Every year, US state governors set goals and propose policies. New York Governor Kathy Hochul wants to retain international entrepreneurs and support international students who can start startups after graduation, according to Pie News on January 31.
In her recently released New York State Policy 2024 proposal, Hochul cited data showing that more than 44 percent of State University of New York STEM degrees are awarded to international students. However, obtaining a visa to stay and work or start a business in New York state can be a challenge for international students. Many international students “are forced to leave New York after graduation and start a company overseas,” Hochul said.
New York Governor Kathy Hochul speaks at a press conference.
Therefore, Ms. Hochul wants to make it easier for immigrant entrepreneurs, including international students, to start businesses in New York State . Specifically, she proposed that the state government provide grants to universities to help international students stay in New York and start businesses.
According to a 2022 report by the US policy research organization NFAP, one-quarter of billion-dollar startups in the US have founders who first came to the country as international students, and each business has created an average of 860 jobs.
NFAP also highlighted the important role of international students in the rapidly growing field of artificial intelligence (AI). Specifically, 42% of the top AI companies based in the US have founders who were international students.
Outside Columbia University, New York
However, most international students are prohibited from starting businesses while in the US if they are granted an F-1 visa, according to Pie News . Therefore, advocacy groups and policy research groups have called on the US government to change visa policies to create better conditions for international students and recent international graduates who want to work and start businesses in the US.
New York Governor Kathy Hochul also acknowledged the visa barriers for international graduates who want to start businesses in the U.S. Therefore, Ms. Hochul proposed the establishment of an online center to support immigrant entrepreneurs and international students to start businesses.
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