Zach Weinberg, a prominent angel investor and co-founder of successful tech companies like Flatiron Health and Invite Media, recently highlighted the critical role of immigrants in the U.S. economy. In a social media post, Weinberg stated, > "These are people most likely to come to America, build new companies who employ thousands of people, create jobs and tax revenue etc. And we're scaring them away." His comments underscore a broader concern among business leaders regarding the retention of foreign-born entrepreneurial talent.
Research consistently supports Weinberg's assertion about the economic contributions of immigrant entrepreneurs. Immigrants are notably more likely to start businesses than native-born citizens, with studies indicating they are approximately 80 percent more prone to founding a firm per capita. This entrepreneurial drive translates directly into significant job creation and economic activity across the United States.
A recent report from the American Immigration Council revealed that as of 2024, 46.0 percent of all Fortune 500 companies were founded by immigrants or their children. This marks the highest level recorded since tracking began in 2011, demonstrating the profound and sustained impact of immigrant-led enterprises on the nation's largest corporations. These companies contribute substantially to state economies through business investment and innovation.
Beyond large corporations, immigrant entrepreneurs are also vital to "Main Street" businesses, owning approximately 28 percent of retail, food service, and neighborhood service establishments. Despite their significant contributions, the U.S. currently lacks a dedicated startup visa, which can create obstacles for foreign entrepreneurs seeking to establish and grow businesses in the country. This policy gap raises concerns among advocates who argue that restrictive immigration policies risk deterring valuable talent.
Experts like Weinberg and various economic studies emphasize that immigrants often act as "job creators" rather than "job takers." Their high propensity for entrepreneurship, coupled with their role in founding innovative companies that generate thousands of jobs and substantial tax revenue, makes them an indispensable part of the U.S. economic landscape. The ongoing debate around immigration policy often overlooks these critical economic benefits, potentially hindering future growth.