51% of US Startups valued @1 billion $+ have been launched by immigrants and have created average 760 jobs per firm, as revealed by the latest impartial study on Entrepreneurship. It further boosts the credibility to the stand of the Tech sector that US innovation is benefited from dynamic immigration.
The report has been published by National Foundation for American Policy. It is an impartial think tank based in the US. The report elaborates that migrants have founded more than half of 87 US Startups valued @ 1 billion$+.
The NFAI study reveals that these unicorn US startups valued at more than one billion dollars have a minimum, one immigrant founder. The worth of these 44 startups is 168 billion dollars collectively. The firms cited by the study include Mu Sigma, FanDuel, Cloudera, ZocDoc, and Stripe. Immigrants have crucial roles in these firms such as CTO, CEO, or VP Engineering, as quoted by the Blogs WSJ.
The list of startups in the US found by immigrants is topped by Indians who have launched 14 firms. The UK and Canada are tied at the second place with 8 firms each. These overseas immigrants have also created 760 jobs per firm in the US at an average.
The report has been revealed even as Tech entrepreneurs such as Mark Zuckerberg have demanded to ease the process of H-1B visas for skilled overseas workers. They are a boon for the tech industry, contend the tech leaders.
H-1B visas are provisional US visas that allow highly skilled overseas migrants to work in the nation. The application process commences in April every year. It is flooded with applications annually and the maximum allocation is 85, 000 visas per year.
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