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TiEcon 2009

August 21, 2009

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Immigrants are good for our economy. The most skilled create jobs in technology and engineering, says Duke professor Vivek Wadhwa, who estimates that in 2005 immigrant-founded engineering and tech companies employed 450,000 people and generated $52 billion in sales. But even the least skilled more than repay their costs in schools and health care. Two highly respected Australian economists, Maureen Rimmer and Peter Dixon, studied the issue for the libertarian Cato Institute. “The net impact on U.S. households from tighter border enforcement is unambiguously negative,” they found, because even low-skilled immigrants expand the economic pie and create jobs farther up the ladder. Cato’s Dan Griswold says the study shows a $250 billion difference between the most and least restrictive immigration policies.

TiEcon 2009

August 21, 2009

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Technology and engineering startups by immigrants nationwide from 1995 to 2005 – In Boston, it was 31%, in New York, 44%, and in Silicon Valley an astonishing 52%. In 2005, these immigrant founded companies employed 450,000 workers. Add it up. That’s far more than all the tech workers we gave green cards to in that period.

It’s not only jobs that they’ve created. In 2006, more than 25% of U.S. global patents had authors who were born abroad — Of Qualcomm’s global patents, 72% had foreign-born authors, as did 65% of Merck’s, 64% of GE’s, and 60% of Cisco’s. They are not silly patents filed with the U.S. Patent Office here, they are WIPO PCT applications — the patents that help our companies compete globally.

Why does Silicon Valley need a foreign-born workforce? Because these immigrants are able come to a foreign land where they face hardship and discrimination and stand shoulder-to-shoulder with the world’s best technical minds and most successful entrepreneurs. They are able motivate Silicon Valley’s top guns to work even harder and think smarter. They add a global perspective and enrich America.

TiEcon 2009

August 21, 2009

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“H-1B visas would lead to more jobs and more growth. As some policy officials call for another stimulus, they should look to H-1B visa reform as a cheaper and more effective stimulus for economic growth.”
Newt Gingrich

TiEcon 2009

August 21, 2009

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Raj Jaswa – TiEcon 2009

August 21, 2009

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“Fifty-two percent of companies responding to the survey believed that for every H-1B professional they hired it created one or more complementary jobs at their firms or in the U.S. economy. Twenty-two percent thought the hiring of an H-1B visa holder created 10 or more jobs. Seventy-four percent of company respondents said an inability to fill positions because of the lack of H-1B visas has potentially affected their “company’s competitiveness against foreign competitors or in international markets.” NATIONAL FOUNDATION FOR AMERICAN POLICY NFAP POLICY BRIEF » MARCH 2008

TiEcon 2009

August 19, 2009

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TiEcon 2009

August 19, 2009

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Bay Area VC colossus Kleiner Perkins Caufield & Byers- 40 percent of our portfolio was invested in companies either founded or managed by Indians. “This is essentially how Silicon Valley grew,” says Anna Lee Saxenian.