US president Donald Trump is pumped to take away every way immigrants can stay in the country. Trump administration announced on May 29, 2018, that they’ve submitted a formal proposal for revoking International Entrepreneur Rule, a program that helps foreign-born entrepreneurs to grow and scale their company in the United States. The program allows Department of Homeland Security to use a list of criteria to check if an international entrepreneur’s business idea will be beneficial for the American economy.
National Venture Capital Association reported that 33 percent of venture-backed US companies formed between 2006 and 2012 had an immigration founder. Immigrants currently make up 15 percent of the United States’ workforce. If Trump’s wish to rescind the International Entrepreneur Rule is granted, the United States won’t be able to incubate innovation and generate thousands and hundreds of jobs. According to New American Economy immigration coalition, International Entrepreneur Rule created around 135,000 jobs in the past decade and predicted that it might generate more than 300,000 in the next 10 years. Along with it also disappears the hope of the United States giving birth to another billion dollar company.
At the same time, it increases chances of the company being born in Canada or Australia. Trump becoming the president has already affected the American economy. China has 25 percent more global VC dollars invested than the United States.
Trump’s attack on other programs
International Entrepreneur Rule makes the United States an immigrant-friendly country, but if it is canceled, the country will lose many investors, founders, and civic leaders. Trump’s opinion about H1B visa program and DACA policy is known all across the globe. His government recently announced that they are in the final stages of approving the proposal to cancel H4 EAD program, which will take H1B workers away from the American labor market.