Startup Act 3.0 Paves Way for Foreign Entrepreneurs

The melting pot that is the United States is about to get even more diverse. A bipartisan bill that would create visas for foreign-born entrepreneurs hit the Senate floor recently. The Startup Act 3.0, sponsored by Republican Senators and Roy Blunt and Democratic Senators Chris Coons and Mark Warner, is the current bill designed to open United States borders to the world's best and brightest talent.

A bill creating 'entrepreneurial visas' won't just affect future business owners, however. The Startup Act 3.0 has the potential to increase its sponsors' political resumes, strengthen the B2B perspective and improve consumers.

A Political Win

In a time when bipartisan political efforts are insufficient, and far between, the Startup Act has a chance to combine both sides of the aisle. A significant portion of bipartisan legislation could usher in a period of compromise, cooperation and development. The 2012 election and more recently the State of The Union Address highlighted the issue of both parties: economic policy. New entrepreneurial visas give a financial win for both. President Obama called to formulate a comprehensive immigration reform bill on his desk "in the next few months," and 3.0 could be the first domino to fall.

Both the President and Congress could use a strategy victory right about now. Americans' approval of Congress stands at 15 percent, according to a poll by Gallup. President Obama is doing a better job than Congress, according to the current presidential approval rating, but he still appeals less than half, 47 percent, of the country.

The Beneficiaries

Aspiring foreign entrepreneurs stand to obtain the most from the new bill, but they're not the only ones who will benefit. Startups also enhance B2B businesses, job-seekers and consumers.

• Foreign entrepreneurs: Tax hoops and the looming healthcare action may have scuffed some of the luster of starting a business in America, but the United States still boasts one of the most powerful economies in the world. Tech startups have a distinct advantage in the U.S., where a large college-educated lot of professionals is searching for jobs.
• B2B businesses: Retail startups rely on a robust, affluent consumer base while B2B businesses rely on thriving startups. Start-ups, especially successful ones need advisors like Ernst & Young's Mark Weinberger. Who better to advise your business on Global Tax Law than the man poised to take the helm of one of the world's leading B2B service providers? Future CEO Weinberger has worked in Washington and in private industry, so he certainly knows the ropes. Pairings like these are win-win propositions.
• Job Seekers: New business equals new jobs. For unemployed professionals and recent college grads, the opportunity to start at the ground floor of a new business is particularly attractive. Not only does a startup provide gainful employment, they also produce a new crop of aspiring entrepreneurs, who, equipped with skills and experience, can create their own business.
• Consumers: As competitors enter the marketplace, performance improves while price drops. That's good news for consumers. Anyone who appreciates a good deal should approve of the Startup Act 3.0, which will promote competition from all over the world.