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The Immigrant Exodus: Why America Is Losing the Global Race to Capture Entrepreneurial Talent
A 2012 ECONOMIST BOOK OF THE YEAR
Many of the United States' most innovative entrepreneurs have been immigrants, from Andrew Carnegie, Alexander Graham Bell, and Charles Pfizer to Sergey Brin, Vinod Khosla, and Elon Musk. Nearly half of Fortune 500 companies and one-quarter of all new small businesses were founded by immigrants, generating trillions of dollars annually, employing millions of workers, and helping establish the United States as the most entrepreneurial, technologically advanced society on earth.
Now, Vivek Wadhwa, an immigrant tech entrepreneur turned academic with appointments at Duke, Stanford, Emory, and Singularity Universities, draws on his new Kauffman Foundation research to show that the United States is in the midst of an unprecedented halt in high-growth, immigrant-founded start-ups. He argues that increased competition from countries like China and India and US immigration policies are leaving some of the most educated and talented entrepreneurial immigrants with no choice but to take their innovation elsewhere. The consequences to our economy are dire; our multi-trillion dollar loss will be the gain of our global competitors.
With his signature fearlessness and clarity, Wadhwa offers a concise framework for understanding the Immigrant Exodus and offers a recipe for reversal and rapid recovery.
Many of the United States' most innovative entrepreneurs have been immigrants, from Andrew Carnegie, Alexander Graham Bell, and Charles Pfizer to Sergey Brin, Vinod Khosla, and Elon Musk. Nearly half of Fortune 500 companies and one-quarter of all new small businesses were founded by immigrants, generating trillions of dollars annually, employing millions of workers, and helping establish the United States as the most entrepreneurial, technologically advanced society on earth.
Now, Vivek Wadhwa, an immigrant tech entrepreneur turned academic with appointments at Duke, Stanford, Emory, and Singularity Universities, draws on his new Kauffman Foundation research to show that the United States is in the midst of an unprecedented halt in high-growth, immigrant-founded start-ups. He argues that increased competition from countries like China and India and US immigration policies are leaving some of the most educated and talented entrepreneurial immigrants with no choice but to take their innovation elsewhere. The consequences to our economy are dire; our multi-trillion dollar loss will be the gain of our global competitors.
With his signature fearlessness and clarity, Wadhwa offers a concise framework for understanding the Immigrant Exodus and offers a recipe for reversal and rapid recovery.
106 pages, Kindle Edition
First published October 2, 2012
12 people are currently reading
245 people want to read
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Displaying 1 - 17 of 17 reviews
January 12, 2013
"Diversity is asset." I saw this in Boston in 2003, and I was really impressed. Probably very few, if not zero, countries in the world give such message. In my country (Japan), diversity has never been (considered as) asset. I realized the power of the USA.
This book clearly indicated the situation is quite changed in the US, and the environment would not allow to realize diversity, and thus would not lead to the diversity-is-asset situation.
Quite interesting to realize, also, the globalization brought not only border-less trade of goods, but movement of people as well.
Very interesting and educational book: the author is quite self-promoting, so 4 star to me though.
This book clearly indicated the situation is quite changed in the US, and the environment would not allow to realize diversity, and thus would not lead to the diversity-is-asset situation.
Quite interesting to realize, also, the globalization brought not only border-less trade of goods, but movement of people as well.
Very interesting and educational book: the author is quite self-promoting, so 4 star to me though.
October 31, 2012
If there is one simple, potentially bipartisan, economic issue everyone should be concerned about its immigration. The challenge for the next twenty years is getting more immigrants, and the right kind of immigrants
February 24, 2013
Quick, common sense argument for loosening up employment visa restrictions to keep the US economy vibrant.
June 9, 2017
A successful immigration recipe for old world economies
Very well researched and supported context and background of immigration issues. Clear examples of success synthesized in a clear set of proposals.
