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Old 05-19-2011, 09:18 AM
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Default Why entrepreneurs are dumping US

Why entrepreneurs are dumping US; Start-up Visa may help - The Economic Times

SAN FRANCISCO: Hours after returning from America to take care of his aging parents, Saurabh Bansal walked into a meeting of The Indus Entrepreneurs (TiE) in Delhi. He was nervous. But a bunch of energetic entrepreneurs put him at ease. New Delhi or the Silicon Valley, entrepreneurs do strike the right vibes. Five months later, Bansal has founded Finatwork Wealth Services, a Bangalore-based personal finance advisory services chain. ( Latest news on NRIs )

There are thousands like him who are deserting the US and heading back home - be it India or China, says a report released by the Kauffman Foundation, one of the world's largest foundations devoted to entrepreneurship. Immigrants are exiting the US, lured by greener pastures in their home countries, causing a reverse brain drain, the first in America's history.

The Foundation prepared the report along with Duke University , University of California-Berkeley and the Harvard University . The chief motivating factor for over 60% of Indians and 90% of Chinese respondents were the exploding economic opportunities in their home countries. While there is no mechanism to track the number of returnees, researchers estimate the number to be well over 150,000.

"These people are not returning for patriotic reasons. They are returning for practical reasons," says Vish Mishra, venture capitalist and global head of TiE (one of the world's largest entrepreneurial nonprofits). Over 60% of Indians and 90% of Chinese respondents surveyed said greater economic opportunity at home was their main motivation.

For many, like Howard Chen, family is just as powerful a tug. A PhD in electrical and computer engineering from the University of Wisconsin, Chen spent almost a decade in R&D at some of Silicon Valley's most prominent semiconductor design companies like Intel, Synopsis and Mentor Graphics.

He abandoned all of that and hi-tech altogether last year and moved back home to Taiwan to help his father run the family business: a regional Toyota dealership with 21 shops and 1,000 employees. "My father is the chairman of the company and he wants me to succeed the business. That's why I'm here," says Chen.

This ideal mix of economic gains while being with family - when compared with the recession-struck US and its chain of immigration pains - makes the pastures at home, temptingly green. "America is soon going to be importing innovation from India and China. We are now exporting all that goodness," says Vivek Wadhwa, an entrepreneur-turned-academic, who co-authored the report.

"It's hard to put a date on when this reverse brain drain began, but it accelerated when we went into recession because these emerging economies were not really impacted," says Robert Litan, VP - research and policy at the Kauffman Foundation. "It's not a brain drain, but a hemorrhage," exclaims Wadhwa. "Flawed US immigration policies along with opportunities in India and China have hastened this trend."

The likes of Apar Sureka illustrate Wadhwa's point. Sureka didn't even want to get into the frustrating green card loop - the holy grail for many immigrants in America because it finally gives them the right to change jobs, start businesses, take sabbaticals, and so on. After working with eBay for some years and launching his first start-up (a telecom services portal), Sureka traded entrepreneurial mecca Silicon Valley for Delhi last November.

Packing up his home and returning to another continent with his four-month-old baby last November was far from a cakewalk. But Sureka was determined to free himself from the endless visa hassles. "I wanted the freedom to work on my ideas now, and not have to wait another five to seven years," says Sureka. His education startup, tailored specifically for the Indian market, is currently in stealth mode.

"America, and more so Silicon Valley, is completely innovation-driven. But India is all about the market," says Sureka. This means you cannot create another Amazon in the US, but several Groupons (deal-of-the-day website that features discounted gift certificates) and Amazons are being created in India today.

US-returnee Kunal Bahl's company SnapDeal is India's Groupon and Amazon rolled in one. It's clocked $20 million in revenue, and is on its way to notching up $100 million next year.

The string of profitable local "me-toos" made by US-returnees which is just starting in India, has been in China for a while. Wadhwa met with several of the owners on a trip to Beijing and recounts that most of them said they felt no reason to return to the US for good. In China, their costs were 10 times lower, their markets significantly larger, and funding was more abundant.
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Old 06-16-2011, 10:48 AM
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georgecombey will become famous soon enough
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I think it is the same as for Saudis in the US who also suddenly started investing back in their home country. I have noticed this during the global crisis.
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Old 06-16-2011, 11:05 AM
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akshayhere is infamous around these parts
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right now, the cap on H1-B visas and green cards is much too low, and caps on green cards are set by country. So Iceland gets the same number of visas as India. That may be fair to each country, but it's not fair to American businesses. We should end these arbitrary limits and end the cap on the high-skill H1-B visas. Let the market decide. It's basic free-market economics -- and both parties ought to be able to get behind it.

Mayor Bloomberg Calls for Immediate Immigration Reform

Fred Wilson: Startup Visa Movement Gains Ground
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Old 06-16-2011, 03:15 PM
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rajuseattle has a reputation beyond repute rajuseattle has a reputation beyond repute rajuseattle has a reputation beyond repute rajuseattle has a reputation beyond repute rajuseattle has a reputation beyond repute rajuseattle has a reputation beyond repute rajuseattle has a reputation beyond repute rajuseattle has a reputation beyond repute rajuseattle has a reputation beyond repute rajuseattle has a reputation beyond repute rajuseattle has a reputation beyond repute
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I hope some of the members in US congress/Senate comes out of the grip from Tea PArty Patriots and Pro Amnesty groups, in this fight between the 2 ideologies we the legal immigrants are sufferign and no piecemeal Legal immigration reforms since Ac-21. Which was about a decade ago under the leadership of Pres Clinton.

GoPs considered to more business friendly party and now that they enjoy the majority in the House, should be able to put together some piecemeal reforms and not fall into the hands of Tea Party PAtriots who are against all kind of immigration.

Same thing for the Democrats, they should not be held ack by big unions and hispanic caucus and derail the piecemeal immigration reforms.
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