Immigrant Entrepreneurship: A Critical Driver of the U.S. Economy
Immigrant entrepreneurship is a critical component of the United States’ economy, as entrepreneurs from all corners of the world bring unique perspectives, experiences, and skills that drive innovation and growth. While the stereotype may suggest that immigrant entrepreneurs come primarily from south of the U.S. border, the truth is that these entrepreneurs come from all around the globe.
As well, immigrant entrepreneurs from migrant and refugee communities have also contributed significantly to the U.S. economy. They have overcome significant challenges, including language barriers and lack of access to capital, to start successful businesses.
For example, Somali immigrants in Minnesota have started businesses in industries such as transportation, retail, and health care. Syrian refugees in the U.S. have also started successful businesses in the hospitality, retail, and construction industries.
A 2022 study co-authored by Prof. Pierre Azoulay finds that immigrants are 80% more likely to start businesses than people born in the U.S., reports Yasmin Amer for WBUR, a nonprofit news organization. “Immigrants create more firms pretty much in every size bucket,” says Azoulay. “They create more small firms, they create more medium sized firms. They create more firms that will grow up to be very large.”
Startups
Immigrant entrepreneurs are responsible for creating some of the most successful startups in the U.S. market. According to the Kauffman Foundation, more than 40% of Fortune 500 companies were founded by immigrants or their children. Immigrant entrepreneurs have played a significant role in the development of the technology sector, with companies such as Intel, Google, and WhatsApp founded by immigrants.
Business Acquisitions
Immigrant entrepreneurs also acquire existing businesses, which allows them to bypass the early stages of starting a business from scratch. By purchasing an existing business, they gain access to a proven business model, an established customer base, and an existing supply chain. Immigrant entrepreneurs can leverage these assets to scale the business, create jobs, and drive economic growth.
Franchise Investing
Franchise investment is another pathway for immigrant entrepreneurs to make their mark in the U.S. economy. Franchises offer a proven business model, brand recognition, and an established support network, which can help immigrant entrepreneurs overcome the challenges of starting a new business. By investing in a franchise, immigrant entrepreneurs can access an established market with a lower risk profile than starting a new business from scratch.
Immigration Programs
Immigration programs such as the EB-5 visa program allow immigrant entrepreneurs to enter the U.S. market by investing in U.S. businesses. The program requires a minimum investment of $900,000 in a business that creates at least ten jobs for U.S. workers. The program has been successful in attracting foreign investment and creating jobs in the U.S.
Conclusion
Immigrant entrepreneurship is a critical driver of the U.S. economy, with immigrants from all over the world making significant contributions to the development of the U.S. market. Immigrant entrepreneurs have founded some of the most successful startups, acquired existing businesses, and invested in franchises.
Programs such as the EB-5 visa program and since 2017 by a U.S. Federal Court Order, the International Entrepreneur Rule have made it easier for immigrant entrepreneurs to enter the U.S. market and create jobs for U.S. workers. Immigrant entrepreneurs from migrant and refugee communities have also made significant contributions to the U.S. economy.
The success of immigrant entrepreneurs demonstrates the importance of diversity and inclusivity in the U.S. economy, which allows entrepreneurs from all backgrounds to contribute to economic growth and prosperity.
Resources & Support
The American Dream is Alive & Well: Entrepreneurship Opportunities for Immigrants are Available!
Aligned with all aspects of Acceler8Success Group comprehensive services & resources is a select team of highly experienced multi-lingual business development professionals led by Acceler8Success Group president, Erik Premont.
Erik’s proficiency in French, Spanish and Portuguese is a valuable asset in assisting immigrants from Canada, Latin America and various European countries. Also conversant in Italian, German and Russian, and with even a slight understanding of other languages and cultures, Erik has helped immigrants from all corners of the world explore business ownership and franchise opportunities within the United States.
For more information, please reach out directly to Erik Premont at erik@acceler8success.com.
Inflation & Recession Concerns?
The future may be a bit bumpy for some, more so for others. Knowing who to turn to and when to turn to for guidance and help is important. Having resources at your disposal is also important. So, if you hit a wall, for whatever reason, please feel free to reach out to me for assistance or even if you just need someone to talk to. Please do not hesitate.
You can reach me via a LinkedIn message, by email to paul@acceler8Success.com, and by phone or text at (832) 797–9851.
Learn more about Acceler8Success Group at Acceler8Success.com. Also, please visit two of our additional resource sites at Entrepreneurship411.com and OwnABizness.com.
Make it a great day. Make it happen. Make it count!
All my best,
Paul Segreto, CEO & Founder, Acceler8Success Group
