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Start-Up Visa (Blog Post) (view source)
Revision as of 16:15, 14 October 2016
, 16:15, 14 October 2016no edit summary
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The U.S. economy has largely recovered from the Great Recession with a solid streak of private sector job growth -- growth began again in 2009 and has averaged an annual growth rate of 2.1% since then -- but the economy can still be pushed for new and innovative ways to create jobs. Increasing high-skilled immigration has been touted by politicians as a potential economy-boosting solution because it promotes the growth of American service sectors and fulfills positions in critical STEm STEM work-fields. New research from the Harvard Business School has shown that immigrants are disproportionately represented in the field of entrepreneurship; despite the fact that immigrants comprise only 15% of the American population, they represent 24% of the pool of entrepreneurs.
Job growth by immigrants extends beyond small family businesses; immigrants increasingly have higher stakes in critical top-performing firms. A study by the Kauffman Foundation found that in 2012 these firms, in just engineering and high-tech sectors, “employed some 560,000 workers and generated $63 billion in sales.” Although the Harvard Business Review notes that immigrant-founded businesses are more likely to fail than native founded business, “those that survive experience greater employment growth”. Inc. Magazine generates a list of the 500 fastest growing companies in the United States and in 2014 20% of CEOs on the list were immigrants. There’s a clear trend here -- immigrants are disproportionately leading and creating high performing businesses, and that comes with jobs, billions in revenue, and increased prominence for the US in the financial-technology sector.
