Moving to Silicon Valley, Boston or New York City to start a company and make a fortune is so 1999. That's what some foreign-born entrepreneurs are thinking after moving home to start their own businesses because of restrictive American immigration policies. Back then, the number of skilled worker visas was capped at 195,000. Now, the cap is only 65,000.
The founder of an Indian version of Groupon says that his company will top $100 million in revenue next year and that he is adding 70 new hires a month. He left America in 2007 after his H-1B visa expired. Meanwhile, China says that the number of Chinese nationals who have returned home was up 25% from 2009 to 134,800.
Instead of joining America's next generation of immigrant entrepreneurs, these highly-educated individuals are seeking opportunity in homelands that have deeper Internet penetration than ever.
A Senate bill called the Startup Visa Act has been reintroduced this year, but has failed to gain traction in an often deadlocked Congress. The bill would allow foreign-born entrepreneurs to remain in the country with the support of a venture capital firm or investor. (USA Today)
Would You Work for a Criminal? (FINS)
Working for a legendary boss could supercharge your career...unless they're more infamous than famous. Be careful who you work for, experts say.
What Would You Do?
Answer the questions and see how you match up with the rest of the FINS community.
You've just been offered your dream job, but... your new boss will be Raj Rajaratnam.
Sign ...or... Decline
Insecurity's Lack of Sunlight (WSJ)
Some lawmakers are asking the SEC to require that companies disclose when they have been victimized by cyber attacks.
Sixteen Tech CEOs Bailed Last Month (FINS)
The number of technology chiefs who left their posts last month remained constant versus March. Some notable departures include Nelson Ludlow of telecom firm Intellicheck Mobilisa, and Gary Johnson of Blue Spark Technologies.
Detroit's Back, Baby! (Detroit Free Press)
GM, Ford and Chrysler will add thousands of jobs in the coming years, including lots of engineers, returning their staffing to pre-recession levels.
AT&T & T-Mobile Execs Grilled (WaPo)
The CEOs of AT&T and T-Mobile appeared before Congress yesterday to answer questions about whether their merger would reduce competition and raise prices for consumers. Sprint Nextel CEO Dan Hesse said the merger would mean the death of his company as an independent organization.
Cisco's Long and Winding Road (San Jose Mercury News)
Profit fell 17%, Cisco announced yesterday, signaling that it will cut even more jobs in an attempt to get back on track after a series of missteps. Cisco is one of Silicon Valley's largest companies, with about 73,400 employees and $40 billion in sales last year.
Google's First Computer (WSJ)
This is Google's biggest death stab at Microsoft yet. Yesterday the company unveiled its Chrome operating system that will run on laptops with pricing starting at $349. Why so cheap? The computers won't have much storage, because all of your computing -- from playing music to creating spreadsheets -- will done through the cloud.
Visa Makes Payments More Digital (Bits)
Visa is developing a system to allow its users to make one-click purchase payments across the Web. This is in addition to its development of near-field communication technology to allow consumers to use their smartphones to make payments with a wave of their phone.
Tech's Role in the Raj Case (San Jose Mercury News)
Raj Rajaratnam faces up to 19 1/2 years in prison after being convicted of insider trading. Rajaratnam made millions in ill-gotten gains from stocks that included Google and Intel. The federal probe that snared him also found wrongdoing by employees of IBM and Intel.
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