[Congressional Record (Bound Edition), Volume 160 (2014), Part 10]
[Extensions of Remarks]
[Page 14039]
[From the U.S. Government Publishing Office, www.gpo.gov]




                INTRODUCTION OF THE STARTUP ACT OF 2014

                                  _____
                                 

                          HON. KYRSTEN SINEMA

                               of arizona

                    in the house of representatives

                        Thursday, July 31, 2014

  Ms. SINEMA. Mr. 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 world's 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 country's 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, 
it's easy to see the benefits of immigrant innovators in my home state. 
Freeport-McMoRan 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. 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 America's position as the global leader in 
innovation, we must ensure that tomorrow's entrepreneurs have every 
opportunity to build and develop their ideas on American soil. The 
Startup Act of 2014 will create high-wage jobs here in the United 
States, spur private investment and economic growth, and help ensure 
that America remains globally competitive. I ask my colleagues to join 
me in support of this important legislation.

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