Immigration and Entrepreneurship
What drives innovative and business minded entrepreneurs to immigrate to the United States? There are a few elements that need to be observed to analyze this. The immigration bill that was passed by Senate recently included a very specific provision granting visas to applicants that create companies meeting certain requirements ranging from revenue to hiring practices. This bill passed because there is an ever-growing economic argument that pins immigration with creating jobs. The fact is that in recent times, immigrants are becoming unusually innovative, creating job opportunities not just for themselves but for countless Americans around them.
A recent small business administration report issued by prominent economists from the University of California has concluded that in 2012, business ownership from immigrants actually surpassed that of the native-born Americans. The report went further to discover that for every 100,000 immigrants, 620 were starting a business each month, over three times the amount for non-immigrants.
Job creation is an important aspect as well, and immigrants are winning that battle as well. Recently, stats suggest that companies in the United States owned by immigrants are actually more likely to hire employees than native owned companies. Exports are higher for those companies as well, but likely only due to the extensive networks that exist with immigrants from their original countries.
The sector that needs to be discussed most in regards to immigration is the engineering and technology sector, since it falls in line almost directly with the “extraordinary ability” category visas, which are of the most popular visa granting options that exist. The two countries that reign supreme in this sector are India and China, in that order. They represent the highest frequency of entrepreneurs in the engineering and technology sectors, growing nearly 10 percent from a decade ago. These entrepreneurs are also extremely well educated, with well over three quarters holding post graduate degrees.
Studies have found that an unusually high number of patents are being awarded to immigrants in the United States, as well as three quarters of the patents granted from the United States’ top research universities. What does all of this mean? Immigration is good, and it will continue to create a myriad of business and jobs if we continue to let things run their course. The real question is, are we doing everything we can to efficiently maximize the beneficial output of these changes? If congress would make it possible for immigration to become an even less painfully bureaucratic experience, there is no telling to what amazing progress could amass.
If any you have any questions, the team here at Buda Law Group will gladly answer them. Please reach out to us to find out more or get a competitive quote on our legal immigration services.
Thank You,John B. Buda, Esq. www.budalawgroup.net
office: 310-452-1872 [email protected] 3301 Ocean Park Blvd. Suite 205 Santa Monica, CA 90405