New York will help international students launch startups and obtain immigration status in the city

Every year, state governors talk about what they want to achieve in the coming months. According to Thepienews, Kathy Hochul is committed to ensuring the region retains foreign entrepreneurs and helps them establish new startups in the state.

On a large scale policy New York State until 2024 The governor noted that while more than 44 percent of SUNY's STEM degrees go to international students, obtaining visas to live and work is challenging for them. Many “are forced to leave New York and open companies abroad,” she stated.

Hokul wants to create new opportunities for immigrant entrepreneurs, particularly international students. She proposed providing grants to research universities and colleges to help foreign entrepreneurs stay in New York and create startups.

Participating graduate and postdoctoral fellows will be able to obtain university-sponsored visas to pursue commercial research, a key barrier for international students hoping to start their own companies.

Some statistics

Research National Foundation for American Policy (NFAP) study in 2022 found that a quarter of billion-dollar startups in the United States had founders who came to the country as international students, and each of these businesses created an average of 860 jobs.

NFAP has highlighted the importance of international students to the growing US AI sector, with 42% of top US AI companies having founders who were previously international students.

However, students are generally prohibited from starting a business while in the United States on an F-1 visa. While they can conduct market research and plan financing options, to actually work at a startup, they need to undergo elective, hands-on training.

On the subject: New York will lower requirements for thousands of jobs to hire immigrants

Political groups have called on the US government to change the visa system to give international students and graduates more opportunities to work and start businesses in the United States.

“To help more international students stay in the United States, the best solution would be to exempt students with master's and doctoral degrees, especially in STEM fields, from green card employment restrictions. Eliminate the country limit, increase the number of H-1Bs and create a startup visa for entrepreneurs,” said Stuart Anderson, executive director of NFAP.

Important Initiatives

Hochul, among other things, acknowledged the additional barriers immigrants typically face when starting a business in the U.S. and proposed creating a virtual hub to consolidate helpful resources and provide immigrant entrepreneurs with access to services, including business support programs run by SUNY. Anderson noted that other states should consider programs similar to the one proposed in New York.

Andrew Chen, CEO of F1 Hire, which aims to make the job search easier for international students in the U.S., also welcomed Hochul's proposal. He said it has “the potential to be a transformative force.”

A recent F1 Hire study found that only 1,6% of jobs in the States are “global talent friendly.” “These statistics highlight the need for initiatives like Governor Hochul's proposal to create a more inclusive environment for international student entrepreneurs, which will ultimately enrich the state's innovation capacity and economic strength,” Chen concluded.