The annual SelectUSA conference began today, May 3, bringing together investors, startups, and business leaders to exchange ideas. According to US Commerce Secretary Gina Raimondo, who spoke at the conference, the United States is the best country to invest in. US Census Bureau statistics counted 5.4 million new business applications for 2021 (the most recent year for which stats are available), a 53% increase over 2020 and the year with the highest number of new business applications on record. According to Sherman Baldwin, CEO of LCR Capital, the possibilities for both success and failure are what make the United States an ideal place to invest. He notes that jobs can be created only when capital is put at risk, which entrepreneurs and venture capital firms are experts at.
Immigrant investors, he says, are key to America’s success, especially because they have started half of the so-called “unicorn” firms (privately held startups valued at over $1 billion) in Silicon Valley in the last twenty years. The article discusses one particular unicorn company, Pacaso, that allows people to buy second homes by buying shares of a home rather than the entire home. The company is hitting some headwinds in the town of St. Helena in California’s Napa Valley, because its business model is similar to that used by timeshares, which the town has banned. That said, Pacaso’s CEO says that innovative business models often meet resistance—and the company is suing the town to prove its point!
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