Business Immigrants contribute significantly for the development of the US economy
A new study by the National Foundation for American Policy and the National Venture Capital Association shows that immigration is bringing significant benefits for the country’s economy. According to the survey, the immigrants in the US are behind the launch of one-third of the venture-backed companies in the US since 2006. Companies started by immigrants with venture capital employ roughly 600,000 people worldwide and have a $900 billion market cap.
High-tech manufacturers, which constitute about four in 10 immigrant start-ups that went public prior to 2006, are helping revive American industry. Another quarter of these immigrant-founded companies were in information technology, one of the few bright spots of the dismal recovery.
One of the founders of Google, for example, was the Russian Immigrants Sergey Brin. The search engine provider now employs more than 55 000 people worldwide. It is impossible however to calculate how many jobs have Google created indirectly. While Mr Brin came to the U.S. with his parents as a child, about 80% of immigrants who have started private venture-funded companies arrived on employer visas or as students.
The number of Americans pursuing advanced degrees in science and technology fields hasn’t kept pace with demand, so graduate schools are growing more dependent on foreign students to assist with research and teaching.
The statistic shows that currently, foreign students make up for 70% of the American electrical engineering students and more than 60% of the graduates in computer science disciplines. More than half of chemical, mechanical, materials and industrial engineering graduate students are foreigners as well.
This explains why universities and tech leaders like Bill Gates, Mark Zuckerberg and Reid Hoffman are the foremost proponents of immigration reforms. Recently they have created the activist site fwd.us to help them in their lobbying for the easing of the US immigration restrictions.