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.@nvca recently joined @kenaninstitute & @StanfordGSB in releasing Immigrant Entrepreneurship: An American Success Story, a one-stop-shop for policymakers on the incredible impact foreign-born entrepreneurs have on the US economy & what holds them back. tinyurl.com/yyq79n2l
What does the report show? 1) Startups are critical to US job creation--nearly 3 million new jobs per year are traced to firms that are less than 1 year old; 2) Immigrants are entrepreneurial--first-gen immigrants create ~25% of new US firms;
3) Immigrant entrepreneurs contributions to high-growth tech firms is astounding--55% of all "unicorns" had at least one immigrant founder per @NFAPResearch; 4) Immigrant-led startups are incredibly innovative--increased R%D activity compared to native-born counterparts;
5) Immigrants are big contributors to US IP--more patents, patent citations, and patent derived-economic value than native citizens.
All this has happened while US policy makes is very difficult for immigrant entrepreneurs to create new companies here.
All this has happened while US policy makes is very difficult for immigrant entrepreneurs to create new companies here.
A dedicated 'startup visa' for foreign-born founders and builders of companies is needed. Current options like the H-1B and O-1 visas are not built for the entrepreneurial model. STEM visas also helpful to keeping talented grads in the US. More info here: tinyurl.com/y4eb6s73
