 international entrepreneurs expected to apply per year to start companies within the US, the impact of this reform will have an immediate positive impact as well as create a long-term attraction for global entrepreneurs to build their companies right here in America.
A reform to immigration such as the proposed International Entrepreneur Rule will undoubtedly increase the amount of technological innovation, job creation, and economic value in the United States of America.
Starting now, people can submit public comment on the Federal Register's site. I strongly encourage you to use it as an opportunity to send a strong message to the administration that people are paying attention and we are not happy about the decision to rescind the International Entrepreneur Rule.