A fresh report, prepared under the name of America’s New Immigrant Entrepreneurs: Then and Now, revealed that the country is facing a huge shortage of business set ups by those of foreign entrepreneurs, due to a major fall in the number of such immigrants. This gives adherents a new hope of having a major impact on the immigration policy of the participants in the upcoming US presidential election, set to be held in the next month.
The report presented a statistics to prove the facts relating to falling the number of business set ups by overseas immigrants in the US. As of statistics, in 2011, immigrant holding the profile of co-founder was one among 24.3 per cent against the 25.3 per cent in 2005. Besides, Silicon Valley also witnessed a major slippage. In 2005, one immigrant was co-founder out of 52.4 per cent, but this figure has faded to 43.9 per cent.
Dane Stangler, produced the report, emphasized on the need to accolade the foreign business and investors. He made it clear that the US has been continuing with an unfavorable immigration policy for a long time. That discouraged the immigrants and also created a ‘reverse brain drain’.
The report prepared on the basis of a research, by collecting a sample (randomly) of 1,882 companies across the country and found an individual immigrant-co-founder out of 458. Such immigrants were from 60 different countries. In this process, the Indians were found in the largest proportion of 33.2 per cent, rest 8.1 per cent and 6.3 per cent from China and the UK respectively.
The report further evaluated the performance of immigrants on the basis of creating employment opportunities and economic contribution, and found that at least one immigrants (through their business) has successfully offered 560,000 job-requirements and also actively contributed to the US economy by offering $63bn.
Co-author of the report, Vivek Wadhwa, said that if such fall continues in future it will create an adverse impact on the economy as well as employment opportunity in the country. Mr. Wadhwa, also an author of ‘The Immigrant Exodus: Why America Is Losing the Global Race to Capture Entrepreneurial Talent’, finally made a recommendation of introducing a simple and immigrants-friendly immigration policy.
