Major Silicon Valley VCs are slamming President Trump's immigration restrictions as 'short-sighted' and 'very dangerous' to long-term technical innovation
to hire some of the top experts in highly competitive fields like machine learning or data analytics. "Undoubtedly this will have long-term implications on the ability of U.S.-based companies to attract talent and maintain a competitive edge at a global level," Index Ventures partner Mike Volpi told Business Insider.
"This is when the next big tech companies will be created, now, in the opportunities that exist in this post-COVID moment," said Jennifer Neundorfer, the cofounder and managing partner of January Ventures.One doesn't need to look very far to see the role of immigrants in the tech industry. Google cofounder Sergey Brin's family emigrated from Soviet Russia in the 1970s. Alphabet CEO Sundar Pichai and Microsoft CEO Satya Nadella both moved to the US from India.
"When that talent pool doesn't show up, that's my primary target audience 10 years later," Agarwal told Business Insider. "They show up here at age 18 to go to university, but when they are 30 years old and have been here on an H1-B, those are the people that disproportionately start companies. This is a very dangerous message to be sending to the technical community around the world.
"We cannot take for granted that we as a nation are the destination of choice for the next Sergey Brin, Elon Musk, or Sundar Pichai," Haystack VC founder and general partner Semil Shah told Business Insider. "The people who have benefited from the current paradigm — all of us, really — need to pay it forward by clearly organizing against this type of policy, as well as ensuring the unalienable rights of other individuals.
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