“Immigrant Entrepreneurs” Generate $52B
A new study from Duke University found that of companies started between 1995-2005, 25% had at least one foreign-born senior executive. By 2005, immigrants had founded 52% of Silicon Valley companies (up from 25% in a 1999 Berkeley study). Companies run by these “immigrant entrepreneurs” accounted for approximately 450,000 jobs and $52 billion in sales in 2005.
Researchers also report that 24% of patent applications last year were made by foreign-born inventors living in the United States without citizenship. In 1998, only 7.3% of filings were made by resident non-citizens.
The full reports include breakdowns by country of origin and state as well as focus studies on Silicon Valley and Research Triangle Park companies. That makes me like it twice as much: it’s by Duke (I love my Blue Devils) and focuses on my home (RTP).
It looks like Andy’s not the only “pilgrim” to come to the US and start a company!