eb5exclusive

Anyone who knows the name Silicon Valley, most likely knows of it because of its link to innovation in the technology industry. In efforts to maintain standing as leading developer of new technological hardware and software, some valley executives are calling for the expansion of the federal EB-5 visa program, in order to secure top foreign talent in the field for the foreseeable future.

Though the technology industry has relied on the H-1B visa to invite immigrants to work in the U.S., strict and narrow caps the number of these visas issued has thwarted attempts to enhance overseas recruiting, TechNewsWorld.com reports.

However, the EB-5 visa program, which is run through the U.S. Citizenship and Immigration Services, allows the government to extend up to 10,000 visas to foreign nationals who invest at least $500,000 in a U.S. business and create at least 10 jobs.

One Silicon Valley entrepreneur, Eric Ries, believes that expanding the EB-5 program by making the visas available to entrepreneurs as well as investors, will help bring top talent to the country and create jobs in the U.S.

“We are in an arms race for talent,” Ries told the news source. He explained that if a booming new company, like Skype, is started overseas, “investors and consumers don’t lose out because of globalization,” new jobs are lost to foreign markets.