President Obama recently made a two-day visit to Silicon Valley. The aim of the trip was to promote technological development with a view to supporting and improving the US economy. At a private dinner, President Obama met with the heads of some of the leading technology companies based in Silicon Valley.
According to White House Press Secretary Jay Carney, the conversation centred on ways to work to invest in innovaton and promote private sector job growth.
“The president specifically discussed his proposals to invest in research and development and expand incentives for companies to grow and hire, along with his goal of doubling exports over five years to support millions of American jobs.”
In addition, “The group also discussed the importance of new investments in education.”
President Obama has already promised to fund tax credits for research and development, and has plans to allocate $18 billion dollars for wireless broadband infrastructure across the country.
The Irish Innovation Center (IIC) has over 20 start-ups operating from its premises in San Jose, California. They support plans to give immigrants preferential visas if they bring in capital and start up a company that creates jobs for Americans.
They are referring to initiatives like the Startup Visa Act which was introduced by Senators John Kerry and Richard Lugar in February 2010 and is awaiting approval. In essence, it allows for a foreign national to obtain a visa that would allow them to reside and work in America if they can raise a certain amount of money from a venture capital firm owned by a US citizen.
John Hartnett, President and Founder of the Irish Technology Group (ITLG) says, “Our competition is every other city in the world, and leading in education and leading in supporting that young innovator that is coming to Silicon Valley to set up their company and be successful and become the next Google or the next Facebook is what we want to make happen.”
To increase the chances of making that happen, for Irish businesses in particular, the ITLG wants to get the US Government to create “start up incentives” for seed funding and the creation of employment grants to be made available for Irish startups in America. They would also like to see more support for the IIC.
In a previous interview with the Technology Voice, John explained why it was so important for entrepreneurs, especially Irish entrepreneurs, to have a presence in Silicon Valley, “Three reasons to come to Silicon Valley are access to customers, access to capital, access to talent. If you want to understand what is going to shape your company in the future, it is your people, your ability to get customers, and your ability to get funded, and that’s all sitting here.”
With the President of the United States taking a personal interest in technological innovation and growth, combined with upcoming changes in legislation like those proposed by Senator John Kerry and Senator Richard Luger, the future does seem to look more promising for those who are willing to make a go of it in Silicon Valley.