How do we un-support the founders visa? Because I don't think VC's should have any say in who can immigrate to the US, and I don't think the government should be in the business of annointing VC's.
Any effort to address the problem is better than nothing.
How will you differentiate between the next google and Joe with 2,000$ wanting to start up a lemonade stand?
This would encourage establish a level playing field between startups and established companies for competing for foreign talent, get the US government out of the business of evaluating business plans, avoid anointing any particular VCs as the official Visa Cartel, and be easy to administer and transparent.
You don't have to restrict it to startups in any way, either. It would easily replace the H1B and most other work-related visas. (I can think of compelling reasons to issue, e.g,. spousal visas outside the market.)
And each year, the cap can be reevaluated: would a larger number have generated more jobs (and auction revenue) without the social costs that usually feed anti-immigrant sentiment? If so, revise the cap upward.
In which case there are enough millionaires wanting US residency that these will all go to millionaires setting up boutique companies just to get residency. See the EB5 visa.
But as Immad pointed out, that's secondary. Are you saying you don't support the principle of visas for startup founders? That's what "founders visa" says and means.
I reread the original proposal to see if PG mentioned VCs. He didn't, only an accreditation body of "investors". But even that was an implementation suggestion, not the core idea.