Us H1B-ers are still tied down. I'd have to transfer my visa to my new, fledgling company. If it fails, I have to leave the country.
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that is incorrect. If it fails, your original h1b remains intact
Once its transferred, its transferred. There is no "return policy" equivalent because its tied to an employer and your past employer wont necessarily keep the position open just in case you need to come back.
another company applies to transfer it to them
you continue working at the first company
when the transfer goes through, you give notice at the first company and go to work for the new one
if it fails, you continue working for the first one like nothing happened.
Its a risk one must take but you don't just wake up one morning and 'fail' ... you see it coming, and you should be able to line up interviews and at least make an attempt at getting a gig before that happens .... thats what I'd do, but that's just me.
Don't get me wrong, this is a step in the right direction. But the mythical Startup Visa it is not.
Not that there's anything to worry about usually, it's just the kind of uncertainty that really isn't helpful when you're setting up a company.
"You have authorisation to work for your new employer"
But the actual transfer is not complete. You are not guaranteed to be able to continue your work. The chances of problems are small, but it does happen.
b) Noone has to know.
c) Although different apporaches exist,my opinion is that you should have probably already made something that a lot of people use even before you talk to the VCs.By doing this you were working for your company without an H1B.But this issue can be solved if you refer to point - B above.
Except the investors, who would realise immediately. It's all very well to say that USCIS "shouldn't" and "probably won't" do things, but:
1) That doesn't reassure me much. I don't want to be deported.
2) That shouldn't reassure an investor much, either. If they realise you are going against immigration law they might run from your company at sprinting pace once they realise the founder could be deported.
I want these kind of changes because I want to be legitimate.
-But at least now the dream is POSSIBLE as opposed to IMPOSSIBLE.
-You have to make up for these shortcomings by making something that much more awesome.
-And lastly if a VC is not willing to take this simple risk,maybe he should drop the letter V from his designation.
a) willing to invest in someone who is waiting for a visa
b) willing to use their contact network to get their investment secured with a visa for the founders. I've seen this happen multiple times - good lawyers pulled into the deal to expedite visa issues.
It is in the investor's best interest.