CRV, formerly known as Charles River Ventures, has recently announced that is launching a Fellowship Program which will provide funding and support, including office space, for immigrant entrepreneurs. Moreover, the firm has committed to cover the costs for U.S. visa for the founders of the companies it will back up.
In almost half a century of existence, the company has supported over 400 companies, many of them founded by foreign-born entrepreneurs. According to a manifesto published on their website, CRV is a firm of immigrants who believes that “entrepreneurship begins and ends with a powerful immigrant spirit”. The company’s 9 partners come from 7 different countries (United States, Greece, Turkey, Israel, Venezuela, India, and Iran) and speak 8 languages. About half of the teams they support are made from foreign entrepreneurs.
CRV is not the only company that invests in foreign talent. In fact, many of the Silicon Valley firms rely greatly on immigrants and some are even founded by immigrants. Uber, Eventbrite, and Slack are just three examples. According to a study from the National Foundation for American Policy, most private companies in the U.S. valued at $1 billion and above had at least one foreign-born founder.
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