Verified Expert

In times of crisis, fintech startups should take the long view instead of hibernating • ZebethMedia

By zebethcontrolPosted on November 10, 2022Posted in Column, EC Column, EC Fintech, Fintech, hiring, Startups, Verified Expert - lawyerNo Comments

Vadym Synegin Contributor Vadym Synegin is a Ukrainian impact entrepreneur, philanthropist and investor in fintech and crypto projects with more than 15 years’ experience as an entrepreneur in Europe and the UAE. More posts by this contributor 5 reasons why Ukraine’s fintech sector is growing despite war The fintech industry is currently facing several macroeconomic problems, including global economic inflation, skyrocketing costs of living, companies reducing their workforce, and a possible recession on the horizon, not to mention the war in Ukraine. All of these factors have caused fintech M&A exits to decline 30% in Q2 2022, the lowest point since Q3 2020. This is not the first time the economic climate has worsened so quickly. But when we look at the industry’s overall performance compared to previous years, the current downturn is not that different. What can founders do to help their companies prosper during this period? Hire high-performing talent The worsening financial climate is causing leading fintech companies to suspend hiring or reduce their workforce to avoid cost overruns. The industry saw 1,619 job cuts in May, compared to 440 in the first four months of the year. Personnel losses have also affected the Ukrainian startup ecosystem. More than one in ten startup employees in the country has had to leave their firms since the beginning of Russia’s invasion, and since then, the number of enterprises with up to five team members has risen, while companies with bigger teams are dwindling. Nearly every founder would agree that layoffs are a hard but necessary decision to make in times of crisis, as payroll spend can be redirected towards growth or maintaining a runway. But if you take the long view and look past the current downturn, it’s likely your startup will have higher chances of survival if you hold on to specialized talent. And sometimes, hiring a new employee can bring in a new perspective that may help you detect problems within your firm. Ukraine has a huge pool of talent, and thousands of specialists are currently searching for an exciting project to join. So instead of battening down the hatches as you face this crisis, consider it an opportunity to strengthen your company with dispersed, high-performing talent. Develop and prove the quality of your product Crises are also times of opportunities — you just need to look carefully to spot a golden egg. Crises give founders a chance to focus on building robust products since times like these usually highlight problems that are in need of a viable, long-term solution, and startups can go heads-down on building rather than focusing on incessant growth. The brutal truth is that tough markets also clean up the hundreds of startups without a solid product cluttering the market. This gives top companies a chance to develop an even more extensive set of products and services. Develop a solid strategy To run a business sustainably, founders must direct business development and manage risk well. That’s why during times of crisis, startups that have focused on developing solid business strategies and products usually emerge to win the market from those that didn’t. I know it’s hard to focus on developing a strategy when there are so many external factors affecting your company. But the fact is that companies that focus on strengthening their business plan and solidifying their strategy have a higher chance of bouncing back and coming out stronger than before compared to those who hibernate. Individuals and businesses thrive in the face of crises by managing their resources, analyzing the situation they’re in, and recognizing potential opportunities regardless of the amount of noise and chaos around them. Tough times allow teams that set big goals to recharge and look at things from a different angle. For instance, you might as yourself: What is the unique proposition of the product? What can we do to make the most out of the current market? What can we do to catapult our product even farther when the market recovers? Despite all the setbacks, founders can excel in business by following three rules during a crisis: strengthen your staff, develop a better product, and work to solidify a business strategy. While these aren’t laws or panaceas for all problems, I’ve found them to be very effective during rough times.

How can I stay in the US if I’ve been laid off? • ZebethMedia

By zebethcontrolPosted on November 7, 2022Posted in Column, Dear Sophie, EC Column, EC DEI, Government & Policy, immigration law, Sophie Alcorn, Startups, tech layoffs, Verified Expert - lawyerNo Comments

