The Startup Act

In July, The Ewing Marion Kauffman Foundation presented The Startup Act, a new plan designed to help job creation and support new startups. Their intention is that this plan will trigger the economy, spur job growth and give startups and entrepreneurs  a more competitive edge in the market.

One of the biggest changes this act seeks to make with current government policy is to provide green cards and entrepreneur visas to immigrants with STEM (science, technology, engineering and math) degrees. Any student who graduates with a Masters or PhD in these fields will be given the option to obtain a visa and stay in the States to work, letting our country benefit from their skills.

Kauffman has conducted thorough research that led to the development of the Startup Act, and supporting their program is data showing that companies less than five years old are responsible for almost all job creation from 1980-2005, and have created an average 3 million jobs each year.

Three weeks ago, Congress also presented their own version of the startup act. It parallels that of the Kauffman foundation but also incorporates five key concepts:

1. Reduce regulatory burdens

2. Attract business investment

3. Accelerate the commercialization of university research

4. Attract and retain entrepreneurial talent

5. Encourage pro-growth state and local policies

“The private sector has been the engine of job creation in our country throughout history, and to get America’s economic engine roaring once again, entrepreneurs must be free to pursue their ideas, form companies, and hire employees,” states Sen. Jerry Moran. “Congress must put into place policies that remove barriers and help entrepreneurs succeed, so new businesses can grow and put Americans back to work.”

Do you think any of these new policies will help stimulate the economy and promote job growth? Or do you think something more needs to be done as far as helping entrepreneurs is concerned?