Immigrant business owners are key to supporting the US economy
This article has been translated from our English version using artificial intelligence techniques. Errors may exist due to this process. Opinions expressed by collaborators entrepreneur They are personal.
America was called Most Entrepreneurial Country of the world in 2021, thanks in large part to the talents of foreign-born entrepreneurs. However, this title will not last long if current immigration policies continue.
More than half (55%) of US startups valued at $1 billion or more own At least one immigrant founder. Historically, foreign-born entrepreneurs have played a major role in driving innovation and job growth in North America, and their efforts have been critical to creating a more resilient economy.
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Immigrant-founded businesses are the key to growth
Research has shown that Job growth in the private sector Significantly higher in areas where more new companies are established and more than 3 million new jobs Only in 2020.
more than 4.3 million business creation apps Last year, and that number will likely be higher this year, there is hope that the 40-year slump in entrepreneurship will end. But we need foreign-born business owners to help us reverse course.
From Pfizer to Uber, many of today’s biggest companies started as startups founded by immigrants. So have many companies whose products people have trusted during the pandemic, including Zoom and Instacart.
Migrants also have 80% more likely to start a business From those born in the United States 42% more jobs There is more in this country than those started by its original owners, but America is not the beacon of hope for immigrants as it once was.
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Current immigration policies are a hindrance
Old immigration policies still posed obstacles to foreign-born founders. The main problem is that the US does not provide a specific visa category for start-up business owners. Hundreds of thousands of immigrants compete for a limited number of visas, such as the H-1B.
We are also beginning to see the long-term effects and the lack of meaningful reform. Over the past decade, immigrants have headed to countries where entry visas are easy to obtain, such as Singapore and the United Kingdom .
In May 2021, President Biden re-established The International Entrepreneurs Parole Program (IEPP), which allows admission of foreign-born entrepreneurs who can demonstrate that they will provide significant benefits to the public.
While restoring this program is a good first step, there is still a long way to go to improve the visa process for international students who will eventually become business owners.
Attending US colleges and universities is a common path that entrepreneurs take to begin their journey. But many international students attending schools in the United States are unable to stay after graduation due to Policy American Current Affairs Important political reform is critical to maintaining these talents in the country after they graduate. In addition, the pandemic, global competition and long visa processing times put the country at a disadvantage in retaining qualified international students and workers.
The need for easier access to visas is growing
Foreign-born entrepreneurs are important in today’s economy. For this to become a reality, the United States needs to develop easier pathways to residency, provide more visas for startups, and create responsive and employment-based immigration policies. These are the conditions that will lay the foundation for continued innovation and growth in the economy.
Related: 2021 was the year with the highest foreign investment in Mexico’s history: it already has 8 new unicorns
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