HOW DOES IN2NYC ADDRESS THIS ISSUE?

WHAT IS THE ISSUE?

Startups Build the Economy. The American economy is powered by the development of new businesses. On average, new firms add 3 million positions annually, while more established firms lose 1 million. Startups also tend to grow faster and innovate more quickly.

H-1B Visas Are Hard to Get. Entrepreneurs face a number of obstacles to obtaining an H-1B visa:

• Self-employed entrepreneurs cannot apply for H-1B visas because these petitions must be sponsored by an employer.

• Even when sponsored, there are only 65,000 “capped” H-1B visas available in any given year. Demand exceeds supply by 4 to 1, making the odds of getting a visa daunting.

• Worse yet, all of the capped visas are awarded just once a year, during a single week in April. This forces many entrepreneurs to wait upwards of 11 months before they can apply or re-apply.

Thousands of applicants from the NYC Metro area – the region with the largest applicant pool in the United States - are denied visas each year. Economic growth in our region, and in our country, is limited as a result.

H-1B Visas Can Provide Time for New Business Growth. The best immigration option for international entrepreneurs is typically an H-1B visa, which lasts 3 years and can be renewed.

New York City misses opportunities to attract and retain international entrepreneurs and businesses due to existing immigration regulations.

The International Innovators Initiative:

• Provides international entrepreneurs with the support to form an independent board of directors, which establishes an employer-employee relationship enabling the company to petition the United States Customs and Immigration Service for an H-1B visa for the entrepreneur.

• Partners the entrepreneur with a CUNY college. Through these partnerships, entrepreneurs gain access to business support services and technical facilities, while colleges acquire international talent to support entrepreneurial and educational programs for their students.

This combination of board formation and college collaboration allows the entrepreneurs to apply for cap-exempt H-1B visas without participating in the annual lottery.

IN2NYC provides access to uncapped H-1B visas by uniting business and academia.

Immigrants Start Businesses. Immigrants start businesses at twice the rate of native-born Americans. Immigrants account for 13% of the US population, but have founded over 25% of new ventures. Helping prospective immigrants grow their businesses in the United States makes economic sense.

New Business Growth Takes Time. Startups can take years to go from concept to market. Even those with great concepts need time to find and secure a strong customer base in a new country. International innovators need a way to legally remain in the US during this period of time.

Creating A Pathway For International Entrepreneurs To Grow Their Ventures In

New York City

BENEFITS TO YOUR BUSINESS

v Support for the City of New York by assisting the diversification and strengthening of its economy and position as a leader in global commerce

v Engagement with innovative talent

v Exposure to dynamic new startups that are potential investment opportunities

v Substantive employee engagement opportunities which will allow your personnel to use their full range of skills

v Support for international business and the growth of global commerce

• Entrepreneurs who have started a business and need work authorization to continue growing their ventures in the United States

WHO IS ELIGIBLE TO APPLY?

IN2.NYC• International students graduating

from U.S. universities or Optional Practical Training Programs who have started businesses

WHICH CUNY COLLEGES ARE INVOLVED?

The City College of New York / Zahn Innovation Center

Staten Island College / CSI Technology Incubator

LaGuardia Community College / NYDesigns

Queens College / Tech Incubation Center

Medgar Evers College / Entrepreneurship and Experiential Learning Lab

7 colleges in the CUNY System are partnering with International Innovators.

Applications are accepted in the Spring.

Baruch College / Field Center for Entrepreneurship

Lehman College / Bronx Business Bridge

v Potential connections to new partnerships, customers, and suppliers

v Exposure to new innovations and technologies

v Enrichment of the New York startup ecosystem