Immigrants from Israel founded the second-most billion-dollar companies with 54, followed by the UK (27), Canada (22) and China (21)…reports Asian Lite News
Indians lead immigrants in the US who founded more than half of America’s startups valued at $1 billion or higher (unicorns), and four out of 10 immigrants who have founded multiple billion-dollar enterprises are from India, a new report has revealed.
A report by the National Foundation for American Policy (NFAP) said that Indians founded 66 companies with a valuation of over $1 billion.
Four of them — Mohit Aron (Nutanix and Cohesity), Ashutosh Garg (Bloomreach and Eightfold.ai), Ajeet Singh (Nutanix and ThoughtSpot) and Jyoti Bansal (AppDynamics and Harness) — are among those who founded multiple billion-dollar enterprises in the US.
“Immigrant entrepreneurs in US billion-dollar startups come from diverse backgrounds, hailing from 57 countries. India, with 66 companies, is the leading country of origin for the immigrant founders of US billion-dollar companies,” the report said late on Tuesday.
Immigrants from Israel founded the second-most billion-dollar companies with 54, followed by the UK (27), Canada (22) and China (21).
“Immigrants have started more than half (319 of 582, or 55 per cent) of America’s startup companies valued at $1 billion or more, according to the report.
Moreover, nearly two-thirds (64 per cent) of US billion-dollar companies (unicorns) were founded or cofounded by immigrants or the children of immigrants.
“The research shows the importance of immigrants in cutting-edge companies and the US economy at a time when US immigration policies have pushed talent to other countries for talent,” said Stuart Anderson, the author of the study and NFAP’s executive director.
“The story of immigrant entrepreneurs and billiondollar companies is not only about impressive numbers but about immigrants coming to this country, working hard and achieving the American Dream,” he added.
The collective value of the over 300 immigrant-founded US companies is $1.2 trillion, which is more than the value of all the companies listed on the main stock markets of many countries, including Argentina, Colombia, Peru, Portugal, Ireland, Russia and Mexico.
In addition to the companies with immigrant founders, at least 51 of the 582 US billion-dollar startup companies have founders who were born in the United States to immigrant parents.
There are 143 US billion-dollar companies with a founder who attended a US university as an international student.
“There are 174 international students who became founders or cofounders of US billion-dollar companies. International students typically can only remain in the United States long-term after gaining H-1B status and (or) an employment-based green card,” the report noted.
Many talented brains from developing nations like India, the Philippines, Sri Lanka, Bangladesh, and Pakistan have been immigrating to economically progressive and highly developed nations for many years.
They migrate in search of a good quality of life, world-class education for their children, and social security perks, including disability and maternity benefits, unemployment allowance, employment insurance, and other attractive benefits.
This is primarily why many choose to become permanent residents of developed nations such as Canada, the USA, the UK, Australia, and New Zealand. But the youth and skilled professionals who have moved to these nations have also brought in foreign remittances and a good deal of foreign exchange that helps boost the economy and development of a country that is still wanting and in its development stage.
Many immigrants with well-paying jobs in these overseas nations help their relatives, parents, and near and dear ones by sending them money for assistance. Even students who study in developed nations return home with great knowledge and expertise. They even impart their expertise and aid in medicine, engineering, technology, and other professions.
Immigrants in other nations make it up to their home nations by keeping the foreign remittances flowing. Many of these remittances help ease the constraints of credit in rural areas. It helps accelerate human capital with improved health and educational facilities besides a good lifestyle. Many immigrants who return to their nations build hotels, hospitals, schools, and places of public worship or institution.
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