Immigrant entrepreneurs are innovators. Often, innovations materialize when creating a company that allows the entrepreneur to refine and develop a product or service to the consumer’s liking. The motives for innovation can be unusual.
Immigrants have played an essential role in the growth of the United States economy. Contact USA Visa Consultant to understand the requirements for immigration.
When Eric Yuan was a college student in China, he endured 10-hour train journeys to visit his girlfriend. That experience encouraged him to develop a video conferencing application to communicate with the young woman who would later become his wife. In the United States, he turned the idea into Zoom Video, which is valued today at $19 billion and has over 7,000 employees.
As US authorities denied Yuan’s visa, he did not manage to come to the United States until his ninth attempt. According to US immigration law, there is no visa for newly created businesses. Therefore, before starting a company, most immigrant entrepreneurs in the United States first obtain permanent residency through family, employment, or refugee status.
Economists William R. Kerr, Saheel A. Chodavadia, Sari Pekkala Kerr, and Louis J. Maiden reached an important conclusion: a company is “more likely to have a patent and more patents per employee if the owner is an immigrant.” A study by Ufuk Akcigit and Nathan Goldschlag concluded that the proportion of immigrant inventors in the United States increased from 24% in 2000 to 35% in 2016.
“Companies founded by immigrants are between 3.4% and 4.5% more likely to produce new technologies and less likely to use other existing technologies,” according to Kerr, Chodavadia, Kerr, and Maiden. “These results suggest that, even beyond education and field of study, immigrant entrepreneurs tend to be more strongly linked to innovation.”
“The innovative character of immigrant entrepreneurs, especially in the high-tech sector, suggests links to economic growth, labor adjustment, and agglomeration effects in technological clusters,” according to economists.
Many immigrants have been contributing to the US economy for years. If you are capable of contributing to the development of this country, seek advice from USA Visa Consultant.
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