Speech #1130114212

Speaker. today I. along with Mr. VALADAO of California. introduced the bipartisan Startup Act of 2014. The Startup Act provides immigrant entrepreneurs and foreign graduates of U.S. universities with the opportunity to appeal and extend their visa by two years on the condition that they secure financing from a U.S. investor and demonstrate the ability to create jobs and bolster the U.S. economy. If they are able to demonstrate success. by securing additional funding. generating revenue and creating jobs. they would be eligible for legal permanent residency. enabling them to continue to create more American jobs. expand and improve their business. and reinvigorate the United States as the land of opportunity. innovation. and entrepreneurship. Our history as a nation has been defined by immigrant innovators. pioneers. and entrepreneurs. Many of the worlds best and brightest minds come to this country seeking the freedom and resources necessary to turn their ideas into successful businesses. Transformative U.S. companies including Google. Yahoo. Pfizer. Intel and eBay all began as startups founded by immigrants. Today. foreign born entrepreneurs come to the United States. graduate from our universities and start businesses on our soil. only to find that our countrys archaic. complex visa restrictions make it difficult for them to stay in this country and continue to develop their business. contribute to our economy. and create American jobs. This places us at a competitive disadvantage at a time when our foreign competitors are catching up. For example. in 2009 foreign innovators were awarded more patents than U.S. inventors for the first time. whereas a decade ago the U.S. held 57 percent of all patents worldwide. With two Fortune 500 companies headquartered in Phoenix. Arizona. its easy to see the benefits of immigrant innovators in my home state. FreeportMcMoRan is a leading natural resource company which employs thousands of Arizonans. Avnet Inc. is another innovative Phoenix based company and one of the largest distributors of electronic components. computer products. and embedded technology. We also have a multitude of smaller startups founded by foreign entrepreneurs. E1305 Sumiko Glenn emigrated from Japan and after graduating from Texas Tech University. founded her own tax consulting firm. Glenn Consulting LLC. in Mesa. Arizona. Gelie Akhenblit left Moldova with her family to come to Arizona. where her later studies in Communication at Arizona State University led her to launch NetworkingPhoenix.com as a way to fill the advertising needs of our state through social media. In the state of Arizona. immigrants make up 13.4 percent of population. own 19.6 percent of businesses. and start 31.5 percent of new businesses. If we are going to protect Americas position as the global leader in innovation. we must ensure that tomorrows entrepreneurs have every opportunity to build and develop their ideas on American soil. The Startup Act of 2014 will create highwage jobs here in the United States. spur private investment and economic growth. and help ensure that America remains globally competitive.