Barack Obama’s Start-up Program Failed
Former US president, Barack Obama, launched the US Start-up Program just before he left the office and Donald Trump became the president of the United States. Ever since the end of 2016 and until now, only ten start-up visas were issued and we obviously know the reason behind it. US president Trump doesn’t really want immigrants coming to his country and to attract foreign entrepreneurs you have to make them feel welcome because they’ll be spending the five most important years of their career life building a company in the US.
Homeland Security Department of the US government delayed implementing the program twice in the past year and a half but as per court orders they had to keep the application window open, but that didn’t improve the count either. National Venture Capital Association is trying their best to lobby old friends in the Trump administration so that the program can be reformed and reintroduced to fulfill Obama’s dream. Michael Kratsios, former employee, Peter Thiel, and technology advisor of Trump, said that he will be joining several other advisors in Washington in the next month for a summit where the program will be one of the main topics to be discussed.
Back in 1996, 90 percent of global investments went to startups in the US, but with the government shutting down to immigrants, Canada is very much ready to take over. Immigration experts believe that in no time Canada will produce the world’s next billion dollar company. Compared to the US, Canada’s Start-up program is a lot easier to crack into because you don’t need to show your net worth. It means, your single approved idea will get you Canadian permanent residency, whereas, the US government doesn’t promise green card. The stakes are really high for the US.
September 12, 2019
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