HOW DOES IN2NYC ADDRESS THIS ISSUE? WHAT IS THE ISSUE? Startups Build the Economy. The American economy is powered by the development of new businesses. On average, new firms add 3 million positions annually, while more established firms lose 1 million. Startups also tend to grow faster and innovate more quickly. H-1B Visas Are Hard to Get. Entrepreneurs face a number of obstacles to obtaining an H-1B visa: • Self-employed entrepreneurs cannot apply for H-1B visas because these petitions must be sponsored by an employer. • Even when sponsored, there are only 65,000 “capped” H-1B visas available in any given year. Demand exceeds supply by 4 to 1, making the odds of getting a visa daunting. • Worse yet, all of the capped visas are awarded just once a year, during a single week in April. This forces many entrepreneurs to wait upwards of 11 months before they can apply or re-apply. Thousands of applicants from the NYC Metro area – the region with the largest applicant pool in the United States - are denied visas each year. Economic growth in our region, and in our country, is limited as a result. H-1B Visas Can Provide Time for New Business Growth. The best immigration option for international entrepreneurs is typically an H-1B visa, which lasts 3 years and can be renewed. New York City misses opportunities to attract and retain international entrepreneurs and businesses due to existing immigration regulations. The International Innovators Initiative: • Provides international entrepreneurs with the support to form an independent board of directors, which establishes an employer-employee relationship enabling the company to petition the United States Customs and Immigration Service for an H-1B visa for the entrepreneur. • Partners the entrepreneur with a CUNY college. Through these partnerships, entrepreneurs gain access to business support services and technical facilities, while colleges acquire international talent to support entrepreneurial and educational programs for their students. This combination of board formation and college collaboration allows the entrepreneurs to apply for cap- exempt H-1B visas without participating in the annual lottery. IN2NYC provides access to uncapped H-1B visas by uniting business and academia. Immigrants Start Businesses. Immigrants start businesses at twice the rate of native-born Americans. Immigrants account for 13% of the US population, but have founded over 25% of new ventures. Helping prospective immigrants grow their businesses in the United States makes economic sense. New Business Growth Takes Time. Startups can take years to go from concept to market. Even those with great concepts need time to find and secure a strong customer base in a new country. International innovators need a way to legally remain in the US during this period of time. Creating A Pathway For International Entrepreneurs To Grow Their Ventures In New York City