Matt Condon: The Startup Act is being held up in Congress, delaying job growth and economic development

Bipartisanship in the U.S. Congress is, unfortunately, frustratingly rare these days, but there is one important piece of legislation that has both Republican and Democratic support: the “Startup Act.”

Introduced by Kansas Sen. Jerry Moran, a Republican, and Virginia Sen. Mark Warner, a Democrat, the Startup Act is co-sponsored by a bipartisan group, including Missouri Sen. Roy Blunt. It’s a common sense solution to some senseless problems in this country. The Startup Act is about economic development. It would immediately initiate growth in new businesses and support our country’s incredibly important small business sector, which generates over a million new jobs each year, accounting for most of the nation’s annual job creation.

Kansas City can be proud of the Startup Act, which is based on research by the Ewing Marion Kauffman Foundation. The Startup Act has four elements: modifying the tax code to encourage new business investment; accelerating commercialization of university research leading to new ventures; improving the regulatory process; and creating Entrepreneur and STEM Visas for entrepreneurs and highly educated job seekers who want to legally stay in the U.S.

This bill deserves to pass, but regrettably this marks the fourth time Moran and Warner have introduced it. To date, this legislation has been denied even a vote. The rationale, I believe, is misguided. This is not an immigration issue. This is a business issue.

My perspective is based on both personal and professional experiences. Personally, while completing my MBA, I had the opportunity to study with numerous international students who could have made benefited our economy… if allowed. Unfortunately, many/most had to go back home after they graduated. We educate them, send them back home — and then complain about not having enough talent at our respective companies.

Professionally, these policies are puzzling. When so many organizations (mine included) need talented young people passionate about science, technology, engineering and math, our nation’s policies are closing the door to them.

Critics say this bill “will take American jobs away.” My response: the Startup Act will create new companies, new jobs, new markets and positively affect the U.S. economy. When the Startup Act finally passes, our region and its entrepreneurs, universities, and companies will directly benefit.

We have tangible energy, a renewed optimism, and an infusion of talent here in Kansas City. UMB’s Peter deSilva, the first champion of the Greater Kansas City Chamber’s Big 5 entrepreneurship initiative, says the initiative has morphed into a movement. (Peter, former Chair Greg Graves, and chamber CEO Jim Heeter launched the initiative and deserve great credit.) We cannot lose our momentum.

Recent reports show our region lagging the rest of the nation in economic and job growth. One way to change that trend is through the creation and growth of entrepreneurial ventures. The Startup Act can help.

The chamber and organizations nationwide support the bill. We encourage you to contact your representatives and urge support of the Startup Act.

It’s important, it’s long overdue, and it’s just common sense.

This story was originally published March 13, 2015 at 9:44 PM with the headline "Matt Condon: The Startup Act is being held up in Congress, delaying job growth and economic development."