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New York State Opening Avenues for International Students to Set Up Startups

Mar 14, 2024

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Exciting news coming from the land of opportunities – the United States of America! Each year, US governors set out challenges and goals for their respective states, and it seems like Governor Kathy Hochul of New York State has some game-changing plans. In a city where international students from around the globe aspire to work, a city known as The Big Apple because of its status as the business hub of the world - New York State is calling international students to set up their startups right here.  

In her State of the State 2024 address, Governor Hochul highlighted a pressing challenge that many international students pursuing higher studies in the US are equipped with great market knowledge but end up creating value for other countries due to visa restrictions limiting their ability to stay and work in New York State. To change this narrative, she is proposing grants to research universities, empowering international entrepreneurs to stay and launch their startups right here in New York State, strengthening their `America First’ motto.

With 204 new policy proposals on the table, Governor Hochul's plan is not just a shot in the dark, it is backed by surveys and data that provide strong support for this initiative that will benefit New York,

  • A report from the 2022 National Foundation for American Policy (NFAP) revealed that a quarter of billion-dollar startup companies in the USA have a founder who was once an international student. These businesses have collectively created an average of 860 American jobs each, showcasing the significant contribution of international talent to the US economy.
     
  • Another eye-opening statistic from the NFAP report was that 42% of the top AI-based companies in the US have a founder who is foreign-born but obtained their degree in America. This underscored the vital role played by foreign-born entrepreneurs in driving innovation and technological advancement in the country.

Following the NFAP reports' impact on Congress, Stuart Anderson, the executive director of NFAP added “To help more international students remain in the US, the best solution is for Congress to exempt from employment-based green card limits for students with master’s degrees and PhDs, particularly in STEM fields, eliminate the per-country limit, raise H-1B numbers and create a startup visa for entrepreneurs.”

Governor Hochul, inspired by the NFAP findings, echoed these sentiments. She recognized the challenges immigrants face in business and proposed a virtual center with essential resources to help them. Additionally, she advocated for a business support program at the State University of New York - SUNY to empower immigrant-driven startups by removing barriers.

Indeed, it is a bold move towards adding innovation, diversity, and economic growth, making New York State an even more attractive destination for international students worldwide. 

For more such updates on policy changes, and news from international study destinations stay tuned with KC Overseas Education. Also, to study in USA, consider experts at KC Overseas as your trusted allies for all student support-related services and queries.

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