55% of the US 1 billion $ startups have immigrant founders. This is as per the latest study of the National Foundation for American Policy. It has revealed that 50 out of the 91 such startups have a minimum, one immigrant founder.
The 50 US firms that have immigrant founders have created 1,200 US jobs per business on an average. Their total collective value is placed at 248 billion $. This exceeds the entire value of stock markets in several nations, as quoted by the Times of India.
Most of these startups are in Silicon Valley. California is the headquarters for 31 of the firms. It is followed by New York with 8, Massachusetts with 5 and Illinois with 2 and 1 each in Washington State and Florida.
20 of the 91 billion $ startups or 22% had one founder who arrived at the US as an overseas student.
The NFPA research further elaborates that immigrants who arrived as kids in the US started 6 of the firms. It adds that the findings are really crucial. This is because the US immigration law currently does not have a reliable way to start a business. This holds good even if they want to remain after doing so, adds the study.
Immigrant founders in the US who have succeeded as entrepreneurs have done so in many ways. This is after being sponsored by family members or employers or are refugees. US Congress has still not endorsed a bill that would create a US Startup Visa. This is in spite of several Congress members supporting the idea.
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