Here's a quick reminder of the benefits immigrants bring to start-ups: 39 percent of the UK's 100 fastest-growing companies have a foreign-born founder.
That is loud new research from the Entrepreneurs Network, a think tank based in London.
The results showed “the crucial contribution” that international talent made to Britain, the report’s authors said.
There is no doubt that they have had a huge impact on the country's startups. Immigrants make up an estimated 14.8 percent of the UK's total population, yet they have founded over a third of the fastest-growing companies.
The new data echoes previous studies from around the world. Studies show that most billion-dollar startups in the US were founded by immigrants. In Europe, too, the list of unicorns with a foreign-born founder is growing.
Despite these contributions, hostile rhetoric toward immigrants has increased in recent years. Political changes have created a number of other problems for foreign-born talent.
British universities say international students are being deterred from studying in the country, while companies have withdrawn job offers for foreign graduates due to new visa rules. Startup founders have also raised concerns about restrictions on foreign talent.
A new startup magnet?
The Entrepreneurs Network wants the new British government to lower the barriers to market entry. The think tank recommends:
- Reform of admission requirements to make it easier for startups and high-growth companies to access talent
- Use the immigrant payroll to boost government industrial priorities
- Negotiation of youth mobility programmes with the EU and the USA
- Lower visa fees for highly skilled immigrants in line with international competition
- Extension of the “High Potential Individual” visa to other universities
- Form a specialized task force to recruit international talent
- Grant advanced STEM students permanent residency after graduation
- Introducing the world’s first Global Talent Exam to actively recruit the world’s brightest minds
According to The Entrepreneurs Network, these changes could become a magnet for innovation.
“People coming to work in our country are a great force for good and, as our research shows again, overseas talent is helping to build some of the UK’s most exciting and lucrative businesses,” said Eamonn Ives, research director at the think tank.
“We must ensure that our immigration system recognizes their incredible contribution and does not create unnecessary barriers for those who want to make our economy stronger and more dynamic.”
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