The National Venture Capital Association (NVCA) is expressing support for the Biden Administration’s full launch of the International Entrepreneur Rule (IER), noting the action would spur job creation and innovation.
“Immigrant entrepreneurs have made incredible contributions to the U.S. economy, including creating some of America’s most prominent companies, such as Moderna and Pfizer that have developed COVID-19 vaccines,” NVCA President and CEO Bobby Franklin said. “By implementing the International Entrepreneur Rule, the Biden Administration is unlocking an incredible job creation tool that will help the United States remain the global leader in innovation.”
The NVCA indicated the action enables foreign-born entrepreneurs and their investors to take advantage of IER when building high-growth companies domestically.
Per IER guidelines, a foreign-born entrepreneur can remain in the U.S. to advance a startup for two and a half years, noting a possible extension of another 2.5 if the entrepreneur forms a startup here that has substantial potential for rapid growth and job creation; the entrepreneur has a significant ownership interest in the startup; an active and central role in the company; furthers the ability of the company to grow domestically; and the startup has received significant capital investment or government funding.
The NVCA added it advocated the Biden Administration launch IER by leading a coalition of innovation-focused industry associations.