The United States' (disgraceful) immigration process has long been the bane of the tech industry. But a new venture capital fund thinks it's hacked the immigration process, allowing bring on foreign entrepreneurs to run startups in the US.
Industry leaders commonly complain that the supply of H-1B immigrant visas is too low—and they'll likely want to keep those workers for themselves. "Unshackled," which is what the new fund is actually called, already has $3.5 million to invest in US immigrants looking to start companies. According to the Financial Times, the fund has been backed by two of Yahoo's and Palantir's co-founders and is seeking out immigrants who already have H1-B visas:
Unlike traditional venture funds, which invest capital in exchange for equity, Unshackled will take equity but also hire founders as employees, allowing them to keep their work visas while building their companies. [...]
For foreigners who win the H-1B lottery, launching a company of their own is tricky as they must remain formally employed to keep the visa. Unshackled proposes to solve that problem by transferring work visas from the entrepreneurs' current employers to Unshackled and then helping them incorporate and build their start-ups.