According to a new report by the National Foundation for American Policy (NFAP), immigrants have launched more than half of America’s companies valued at $1 billion or more, with India having the highest number of such founders.
The research, Immigrant Entrepreneurs and US Billion-Dollar Enterprises have discovered that Indian immigrants started 66 companies worth more than $1 billion. Furthermore, four out of every ten immigrants who have built several billion-dollar businesses are Indian.
“At a time when US immigration policies have pushed talent abroad, the study demonstrates the importance of immigrants in cutting-edge enterprises and the US economy,” said Stuart Anderson, the study’s author and the NFAP’s executive director.
The study is based on interviews and data from over 580 US startup businesses valued at more than $1 billion (as of May 2022) that have yet to go public on the US stock market and are followed by the firm CB Insights. According to Anderson, the companies, known as “unicorns,” are all privately held, valued at $1 billion or more, and have received venture capital funding.
Several nations, notably Canada, have established dedicated startup visa schemes to attract immigrants who wish to start their enterprises, which are frequently driven by technology.
Currently, there are no provisions in US immigration law that allow foreign nationals to create a business and stay in the US after the company is established. In America, successful immigrant entrepreneurs are often refugees or family-sponsored or employer-sponsored immigrants.
According to the research, “additional administrative reforms would also make it easier for temporary visa holders to create new enterprises.” “The long wait for work-based green cards because of low quotas and the per-country limit precludes many persons in H-1B status from obtaining the employment status that would allow them to start a business,” Anderson explained.
By 2030, the backlog for employment-based green cards for Indians could surpass 2 million, according to the Congressional Research Service.
The annual restriction of 85,000 for H-1B temporary visas can also make it difficult for fledgling enterprises to hire new employees or international students to stay in the United States.
The immigration department, United States Citizenship and Immigration Services (USCIS), revealed that it received 483,927 H-1B registrations for FY23 and rejected roughly 400,000, or 82 per cent, of those registrations exceeding the yearly limit for H-1B applications.
The survey found that nearly 80% of America’s unicorn firms include an immigrant founder or an immigrant in a significant leadership capacity, such as CEO or vice president of engineering, emphasising the role of immigrants in these organisations.
These companies also offer jobs to people in the United States. Better.com, Automation Anywhere, MuSigma, and Icertis created the most jobs out of all the companies studied. Want more information? Get in touch with our certified immigration consultants by ringing us at 8595338595 or mail us at [email protected]