Economics

Peter Thiel funds next round of under-20 entrepreneurs

Billionaire investor and philanthropist Peter Thiel plans to announce Thursday the next group of 20 young men and women who will receive $100,000 each to work as tech entrepreneurs instead of spending that time on a college campus.

The group, dubbed the "20 Under 20" Thiel Fellows, is the third group of entrepreneurs the Thiel Foundation has funded. It includes Christopher Walker, who dropped out of college to form a software company, and Zach Hamed, a junior at Harvard who's leaving to work on education software.

Jonathan Cain, president of the Thiel Foundation, said in a … Read more

Internet tax bill targets all digital downloads

Update: The Senate late today passed the bill, sending it to the House.

The U.S. Senate is planning to vote Monday to levy new taxes on mobile app developers, cloud computing services, music and movie downloads, and even people selling collections of WordPress themes.

Senators who are backing the legislation known as S.743 describe it as a way to force out-of-state retailers to collect taxes on physical shipments. Sen. Mike Enzi, R-Wyo., claims his bill will "put local and Main Street retailers on a level playing field with their out-of-state and online counterparts."

What Enzi and … Read more

A shortage of tech workers? Not so fast

Until now, the assumption has been that the infusion of a talented cohort of IT workers from overseas is good for the U.S. economy. But is it possible to have too much of a good thing?

For years, Silicon Valley has bemoaned a shortage of skilled domestic labor, the complaint being that the pool of quality technical talent in the U.S. has atrophied to the point where a failing educational system has left companies with no other choice except to import more skilled IT help from abroad. Recently, Facebook's Mark Zuckerberg and LinkedIn's Reid Hoffman came … Read more

Silicon Valley execs press D.C. on immigration law fixes

Silicon Valley firms are presenting a rare united front in an effort to end a political logjam that has blocked high-tech immigration reform.

In an unusual show of support that underscores how important the topic has become, executives from Facebook, Google, eBay and other major tech companies sent a letter today to President Obama and congressional leaders asking them to fix immigration law by the end of 2013. The current system is broken, they say, blaming visa shortages, long waits for green cards, and difficulties bringing spouses and children to the United States.

"Because our current immigration system is … Read more