Sophie Alcorn Contributor Sophie Alcorn is the founder of Alcorn Immigration Law in Silicon Valley and 2019 Global Law Experts Awards’ “Law Firm of the Year in California for Entrepreneur Immigration Services.” She connects people with the businesses and opportunities that expand their lives. More posts by this contributor Dear Sophie: How can students work or launch a startup while maintaining their immigration status? Dear Sophie: How can early-stage startups improve their chances of getting H-1Bs? Here’s another edition of “Dear Sophie,” the advice column that answers immigration-related questions about working at technology companies. “Your questions are vital to the spread of knowledge that allows people all over the world to rise above borders and pursue their dreams,” says Sophie Alcorn, a Silicon Valley immigration attorney. “Whether you’re in people ops, a founder or seeking a job in Silicon Valley, I would love to answer your questions in my next column.” ZebethMedia+ members receive access to weekly “Dear Sophie” columns; use promo code ALCORN to purchase a one- or two-year subscription for 50% off. Dear Sophie, I was laid off and I’m on an H-1B. I have enough savings to survive for a while. What should I do if I have been let go from my job? I am on an H-1B, have an approved I-140, and an I-797 that expires in March 2024. If I have to leave the U.S., can my current I-797 be transferred to my next employer? Are there any issues I should be aware of? — Upended & Unemployed Dear Upended, I’m so sorry to hear you’ve been laid off, and the stress this has no doubt added to your life! Your questions are top of mind in light of the thousands of others being laid off from Twitter, Facebook, Stripe, Brex, Lyft, and other tech companies. I realize this can be an incredibly stressful time. It is my personal life mission to help immigrants to have peace of mind, including being able to stay in the United States, keep their families safe, and build their dreams of making the world a better place. I am so happy to have the opportunity to share my advice through this column! The good news is U.S. Citizenship and Immigration Services (USCIS) allows a 60-day grace period to remain in the U.S. if you lose your job while on an E-1, E-2, E-3, H-1B, H-1B1, L-1, O-1, or TN visa. And we can turn your 60-day grace period into a total of eight months of immigration runway — it is possible to extend your time in the U.S. beyond 60 days by filing a change of status from H-1B to another category such as a visitor, student, or dependent spouse. When individuals who need visa sponsorship get laid off, we often hear their highest priority is to maintain their ability to stay in the United States beyond the 60-day grace period, especially if they own a home, have a spouse, or have dependent kids in school. Often people ask me what they need to do if they can’t get a job that offers visa sponsorship within the 60-day grace period or how they can finally follow their heart to explore their own startup ideas. Here are my recommendations for how to stay in the United States, as well as options and opportunities you should keep in mind. To work for another company, start interviewing NOW! Unfortunately, you cannot transfer your current I-797 to your next employer. However, you can transfer your H-1B to your new employer following the H-1B application process. If you are approved, you will receive a new I-797. Put all of your efforts into finding another job. Get as many interviews as you can. Reach out to everyone in your network — friends, family, former colleagues, co-workers, neighbors, and acquaintances. Take advantage of social media and attend networking events. Also, take a look at where venture capital is flowing these days; companies that are receiving Series A funding or above are likely hiring. At a job interview, be direct about your need to transfer your H-1B to a new employer. If the company is not willing to sponsor you, move on. Ideally, you should accept a job offer no more than 45 days into your 60-day grace period unless you have applied for another fallback status because it can take several weeks to prepare and file the H-1B transfer. Additionally, if you qualify for an O-1A extraordinary ability visa, you could consider using an agent to file an O-1A petition on your behalf, which would make your visa independent of any particular employer. This offers you both redundancy because you can change or add paid jobs in the United States without amending the petition every time, generally, as long as you are continuing to work in your field. To work for your own startup, start NOW! If you want to create your own tech venture, find someone you can work with to be your co-founder. Find out if you qualify for an O-1A ASAP or determine if you want to set up your startup to be compatible with an H-1B transfer. Talk with both an immigration attorney and a corporate attorney to devise the best structure for your startup and determine an immigration strategy for your startup to sponsor you for a visa. For many people, if they qualify, I suggest that your startup sponsor you for an O-1A, which offers more flexibility and freedom than an H-1B transfer. Many individuals on an H-1B visa in Silicon Valley and beyond are surprised when we tell them they already qualify for an O-1A. The added benefit of the O-1A is that it serves as a stepping stone to qualify for the EB-1A extraordinary ability green card, which is currently available. Devise a backup plan Have a backup plan and work with an immigration attorney to assess your options. You could transfer your H-1B, become an H-4 dependent visa holder if your spouse has an H-1B,

How can students work or launch a startup while maintaining their immigration status? • ZebethMedia

By zebethcontrolPosted on November 2, 2022Posted in Column, Dear Sophie, EC Column, EC DEI, F-1 visa, Government & Policy, immigration law, Sophie Alcorn, Startups, Verified Expert - lawyerNo Comments

Sophie Alcorn Contributor Sophie Alcorn is the founder of Alcorn Immigration Law in Silicon Valley and 2019 Global Law Experts Awards’ “Law Firm of the Year in California for Entrepreneur Immigration Services.” She connects people with the businesses and opportunities that expand their lives. More posts by this contributor Dear Sophie: How can early-stage startups improve their chances of getting H-1Bs? Dear Sophie: How can I launch a startup while on OPT? Here’s another edition of “Dear Sophie,” the advice column that answers immigration-related questions about working at technology companies. “Your questions are vital to the spread of knowledge that allows people all over the world to rise above borders and pursue their dreams,” says Sophie Alcorn, a Silicon Valley immigration attorney. “Whether you’re in people ops, a founder or seeking a job in Silicon Valley, I would love to answer your questions in my next column.” ZebethMedia+ members receive access to weekly “Dear Sophie” columns; use promo code ALCORN to purchase a one- or two-year subscription for 50% off. Dear Sophie, I’m studying bioinformatics at a university in the U.S. What options do I have to work before and after graduation on my student visa? Do any of these options allow me to launch my own startup? — Wanting to Work Dear Wanting, I applaud your enthusiasm to get to work! The opportunity to work and get training in your field is one of the draws of studying in the U.S. Complex immigration rules and regulations for international students — not to mention processing delays and time limits — can make things challenging, but all you need is a little planning to overcome those challenges! Your ability to work in your area of study — and for how long — depends on what type of student visa you hold: F-1 student visa. J-1 educational and cultural exchange visa. M-1 student visa. F-1 offers the most flexible work options Image Credits: Joanna Buniak / Sophie Alcorn (opens in a new window) The F-1 student visa offers the most options for working both before you graduate and after. Two types of training programs are available to most international students who hold an F-1 visa, making them eligible to work in their field of study: Curricular Practical Training (CPT) is available to students at some colleges and universities. Optional Practical Training (OPT) is available either before or after graduation. STEM OPT is a 24-month extension of OPT available to students who graduated with a STEM degree designated by the U.S. Department of Homeland Security. Working under CPT If CPT is available at a university or college, then students on F-1 visas are eligible if they have been enrolled full time for at least one academic year and have not yet graduated. Some graduate programs allow or even require students to apply for CPT at the very beginning of their program.

Verified Expert – lawyer