Appendix A: Making a Case for Venture Capital as An Award
Some people are unaware that venture capital funding can be used to satisfy the criteria for awards, but in fact, it can! When your lawyer is putting together your petition, one of the first sections in the petition will be the Exhibit List. The "exhibits" are sections of your application where evidence for criteria is shown.
The exhibit list serves as a TL;DR of your application and how you satisfy the criteria. It will look something like this
EXHIBIT LIST & O-1A CLASSIFICATION MEMO
April 12, 2024
Petitioner: Acme Inc. Beneficiary: Your Name (“The Beneficiary”) Field of Endeavor: Technology Entrepreneur Proposed U.S. Position: Chief Technology Officer
Exhibit 1: Evidence of funding awards from prestigious Venture Capital firms
$5,000,000 from Quantum Ventures
Quantum Ventures, a leading venture capital firm known for its strategic investments in cutting-edge technology startups, awarded Acme Inc. a $5 million Seed funding. This investment was made to support Acme Inc.'s innovative work in building Acme products.
$500,000 from TechStars
For more than x years, TechStars has been the seed money startup accelerator that has made success possible for companies to reach their full potential. Each company that is accepted undergoes an intense screening process where the product or service being offered, the business model, future plans, and everything in between are discussed with the startup company applying. Once successful, a startup company will receive seed stage funding, professional advice, and more importantly connections within the business world – in exchange for a 7% stake in the start-up company.
Exhibit 2
Documentation from the USCIS website (archives). The documentation demonstrates the USCIS has considered venture capital as an internationally recognized award in the field.
Forbes article titled “The importance of Founder-Market Fit & How to Highlight it While Fundraising” and the Fundable infographic. The documentation demonstrates that venture capital is tantamount to an internationally recognized award in the field of technology entrepreneurship.
Scholarly article titled “How do Venture Capitalists Make Decisions?” The article demonstrates that these awards of venture capital granted to the Beneficiary constitute “awards for outstanding achievements” in the field of technology entrepreneurship. —--
In Exhibit 1, we provide evidence of funding from venture capitalists by including term sheets, SAFEs, or other documentation.
In Exhibit 2, we present screenshots of links and articles that highlight why venture funding is considered an award. Within this exhibit, there are two main arguments we need to make to USCIS. Firstly, we need to demonstrate that funding is indeed regarded as an award. This is where the screenshot from the USCIS website becomes relevant. Secondly, we must emphasize that when selecting a company to invest in, it is not only the product or traction that the company possesses, but also the excellence of the founders that contributes to the decision-making process.
I personally experienced rejection because the immigration officer believed that our acceptance into Y Combinator was solely based on the company, ignoring my personal background and achievements. It is important to highlight that venture capitalists, when funding a company, consider the founders and their background as one of the key factors influencing their decision. This is where the article "How do Venture Capitalists Make Decisions?" becomes relevant.
As shown in Exhibit 2, USCIS explicitly states that venture capital funding is recognized internationally as an award in the field. Here is the wording from their website:
If you have received venture capital funding or have been awarded a grant, you may submit evidence of the funding or grant awarded, including the amount of the funding or grant and the criteria used in awarding the funding or grant. Evidence of other investments, such as those from an accredited angel investor, may also be submitted.
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