Today, U.S. Senator Jerry Moran (R-Kan.) released the first video in a series of short films highlighting the challenges facing America's job creators -- including immigrant entrepreneurs -- and the pro-growth policies offered by Startup Act 2.0. The first "Startup Stories" video features entrepreneur Fabien Beckers, founder and CEO of the U.S. company Morpheus Medical, based in Palo Alto, California.
"Entrepreneurs like Fabien and the startup businesses they create are vital to the strength and competitiveness of the U.S. economy," Sen. Moran said. "In order to create more jobs for Americans, we need to create an environment where entrepreneurs -- both American and foreign-born -- are free to pursue their ideas in the United States, start more businesses, and put more people to work. Startup Act 2.0 will create jobs for Americans by creating a circumstance in which entrepreneurs can succeed and the United States can win the global battle for talent."
Originally from France, Fabien Beckers has a Ph.D. in Physics from the University of Cambridge and a Master's Degree in Business from Stanford University. His company, Morpheus Medical, has developed the first cardiac diagnostic tool that provides 3D interactivity, flow and pressure data from inside the heart non-invasively. However, Fabien could soon be forced to move his company elsewhere because of American visa policies.
Other countries recognize the importance of entrepreneurs like Fabien to their nation's economies, and are moving aggressively to attract the highly-skilled individuals that start businesses and create jobs. Over the last 18 months, seven countries have adopted new laws to attract entrepreneurs from around the world, including the United Kingdom, Canada, Russia, Chile, Brazil, Australia and Singapore.
Startup Act 2.0 would help the United States win the global battle for talent by creating new opportunities for American-educated and entrepreneurial immigrants to remain in the United States where their talent and ideas can fuel economic growth and create American jobs. The bill also alleviates regulatory burdens that make it more difficult for businesses to expand and create jobs. Finally, Startup Act 2.0 makes changes to the tax code to encourage investment in startup companies.
Research shows that for close to three decades, companies less than five years old have created almost all of the net new jobs in America -- averaging about 3 million jobs each year. Additionally, more than a quarter of technology and engineering companies started in the United States from 1995 to 2005 had at least one key founder who was foreign-born. These companies produced $52 billion in sales and employed 450,000 workers in 2005.