May 21st, 2012
05:01 PM GMT
Editor’s note: The Millennials are a generation that are constantly plugged in and moving fast to make their mark on the world. CNN’s Quest Means Business is tracking four of them. Here, CNN contributor and Millennial David Lloyd – who in this week's episode is in the running for an innovation award - asks if foreign entrepreneurs are friend or foe.
(CNN) – There is a new talent war and it is global. But the battle to attract foreign entrepreneurs has put the differences between some countries under the microscope.
In the U.S., PayPal founder Peter Thiel is backing the construction of a ship which will host foreign entrepreneurs off California’s coast. This will keep them beyond the reach of America’s draconian immigration stance towards foreign wealth-creators.
My company Intern Latin America are just one of the many who have stayed and set up headquarters, inspired by the creative atmosphere and international exchange of ideas, against the backdrop of a welcoming government.
Meanwhile, the current stance of the U.S. leaves it at risk of losing out on top foreign talent. Facebook have just gone public at a valuation of more than $100 billion but its co-founder is Brazilian - talent knows no borders.
Economic growth, especially in the developed world, is under threat. Forward-thinking governments recognise that entrepreneurship is a key route to prosperity and growth.
Canada understands this, with its Immigration Minister Jason Kenney noting the country needs to “proactively target a new type of immigrant entrepreneur, who has the potential to build innovative companies that can compete on a global scale."
Meanwhile in the UK, the government constantly hails Google-supported Tech City in East London as evidence that Europe’s largest capital is to become a start-up utopia. In this spirit, Prime Minister David Cameron has repeatedly promised to lay out the “red carpet” for foreign entrepreneurs.
While Silicon Valley and increasing numbers within the U.S. political establishment support their own start-up visa initiatives, Congress in the world’s largest economy has so far failed to act, bogged down in gridlock.
Let’s cross our fingers that the U.S. can put into action the recent strides made in the right direction, and pass the legislation necessary to enable more talented migration to the land founded by immigrants.
With the global economy so dire, it could be just the catalyst and inspiration we all need.