Here's why the U.S. is losing immigrant entrepreneurs to other nations:
Billionaires list found 77 foreign-born entrepreneurs who built U.S. companies with combined revenue of over $528 billion and total employment of more than 775,000. Among the corporate heavyweights with immigrant founders: Google, Tesla and Yahoo. “If I had to worry about a visa, maybe Yahoo wouldn’t have gotten started,” says Jerry Yang, Yahoo’s billionaire cofounder, who emigrated from Taiwan as a child and was a naturalized citizen by the time he started the company.
—more than five years on average, and longer for people from countries like India, which has many applicants but no extra slots allocated—and the U.S. is in danger of losing its status as the place to go to start a business. For the first three years Trump was in office, through 2019 , the number of immigrant entrepreneurs rose a total of 4.1%, compared with a jump of 11.
Or they come but don’t bother to start businesses. “I know a lot of Stanford Ph.D.s who want to start companies, but they don’t have the status,” says Xiaoyin Qu, a Chinese immigrant andwho got a green card while at Facebook and quit to start Run the World, which hosts virtual events. “I know at least 20 people at Facebook who say, ‘Hey, I want to start a company,’ and they can’t because they don’t have a visa.
Peyman Salehian, a 34-year-old native of Iran, considered coming to the U.S. for graduate school after founding his first company but was lured by the National University of Singapore instead. After finishing a Ph.D. in chemical and biomolecular engineering there, he started synthetic biology company Allozymes in late 2019 with a friend. He looked into moving to the U.S.
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