Forward-looking countries are adopting new policies to attract entrepreneurs, especially as the United States becomes less welcoming to immigrants.
In particular, these countries are hoping to attract technology entrepreneurs because start-ups in this sector are responsible for rapidly creating jobs and wealth.
Michael Fertik, the American entrepreneur and author, has coined a term for this trend: venture countries.
"You had venture funds and venture capitalists and you are now getting what I am calling venture countries because they are committing themselves to specifically getting high-value, high-knowledge worker jobs," Mr Fertik says.
While Silicon Valley remains the largest and most influential start-up zone, challengers are emerging. Mr Fertik identifies Singapore, Chile, the UAE and the Benelux nations (Belgium, the Netherlands and Luxembourg) as some of the countries taking a different approach to attract start-ups, such as offering tax breaks, funding opportunities and adopting permissive immigration policies.
Take Chile, for instance. In 2010, the government created a programme called Start Up Chile to attract high-potential start-ups that would incubate in Santiago as a platform to going global. That year, 22 companies from 14 countries joined the programme, receiving US$40,000 (Dh146,932) of equity-free seed capital, a one-year visa and access to a variety of networks and mentors. The founders aim to have 1,000 participants in the scheme by the end of 2014.
A recent study - the Start-up Ecosystem Report 2012 - places Santiago among the top 20 places for start-ups, thanks to the strength of its mentoring. Here, start-ups have an average of 4.81 mentors, about 25 per cent more than in Silicon Valley.
In Singapore, the government has put in place a variety of policies to spur entrepreneurship including making it easier for highly qualified individuals to acquire visas. For start-up bosses, being able to access talented employees is essential to growing their fledgling businesses.
In the UAE, free zones offer infrastructure that appeals to entrepreneurs.
Researchers at the Kauffman Foundation in the US have authored numerous reports highlighting the importance of start-ups for job creation and the importance of immigrants as entrepreneurs.
This year, the organisation published a report called America's New Immigrant Entrepreneurs: Then and Now, which confirmed previous suspicions that restrictive immigration policies in the US are thwarting entrepreneurial activity.
"For several years, anecdotal evidence has suggested that an unwelcoming immigration system and environment in the US has created a 'reverse brain drain'," according to Dane Stangler, the foundation's director of research and policy. "This report confirms it with data."
The report shows that the percentage of immigrant-founded firms in the US has dropped to 24.3 per cent this year from 25.5 per cent in 2005. The decline in Silicon Valley is even more pronounced, with the proportion of immigrant-founded start-ups slipping to 43.9 per cent from 52.4 per cent.
"We are in a global competition for talent and growth [and] for the first time, countries are really figuring out start-ups," Mr Fertik says. "They are bending over backwards to make it work, [providing] special exception rules [for immigration] if you are high talent."
For would-be entrepreneurs holding a "bad passport", this emerging system offers the opportunity to "cherry-pick" the services these countries are now providing, according to Mr Fertik.
He offers the hypothetical example of a South Asian person looking to start a business: "Very smart but [has a] bad passport."
But now he can cherry-pick - perhaps choosing Singapore as his place of residence because it has a permissive immigration policy for entrepreneurs as well as good intellectual property protection.
He may then create his company in Dubai for tax purposes, open a sales office in a tax-friendly part of Europe such as Luxembourg or Switzerland, and put a call centre in Poland. He may also choose to sit his code on cloud servers in Benelux because of the security and stability that offers.
"Now, if you happen to live in the States or in London, there are a whole bunch of services that are there for you anyway," Mr Fertik explains. "But if you don't have that set of benefits, if you were born with the wrong passport, there are still a lot of ways to have a huge [impact]. There are all these different services you can use globally as an entrepreneur and the venture countries are competing to offer them. We've never seen this before."
