Link To News: How to Attract Startups and Tech Companies to a City Without Relying on Tax Breaks

From Harvard Business Review


Immigration policy is typically set at the federal level, however innovative local initiatives are showing how cities and communities can take action on their own. A pioneering program for these international entrepreneurs is the Global Entrepreneur-in-Residence (EIR) program, funded by the Commonwealth of Massachusetts and launched at the University of Massachusetts (where one of us works). Immigrant entrepreneurs are hired part-time by the university – procuring their expertise to contribute to the entrepreneurial community while at the same time obtaining an H1B visa (exempt from the annual quota due to special dispensation for non-profits) to allow them to remain in the community to build their startup. The results over the last four years since its launch are extraordinary: 60 entrepreneurs have participated in the program and those entrepreneurs have raised over $400 million in capital and employ nearly 1000 people, mostly in high paying positions. Two companies who participated in the program — Kensho and PillPack — went on to be acquired for $600 million and $1 billion, respectively. Other communities that have launched the program through similar public-private sector collaboration include Boulder, Colorado, and Detroit, Michigan.


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Michael Monnot

12995 South Cleveland Avenue, Suite 249
Fort Myers, FL 33907

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