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OPINION:
Small businesses drive the US economy and hold the key to its recovery and competitiveness. These businesses represent a broad swath of American industry, including tens of thousands of small businesses engaged in science, technology, engineering and mathematics, and are responsible for nearly half of America’s high-tech jobs. Small businesses and startups drive economic growth and keep our economy competitive and innovative. But they need a pipeline of human capital to scale, innovate and compete, and have a fighting chance against global rivals like China.
While modernizing education is a key strategy to address the skills gap in our workforce, there is a practical solution in front of us with short- and long-term benefits. The House and Senate are working to reach a final agreement on the COMPETES/United States Innovation and Competition Act. One measure being considered would allow highly skilled, well-trained immigrants in STEM fields and those with successful businesses to stay in the U.S. and either work for American businesses or provide job opportunities to more Americans.
Specifically, section 80303 of the House COMPETES Act would create an exception for foreign nationals with Ph.D. in STEM fields from annual green card limits and accumulated obligations (which are decades long), allowing them the opportunity to remain in the US and obtain permanent residency. It would also create a temporary visa for qualified foreign-born entrepreneurs and include a way for entrepreneurs to earn legal permanent residency. Both provisions will bring new talent to the US and allow us to retain the talent already here, which is certainly needed in a competitive global economy.
According to the US Bureau of Labor Statistics, nearly 8 million skilled labor jobs have been lost from the workforce during the pandemic. About half are employed, but roughly 4 million jobs remain in industries responsible for most transportation, construction, and mechanical needs.
Global competitors like China see these gaps and use our flawed immigration system to their advantage, poaching STEM workers who would otherwise thrive and help America’s economy.
Current laws and regulations also attract skilled STEM workers to larger technology companies that can sponsor their H1-B visas and allow these highly skilled individuals to remain in the US Passing Section 80303 in COMPETES will release these valuable workers from the larger companies and will provide more freedom to enter smaller, niche technology businesses and start-ups. These smaller firms provide a huge benefit to national security, such as in the development and manufacture of semiconductors.
If Congress fails to pass this measure, clarity and certainty about the path to citizenship will remain clouded for these highly talented workers. It is more than likely that the US economy will lose these workers to global competitors. Again, the status quo disadvantages STEM SMBs who need skilled workers to scale and compete with larger companies and around the world.
In terms of semiconductors and the current shortage, smaller firms and startups can play an indispensable role in helping to address the current chip shortage. Since 1995, nearly $4-5 trillion in global GDP has been directly related to semiconductor design and manufacturing, and the industry will invest an estimated $3 trillion over the next decade. Although the industry is growing rapidly, startups and small businesses in this sector—84.2% of semiconductor and related electronic component companies have fewer than 100 employees (Census Bureau 2019)—difficult compete for talent. An open and more stable flow of STEM workers into these emerging businesses would allow these firms to better compete and more quickly respond to semiconductor demand.
The lack of clarity about the number of years—or even decades—it takes to obtain a green card will continue to weigh on America’s ability to attract and retain STEM talent. Legal immigration reform should never be a zero-sum game because a growing and vibrant economy is not a zero-sum game when it comes to jobs and entrepreneurial opportunities. The US needs more workers and innovative entrepreneurs. Especially in this time of economic uncertainty, we can hardly afford to kick skilled workers out of our country.
A solution to getting our economy back on the path to prosperity is for lawmakers to create clear pathways for science and science workers to contribute to America’s small business innovation and job creation. If the goal of COMPETES is to help our businesses compete more effectively in the global marketplace, then this legislation should help small businesses compete by meeting their needs for highly skilled workers.
• Karen Kerrigan is president and CEO of the Small Business & Entrepreneurship Council.
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