Written from the pint of view of the US but would apply to many other developed countries. A must read for people in public service or office with an impact on immigration
Very well researched and supported context and background of immigration issues. Clear examples of success synthesized in a clear set of proposals.
Written from the pint of view of the US but would apply to many other developed countries. A must read for people in public service or office with an impact on immigration
August 20, 2018
Good book that is now a bit out of date given the anti immigrant feeling in the US but it is detailed and gives possible solutions. Some of which will not be implemented by the current crop of politicians. Sad that America is shooting itself in the foot to a certain degree.
May 13, 2015
An analysis of the most current research into trends in immigration patterns worldwide, as it relates to the USA. Wadhwa points to numerous examples among Silicon Valley's immigrant entrepreneurs; as well as the young and educated class of first generation immigrants who are choosing to return home a few years after college in the USA, to build startups in other countries.
Wadhwa points to two major causes of the trend.
1. The current bureaucratic mess of the Visa process and Immigration Bill H-1B
2. Improving opportunities and economic incentives in other countries for entrepreneurs, coupled with worsened economy prospects here in America
He points out that when he came to America, he had his Green Card in 18 months. Today, it would take him 10 years to get that same Visa, before he could have founded his two companies. The immigration process requires an applicant to keep a job with one employer, and the same position with that employer to ever be approved. If he simply changes position in a company, then he is bumped to the back of the line for his Visa. Also, it makes it virtually impossible for an owner of a tech startup to sponsor himself for a greencard. This means an immigrant is tied into an entry level position in his company for up to a decade, without the option of capitalizing on the 'American Dream.' And, his wife is not allowed to work under the Visa limitations.
Meanwhile, other countries like India and China incentivize tech startups. I thought of the Korean mobile phone market when Wadhwa talked about this. People with money to invest and grow, who will employ thousands of Americans, are waiting in line for Visas. It's just easier to take that training and money and invest it in another country.
Wadhwa points to two major causes of the trend.
1. The current bureaucratic mess of the Visa process and Immigration Bill H-1B
2. Improving opportunities and economic incentives in other countries for entrepreneurs, coupled with worsened economy prospects here in America
He points out that when he came to America, he had his Green Card in 18 months. Today, it would take him 10 years to get that same Visa, before he could have founded his two companies. The immigration process requires an applicant to keep a job with one employer, and the same position with that employer to ever be approved. If he simply changes position in a company, then he is bumped to the back of the line for his Visa. Also, it makes it virtually impossible for an owner of a tech startup to sponsor himself for a greencard. This means an immigrant is tied into an entry level position in his company for up to a decade, without the option of capitalizing on the 'American Dream.' And, his wife is not allowed to work under the Visa limitations.
Meanwhile, other countries like India and China incentivize tech startups. I thought of the Korean mobile phone market when Wadhwa talked about this. People with money to invest and grow, who will employ thousands of Americans, are waiting in line for Visas. It's just easier to take that training and money and invest it in another country.
January 11, 2017
As a person who has gone through all the headache of obtaining a legal working visa in the US, I picked this book with a big smile on my face. It was an interesting reading and I felt related reading the 1st three or four chapters. Sadly, the writer managed well to make some serious mistakes and repeat himself over and over. As the result, the book gets tired and is extremely repetitious despite the review on The Economist that writes: "this book is admirably short"(about 80 pages)
I don’t consider the book as a well-researched and well-argued, it’s rather a disappointment. Sure we all are facing problems and driven crazily through the process of getting such working visas, sure we all know our value and we would love to have as many as possible people who are in decent positions to raise their voice for us , yet when 99 percent of your data and research are about Indian, then Chinese; your research is questionable, and your data is rather misleading.
At the very first pages, the author writes about how he would cry facing discrimination from American kids when he was a kid in the 70s. He writes about the importance of diversity, then how could he name the book “immigrant exodus” yet at the same time completely focus all cases, arguments, examples and data, research on Indian Immigrants, with a slightly bit mentioned about Chinese then lobbying for them? What about the rest of the world? Is this book another kind of discrimination? How could an immigrant, a professor who teaches, a researcher, a member of many boards, make this kind of mistake?
