This program gets boosted from Silicon Valley Bank as it gives the foreign students of Massachusetts colleges and universities an option of living in the Bay State for building their businesses.
This program is called “Global Entrepreneur in Residence Program” which is administered by the collaboration of Massachusetts Technology last year to keep the talent within the Massachusetts.
The estimated cost of the program was $1 million for one year pilot period, which would help the foreign students in getting the part time jobs and kick start the process of H-1B visa application which acts as a method to overcome the problem to a restrictive policy of federal immigration.
The idea of the program is in keeping the entrepreneurs in Bay State no matter where they come from. States like New York and Colorado looks to copy the program.
The program is based at the Massachusetts Boston University’s Center for Venture Development, will get expanded from 2 to 12 entrepreneurs participating this year.
As per the deal, the bank is going to donate $ 30,000, helping UMass Boston to continue its support to the entrepreneurs, having a joint appointment at school, serving employees of the university who mentor the student’s beginning and to run their own companies. This program also helps founders of companies and early employees in navigating the H-1B visa process.
“Access to talent is one of the biggest challenges faced by fast-growing, innovative companies,” said Dave Buxton, managing director for Silicon Valley Bank in Boston, in a statement. “We aim to help increase the probability of our clients’ success and remove barriers to innovation and business growth. Through the great work of the Venture Development Center, we believe the GEIR program gives a significant boost to young companies and entrepreneurs, and we’re happy to be a part of it.”
Initially, this program was considered by Jeff Bussgang, Professor, Harvard School of Business and venture capitalist and by Jeffrey Goldman who is an immigration lawyer and Patrick introduced it last year.