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Sep 16, 2016

Tech News: New U.S. Visa Program Could Hurt Growing Australian Tech Startup Market

A new United States visa proposal could be detrimental to the Australian tech startup market. 

Australia continues to churn out successful technology startup companies like getFoodi, which just scored a $500,000 investment "without even trying." 

The getFoodi platform seeks to connect food creators with food lovers (focussing mainly on desserts). It offers caterers, hobby chefs and boutique bakers a place to market their own creative treats to a bigger market of buyers than they could without the platform.

Founders Johnson Su, Sia Sajjadi and Adam Love weren't raising capital when ESZ Holdings said they'd back the group (which was just a couple weeks into its test launch).

After seeing success stories of tech startups like getFoodi, the United States may start courting tech entrepreneurs from Australia and other countries around the world with a new proposed visa program.  

The proposed startup visa program would let tech startup founders to work and live in the United States for a maximum of five years while growing a successful tech company.

A total of three co-founders could apply for the visa. If granted, it would allow for a two-year stay upfront (with the ability to apply for three more years in the future).

There are conditions, though. To qualify, a tech startup would have to have been founded less than three years ago in the United State.

The company must also have potential for rapid growth and job creation.

It must also have secured at least US$100,000 in government grants or US$345,000 in private investment.

The program is still just a proposal at this point, but if approved and put into action, it could provide serious competition to the Australian tech startup market.