Immigrants Founded Over Half of $1 Billion Startups in U.S.

Immigrants are making important contributions to the U.S. economy and job creation, according to a new study by National Foundation for American Policy, a non-partisan group which does research on immigration and trade.

The study reports that immigrant entrepreneurs started 44 $1 billion startups — more than half of the companies surveyed — and that immigrants hold management and product development positions in as many as 71 percent of startups worth more than $1 billion.

“Immigrants continue to start companies at twice the rate of Americans, create jobs at an amazing rate and drive growth in our economy.” – Foulis Peacock

“Despite all the negative political rhetoric on immigrants, it’s clear that immigrant entrepreneurs are a major driving force behind growing the U.S. economy,” said Foulis Peacock, founder of Immigrant Business. “Immigrants continue to start companies at twice the rate of Americans, create jobs at an amazing rate and drive growth in our economy.”

Stuart Anderson, the Executive Director of NFAP and author of the report. echoed those comments in an interview with NBC News.

“What’s interesting about this is that not only that half had immigrant founders, it’s that most of the companies have immigrants in key positions,” said Anderson. “Even if an immigrant isn’t the founder, they are CTO or in a comparably high position that drives innovation and creates jobs for Americans.”

The study also reports that immigration law should make it easier for budding immigrant entrepreneurs to enter the country, and that the cap on H-1B hinders potential entrepreneurs from creating jobs. Anderson noted that measures like S.2394 — introduced by Sen. Ted Cruz (R.-TX) in December — would make potential immigrants work abroad for 10 years post-degree to apply.

The report also calls for, “a startup visa to enable foreign nationals who start companies and create jobs would be an important addition to the U.S. immigration system.”