A new study reveals that immigrants play a fundamental role in job creation, innovation, and new businesses in the United States. The findings should interest policymakers and Americans who value expanding employment opportunities, especially in emerging fields. The research highlights the advantages of immigration that are overlooked in the current border policy battles in the United States.
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Immigrant entrepreneurs receive little attention from the media despite foreign-born founders influencing the country’s economy. “Immigrants disproportionately contribute to entrepreneurship in many countries and represent a quarter of new businesses in the United States,” according to a new study by economists William R. Kerr (Harvard Business School), Saheel A. Chodavadia (University of Michigan), Sari Pekkala Kerr (Wellesley College), and Louis J. Maiden (Harvard Business School). The National Bureau of Economic Research published the study.
Economists detail the impact of immigrant entrepreneurs. “Immigrants are overrepresented as founders of innovative companies and in the high-tech industry,” they write. “In 2022, the four most valuable privately held U.S. companies backed by venture capital (SpaceX, Stripe, Instacart, Databricks) had immigrant founders, along with three of the top ten publicly traded companies globally (Alphabet, Nvidia, Tesla).”
A study by the National Foundation for American Policy revealed that 55% of U.S. unicorn startups valued at $1 billion or more had at least one immigrant founder. Nearly two-thirds (64%) were founded or co-founded by immigrants or children of immigrants.
Approximately one-quarter of billion-dollar companies in the United States had an immigrant founder who came to the country as an international student.
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