Wednesday, October 3, 2012

Entrepreneurs; an essential ingredient to economic growth

"America also used to have one of the most business-friendly immigration policies. Fully 18% of the Fortune 500 list as of 2010 were founded by immigrants (among them AT&T, DuPont, eBay, Google, Kraft, Heinz and Procter & Gamble). Include the children of immigrants and the figure is 40%. Immigrants founded a quarter of successful high-tech and engineering companies between 1995 and 2005. They obtain patents at twice the rate of American-born people with the same educational credentials. But America’s immigration policies have tightened dramatically over the past decade, a period in which some other rich countries, such as Canada, have continued to woo skilled immigrants, while fabulous new opportunities have opened up in emerging markets like China and India. Why endure America’s visa obstacle course when other countries are laying out the red carpet?"

Entrepreneurs and entrepreneurial innovations have remained the key ingredient in United States economic strength.  US stands alone in this race as no other nation even comes close to what has been accomplished here.  The Economist article "Fixing the capitalist machine" here, further highlights the impact of immigrants on the US knowledge economy.

Will this fertile land of knowledge and innovation sustain or has it seen its best days?

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