For many years immigrants have been the key to entrepreneurship success in the U.S. which includes benefits of job creation, innovation, and economic success. There is no question about the important stake that highly skilled immigrants and companies that want to hire them have in changing visa restrictions. According to a recent story in Inc. magazine, allowing skilled immigrants to start companies and contribute to taxes in the U.S. is the best solution to recovery of the economic downturn. “In the words of New York Mayor Michael Bloomberg, we are committing “economic suicide” by making it hard for skilled immigrants to stay in the U.S. and contribute to our economy.”
It is difficult to imagine a U.S. without the successful Google or AT&T. Both companies were started by immigrants and larger and just as successful companies may be created if the U.S. proves willing to straighten out our immigration system. Immigrants demonstrate greater entrepreneurial success, perhaps because they are more likely than Americans to start companies. “An analysis of 2010 U.S. Census data by the Fiscal Policy Institute found that immigrants comprised 18% of small-business owners in 2010, even though immigrants make up only about 13% of the population.” With a large number of immigrants starting new businesses this implies that they are leaders in job creation as well. Companies need employees whether they are started by Americans or immigrants. If fact, these companies employ more than 10 million people worldwide.
Immigrants have most importantly made their contributions to Silicon Valley. “In a 2007 survey we conducted, first-generation immigrants were on the founding teams of roughly 52% of all tech companies in Silicon Valley.” 75% of immigrants make up the management teams in large companies. While immigrants make large contributions to starting up companies, they are also key figures in continuing innovation for companies that gain recognition and success. Sophie Vandebroek, a native of Belgium, is the chief technology officer and president of the innovation group at Xerox. She has been inducted into the Women in Technology Hall of Fame and named on 12 different patents. With contributions such as Vendebroek and other immigrants, the U.S. has been able to dominate the global patent filings for the past 60 years.
Foreign born inventors are most prevalent in cutting–edge fields and eager to start up companies that lead the U.S. to success with them. Unfortunately due to the difficulties of obtaining visas, founders are delaying or relocating their companies to more hospitable countries. The U.S. has many immigrants and investors willing to invest in this country. It is now up to policy makers to recognize this and make the appropriate changes that will help not hinder these investors.
If you have questions regarding acquiring a visa, the pathway to becoming a citizen, or about immigration laws, contact us at 314-961-8200 or visit our contact page.