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Published on Jul 10, 2012
"Startup Stories" is series of short films highlighting the challenges facing America's job creators and the pro-growth policies offered by Startup Act 2.0. The first "Startup Stories" video features entrepreneur Fabien Beckers, founder and CEO of the U.S. company Morpheus Medical, based in Palo Alto, California.
Originally from France, Fabien Beckers has a Ph.D. in Physics from the University of Cambridge and a Master's Degree in Business from Stanford University. His company, Morpheus Medical, has developed the first cardiac diagnostic tool that provides 3D interactivity, flow and pressure data inside the heart non-invasively. However, Fabien could soon be forced to move his company elsewhere because of American visa policies.
Other countries recognize the importance of entrepreneurs like Fabien to their nation's economies, and are moving aggressively to attract the highly-skilled individuals that found businesses and create jobs. Over the last 18 months, seven countries have adopted new laws to attract entrepreneurs from around the world, including the United Kingdom, Canada, Russia, Chile, Brazil, Australia and Singapore.
Startup Act 2.0, introduced by U.S. Senator Jerry Moran (R-Kan.), would help the United States win the global battle for talent by creating new opportunities for American-educated and entrepreneurial immigrants to remain in the United States where their talent and ideas can fuel economic growth and create American jobs. The bill also alleviates regulatory burdens that make it more difficult for businesses to expand and create jobs. Finally, Startup Act 2.0 makes changes to the tax code to encourage investment in startup companies.
Research shows that for close to three decades, companies less than five years old have created almost all of the net new jobs in America -- averaging about 3 million jobs each year. Additionally, more than a quarter of technology and engineering companies started in the United States from 1995 to 2005 had at least one key founder who was foreign-born. These companies produced $52 billion in sales and employed 450,000 workers in 2005.