- Immigrants were key founders of 25 percent of engineering and tech companies founded from 1995 to 2005.
- This pool of immigrant-founded companies was responsible for generating an estimated $52 billion in 2005 sales.
- The companies created just under 450,000 jobs in the U.S. as of 2005.
"From 19th century industrialists like Scottish-American Andrew Carnegie to Yahoo's Jerry Yang, PepsiCo's Indra Nooyi, Google's Sergey Brin, or Harvard Business School's recently nominated dean Nitin Nohria, immigrants continue to occupy important positions of leadership in creating and driving the next generation of American businesses to success."The problem, says George, is that since September 11, 2001 America has made it extremely difficult for them to stay in the country. The heat has increased with the inflamed rhetoric over border security and amnesty.
For example, we are significantly lowering the number of immigrants who can come here to go to school and work under H-1B visas. The country capped annual H-1Bs at 195,000 early last decade, but the cap is now down to 65,000. (The first 20,000 H-1B petitions filed on behalf of individuals who have earned a U.S. master's degree or higher are exempt from the cap.) The quota is set annually by Congress.
As a result, we are experiencing a sort of brain drain as immigrants return to their native countries to start dynamic businesses that pose competition to American firms. They are also fleeing to countries such as Australia and Canada that are aggressively recruiting immigrant talent.
Writing on the Huffington Post, George argues, for example, that the ceiling for H1-B visas (which allow immigrants to work here for six years) should be expanded to take in graduates of American universities.
"A reformed system should ensure that those who come to the US to study and earn advanced degrees receive a fast-track to citizenship."What's your take on the H-1B visa program? Are we damaging our own international competitiveness?