NEW YORK – Indian entrepreneurs, especially Gujaratis, are improving the American economy, according to a National Foundation for American Policy (NFAP) Survey, 2011. The NFAP Policy was based on Immigrant Founders and Key Personnel in America’s Top 50 Venture-Funded Companies.
According to TOI, 46 percent of the 23 companies, which fall in the category of Top 50 Venture-Funded Companies, have Gujarati immigrants. Also, Gujaratis have generated about 150 work opportunities per organization in the U.S. Stuart Anderson, Executive Director of NFAP, mentioned that Gujaratis were an important part of American economy. The survey revealed that most immigrants were from India, followed by Israel, Canada, Iran and New Zealand. He also said, “While America has achieved great success as a nation of entrepreneurs, it should not assume this will continue without improved policies in immigration.”
According to the survey, immigrants are becoming an integral part of American economy and channeling growth and innovation. Immigrants were instrumental in starting almost 50 percent of America’s Top 50 Venture-Funded Companies. Such immigrants occupy top level management positions or product development teams in almost 75 percent of top companies. This survey was based on Top 50 Venture-Funded Companies in the US, which were ranked by Venture Source, a research organization, based on – company growth, successful track record of CEOs; founders and investors and capital raised. These companies are each valued at about $1 billion in stock market. It also states that 48 percent of Top 50 Venture-Funded Companies had a minimum of one immigrant founder.
According to the survey, various Indians occupy top notch positions in many of the Silicon Valley companies, such as – Mayank Bawa from Aster Data Systems Inc., Aayush Phumbhra from Chegg Inc., Samir Arora and Raj Narayan from Glam Media, Umesh Maheshwari and Varun Mehta from Nimble Storage Inc., Ajeet Rohatgi from Suniva Inc., Satish Palvai from Xactly Corp., R.K. Anand, Ashok Krishnamurthi and S.K. Vinod from Xsigo Systems Inc.
Sudhir Shah, an Immigration Attorney, said that about 25 percent of Indian immigrants in the U.S. are Gujaratis. Shah also said, “These impressive numbers for immigrants are despite the fact that it is extremely difficult for a company’s founder to obtain a visa to stay in the U.S. and America’s green card system for skilled immigrants produces long backlogs and years of waiting,” as quoted by TOI.
According to Small Business Administration (SBA), as stated in TOI, “Immigrants are nearly 30 percent more likely to start a business than non-immigrants, and they represent 16.7 percent of all new business owners in U.S.” This study found that $67 billion were created by Indian immigrants out of the $577 billion of U.S. business.
Since, so many Indian immigrants are creating a good deal of workforce in the US and churning out good business for them then maybe they should rethink their decision to implement the Anti-outsourcing Bill, which will bring down India’s revenues.
