I think it's wonderful for the United States to accept a lot of immigrants--my wife is an immigrant from another country. But I will simply ask the policy questions I generally ask when HN threads include discussion of immigration policy:
1) What country offers BETTER general conditions for convenient immigration by educated persons from China or from India than the United States? Where are that country's immigration rules posted on the World Wide Web? Would you rather live there than in the United States?
2) What countries offer easy and convenient immigration to an arbitrary person from an arbitrary country, say an African person who would like to start a new life by founding a business in some developed country? Where could that person immigrate readily and legally?
3) What countries allow Americans readily to settle with permanent residence status that could turn into citizenship after an application on the same terms that Vivek Wadhwa advocates that the United States offer to citizens of other countries? What countries are currently visible examples of the results of the kind of policy he proposes? Would you rather live in one of those countries than in the United States?
4) Is there any country on earth that has a NET inflow of immigrants from the United States, compared to the number of its own citizens who emigrate to the United States? What country is that? What are its immigration rules? Would you like to start a start-up there?
After edit: If you are sure that there is another country that provides better immigration rules for start-up entrepreneurs than the United States, could you kindly link to some website hosted by that country explaining what the rules are?