Also, when it comes to high-skilled and educated workers, start-ups and technology are not everything and not the only thing.
The writer could have done a much better job.
I don’t consider the book as a well-researched and well-argued, it’s rather a disappointment. Sure we all are facing problems and driven crazily through the process of getting such working visas, sure we all know our value and we would love to have as many as possible people who are in decent positions to raise their voice for us , yet when 99 percent of your data and research are about Indian, then Chinese; your research is questionable, and your data is rather misleading.
At the very first pages, the author writes about how he would cry facing discrimination from American kids when he was a kid in the 70s. He writes about the importance of diversity, then how could he name the book “immigrant exodus” yet at the same time completely focus all cases, arguments, examples and data, research on Indian Immigrants, with a slightly bit mentioned about Chinese then lobbying for them? What about the rest of the world? Is this book another kind of discrimination? How could an immigrant, a professor who teaches, a researcher, a member of many boards, make this kind of mistake?
Also, when it comes to high-skilled and educated workers, start-ups and technology are not everything and not the only thing.
The writer could have done a much better job.
Read
February 1, 2013This is a quick but interesting read. Wadhwa makes a compelling, well-researched argument for fixing US immigration laws for highly skilled workers. His data show that highly skilled immigrants are a huge component of entrepreneurs - the main driver of economic growth. The percentage of new businesses created by immigrants is more than double the percentage of immigrant population... or it has been until recently. Our immigration process has become so cumbersome, and often impossible, that more and more highly trained immigrants are choosing to return to their home countries to start their businesses. The loss to the US economy is huge. Wadhwa offers 7 fairly simple suggestions for fixing the problem and reversing the tide of smart immigrants leaving the US. Here is a quick example: at the time of writing, no more than 7% of H-1B (highly skilled worker) visas can be awarded to people from any one country. So we can have the same number of H-1B immigrants from India and China as from Iceland. Such policies make no sense. I sure hope the politicians are listening to Vivek Wadhwa.
October 8, 2012
This book is an excellent WARNING as to the entreprenurial attack in the United States today which is causing us to not be able to compete or stand ahead of other countries that we once had an edge over. The author sites statistics from a study he had participated in as well as case studies to demonstrate why the US, once the beacon, for "overperforming" entrepreneurs are no longer finding the US the beacon of light for foreigners who once came to the US because of the openness to both Visas and entreprenurial environment.
Read
February 18, 2013 The fabric of this country was woven with its ability to absorb diverse cultures and attract talent pools from all over the world who then help contribute to this nation's society, economy and fuel its sustained competitive advantage over the world. Today at this juncture we are at the very verge of loosing this very fundamental fabric of our society due to bad policy framework by our leaders. A must read for those politicians who are at the forefront of these policies and decision making and are tasked with steering this nation's fate for our future generations to come
October 30, 2012
Vivek Wadhwa makes a good case and backs it up with a lotta numbers. Only grouse is that it's too silicon valley and engineer centric. Apart from that, it sheds considerable light on the many problems that plague the current American immigration policy and eventually the American Entrepreneurial spirit.
Want to read
November 1, 2012
December 19, 2012
Important message, but repetitive even for how short it is. Didn't get much more from it than I did reading the review in the Economist.
January 27, 2013
A concise high level overview of how current skilled immigration policy is like a fierce headwind on the US economy, and a friend to foreign competition. Several of the recommendations make sense.
July 22, 2013
Aimed at foreign entrepreneurs, with refreshingly cautious insights for anyone considering settling in the States.
May 2, 2015
Important ideas. Slightly clunky writing. Quick read.
March 12, 2016
Well-researched and well-argued, but a stressful read for any non-Americans who might want to start a business based in the US in the near future.
Displaying 1 - 17 of 17 reviews