If you go
What: Techstars Demo Days
When: Wednesday, April 19, 6:30-9:30 p.m.
Where: Boulder Theater (2032 14th St.)
Cost: Free
Register: //bit.ly/2oKaAgN
Techstars Boulder will graduate its first nonprofit tomorrow at the accelerator's demo days event, an organization dedicated to helping budding international entrepreneurs enter and operate in the U.S.
Global Entrepreneur-In-Residence (EIR), founded in 2014 at the University of Massachusetts, helps foreign startup founders navigate the labyrinthine U.S. visa process, utilizing a legal exemption granted to colleges and universities. Educational institutions (along with some nonprofits) are not subject to the cap on H1B visa workers, making it easier to obtain the work permits.
Through EIR, universities hire immigrant startup founders to mentor students in university-based entrepreneurship programs, fulfilling the employer requirement for H1B visa programs and allowing the founders to run their companies from within the U.S.
Under current law, H1B visas are tied to jobs. None exist for entrepreneurs. GEIR is designed to bring foreign entrepreneurs into the U.S. by allowing them to work for universities as mentors to university business students.
"There are 94 visa categories that make up the visa system, and none tell the story of being a founder," said Craig Montuori, EIR's executive director. "If you want to become an entrepreneur, you also have to become something else: a worker."
To date, 35 entrepreneurs have gone through the program and started their own companies, creating 58 new jobs and raising $8.5 million in capital in the process, Montuori said.
The nonprofit's focus on fostering entrepreneurism made it a perfect fit for Techstars, said Natty Zola, managing director for the Boulder Techstars program.
Techstars had no formal plans to admit more nonprofits, Zola said, but "we think the model can work."
EIR has a royal pedigree: Techstars own Brad Feld is one of the co-founders and advisers. But even with that depth of leadership, there was plenty to learn.
"They still needed help with how to scale, how to grow the team, how to expand the program and raise money," Zola said. "In that, they were like any other startup."
EIR has partnered with 13 schools so far; the University of Colorado was the first expansion after UMass. The team hopes to be in 15 to 20 more schools by the end of the year.
Unlike most of their Techstars peers, EIR won't be hoping to leave demo day with an investment. But they do hope some money flows their way.
"We've got a mission," Montuori said. "We're looking for people to make a pledge that this mission is an important one."
Shay Castle: 303-473-1626, castles@dailycamera.com or twitter.com/shayshinecastle
Our editors found this article on this site using Google and regenerated it for our readers.
