Immigrants and entrepreneurship
It is imperative to understand that we use the term entrepreneurship when we refer to startups or small companies that have a high growth potential and could become businesses that, over time, receive enough income to generate jobs and, thus, boost the local economy.
Immigrants have played an essential role in America’s entrepreneurship over the past decades. In fact, figures from the National Foundation for American Policy (NFAP) clearly show that there was at least one immigrant founder in 55% of private companies with a valuation of $1 billion or more during 2018.
Adding to that, the Migration Policy Institute (MPI) revealed that during the same year (2018), immigrants not only played an essential role in local entrepreneurship projects, but were also 28% of workers in the US. Other than that, the growth, efficiency and competitiveness of the country’s workforce will depend on immigrants, at least until 2035.
If you have an immigration case, then feel free to contact Motion Law and take experts’ advice.
How could the elections affect the future of entrepreneurship?
The 2020 presidential elections, which will take place on November 3, could define the future of entrepreneurship in the US for multiple reasons.
Before going into detail, it is important to clarify that many entrepreneurship projects do not have economic resources to make the initial investment and start producing income. That is why there are so-called Venture Capitalists, which are investors who contribute Venture Capital (VC) to startups or companies with high growth potential.
According to a partner at One Way Ventures, an organization that funds exceptional immigrant entrepreneurship projects, the future of the relationship between the VC industry and immigrants depends heavily on the presidential elections.
Let’s see why:
- On the one hand, if President Donald Trump wins re-election, he will continue to implement measures and policies that will further restrict the possibility of foreigners starting entrepreneurship and business projects in the US. His ideal is to reduce business immigration to protect American workers, a premise that has been contradicted multiple times.
- On the other hand, if former Vice President Joe Biden wins the election, concerns of immigrant entrepreneurs and members of the VC industry could diminish and there would be more possibilities for the US to continue to attract immigrants and their talent, innovation, intelligence, ingenuity and entrepreneurship projects.
In fact, according to PitchBook, a financial data company on the public and private market, “The sector (VC Industry), in part, depends on foreign-born founders coming to the US to launch startups with innovative ideas. And those new companies often need to attract overseas talent to help develop their products and scale their growing companies.”
Therefore, the elections will decide, not only the future of immigrant entrepreneurship, but also the future of the business immigration sector, which could be tremendously affected by policies of the current government. Other than that, pushing away innovative immigrants would only make other countries to receive them with more welcoming policies.
Motion Law can help you with your immigration case
If you have any questions about an immigration issue or relating to a case you may have currently in progress, then please don’t hesitate to contact us for a FREE Phone Consultation with one of our expert immigration attorneys.
Simply call Motion Law today at: (202) 918-1799.