More than half of American billionaire startups are founded by immigrants: why it is not easy for visitors to build a business in the USA

The US has been named the most entrepreneurial country in the world in 2021, thanks in no small part to the talent of foreign-born entrepreneurs. However, this title will not last long if the current immigration policy continues. Entrepreneur.

Photo: Shutterstock

More than half (55%) of US startups worth $1 billion or more have at least one immigrant founder. Foreign-born entrepreneurs have historically played a key role in driving innovation and job growth in North America, and their efforts are critical to building a more resilient economy.

Immigrant-founded companies are the key to growth

Research shows that private sector job growth is significantly higher in regions with more start-ups, with more than 2020 million new jobs created in 3 alone.

With more than 4,3 million business start-up applications last year and the likelihood of even higher numbers this year, there is hope that the 40-year decline in entrepreneurship is coming to an end. But the US needs foreign-born business owners to help the country change course.

On the subject: Americans will be sent free rapid tests for coronavirus: how to apply

So did many of the companies whose products people relied on during the pandemic, including Zoom and Instacart.

Immigrants are also 80% more likely to start a business than those born in the US. These businesses create 42% more jobs in this country than locally owned businesses, but America is no longer the beacon of hope for immigrants it once was.

The current immigration policy is a barrier

Outdated immigration policies continue to create barriers for foreign-born founders.

The main problem is that the US does not provide a certain category of visas for startup owners.

Hundreds of thousands of immigrants compete for a limited number of visas such as H-1B.

Americans are also beginning to see the long-term consequences of this approach and the lack of meaningful reform. Over the past decade, immigrants have turned to countries where start-up visas are more affordable, such as Singapore and the UK.

In May 2021, President Biden re-established the International Entrepreneur Parole Program (IEPP), which allows the admission of foreign-born entrepreneurs who can prove they will be of significant benefit to society.

While the reinstatement of this program is a good first step, there is still much to be done to improve the visa process for international students who will eventually become business owners.

You may be interested in: top New York news, stories of our immigrants, and helpful tips about life in the Big Apple - read it all on ForumDaily New York.

Attending US colleges and universities is a common path that entrepreneurs get started on. But many international students who attend schools in the US cannot stay after graduation due to current policies. Significant policy reform is critical to keeping these people's 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 terms of retaining qualified international students and workers.

Need for easier access to visas intensifies

Foreign-born entrepreneurs play a critical role in today's economy. For this to become a reality, the US needs to develop easier pathways to residency, provide more starter visas, and develop a flexible employment-based immigration policy. These are the conditions that will lay the foundation for continuous innovation and economic growth.

Read also on ForumDaily:

They are afraid to make mistakes and do not know how to reason: Russian students through the eyes of a professor from the USA

Four ways to get US citizenship

She lost her children and the right to return to the USA: the refusal of a green card by marriage crippled the life of an immigrant

Do you want more important and interesting news about life in the USA and immigration to America? — support us donate! Also subscribe to our page Facebook. Select the “Priority in display” option and read us first. Also, don't forget to subscribe to our РєР ° РЅР ° Р »РІ Telegram  and Instagram- there is a lot of interesting things there. And join thousands of readers ForumDaily New York — there you will find a lot of interesting and positive information about life in the metropolis.