lgutcher@thenational.ae
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
The biog
Name: Timothy Husband
Nationality: New Zealand
Education: Degree in zoology at The University of Sydney
Favourite book: Lemurs of Madagascar by Russell A Mittermeier
Favourite music: Billy Joel
Weekends and holidays: Talking about animals or visiting his farm in Australia
UAE currency: the story behind the money in your pockets
THE SPECS
GMC Sierra Denali 1500
Engine: 6.2-litre V8
Transmission: 10-speed automatic
Power: 420hp
Torque: 623Nm
Price: Dh232,500
RESULTS
%3Cp%3E5pm%3A%20Wathba%20Stallions%20Cup%20%E2%80%93%20Handicap%20(PA)%20Dh70%2C000%20(Turf)%202%2C200m%3Cbr%3EWinner%3A%20RB%20Sarab%2C%20Allaia%20Tiar%20(jockey)%2C%20Khalifa%20Al%20Neyadi%20(trainer)%3C%2Fp%3E%0A%3Cp%3E5.30pm%3A%20Mamsha%20Alkhair%20%E2%80%93%20Handicap%20(PA)%20Dh80%2C000%20(T)%201%2C600m%3Cbr%3EWinner%3A%20Mutaqadim%2C%20Ray%20Dawson%2C%20Ibrahim%20Al%20Hadhrami%3C%2Fp%3E%0A%3Cp%3E6pm%3A%20Emirates%20Fillies%20Classic%20%E2%80%93%20Prestige%20(PA)%20Dh100%2C000%20(T)%201%2C600m%3Cbr%3EWinner%3A%20Almotajalliah%2C%20Ray%20Dawson%2C%20Ibrahim%20Al%20Hadhrami%3C%2Fp%3E%0A%3Cp%3E6.30pm%3A%20Emirates%20Colts%20Classic%20%E2%80%93%20Prestige%20(PA)%20Dh100%2C000%20(T)%201%2C600m%3Cbr%3EWinner%3A%20Fadwaan%2C%20Antonio%20Fresu%2C%20Ahmed%20Al%20Mehairbi%3C%2Fp%3E%0A%3Cp%3E7pm%3A%20The%20President%E2%80%99s%20Cup%20%E2%80%93%20Group%201%20(PA)%20Dh2%2C500%2C000%20(T)%202%2C200m%3Cbr%3EWinner%3A%20Mujeeb%2C%20Richard%20Mullen%2C%20Salem%20Al%20Ketbi%3C%2Fp%3E%0A%3Cp%3E7.30pm%3A%20The%20President%E2%80%99s%20Cup%20%E2%80%93%20Listed%20(TB)%20Dh380%2C000%20(T)%201%2C400m%3Cbr%3EWinner%3A%20Western%20Writer%2C%20Richard%20Mullen%2C%20Bhupat%20Seemar%3C%2Fp%3E%0A
Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
Graduated from the American University of Sharjah
She is the eldest of three brothers and two sisters
Has helped solve 15 cases of electric shocks
Enjoys travelling, reading and horse riding
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
So what is Spicy Chickenjoy?
Just as McDonald’s has the Big Mac, Jollibee has Spicy Chickenjoy – a piece of fried chicken that’s crispy and spicy on the outside and comes with a side of spaghetti, all covered in tomato sauce and topped with sausage slices and ground beef. It sounds like a recipe that a child would come up with, but perhaps that’s the point – a flavourbomb combination of cheap comfort foods. Chickenjoy is Jollibee’s best-selling product in every country in which it has a presence.
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
BACK%20TO%20ALEXANDRIA
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ETamer%20Ruggli%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ENadine%20Labaki%2C%20Fanny%20Ardant%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3.5%2F5%3C%2Fp%3E%0A
Jordan cabinet changes
In
- Raed Mozafar Abu Al Saoud, Minister of Water and Irrigation
- Dr Bassam Samir Al Talhouni, Minister of Justice
- Majd Mohamed Shoueikeh, State Minister of Development of Foundation Performance
- Azmi Mahmud Mohafaza, Minister of Education and Minister of Higher Education and Scientific Research
- Falah Abdalla Al Ammoush, Minister of Public Works and Housing
- Basma Moussa Ishakat, Minister of Social Development
- Dr Ghazi Monawar Al Zein, Minister of Health
- Ibrahim Sobhi Alshahahede, Minister of Agriculture and Minister of Environment
- Dr Mohamed Suleiman Aburamman, Minister of Culture and Minister of Youth
Out
- Dr Adel Issa Al Tawissi, Minister of High Education and Scientific Research
- Hala Noaman “Basiso Lattouf”, Minister of Social Development
- Dr Mahmud Yassin Al Sheyab, Minister of Health
- Yahya Moussa Kasbi, Minister of Public Works and Housing
- Nayef Hamidi Al Fayez, Minister of Environment
- Majd Mohamed Shoueika, Minister of Public Sector Development
- Khalid Moussa Al Huneifat, Minister of Agriculture
- Dr Awad Abu Jarad Al Mushakiba, Minister of Justice
- Mounir Moussa Ouwais, Minister of Water and Agriculture
- Dr Azmi Mahmud Mohafaza, Minister of Education
- Mokarram Mustafa Al Kaysi, Minister of Youth
- Basma Mohamed Al Nousour, Minister of Culture