Friday, August 19, 2022

Indians lead as immigrant founders of US unicorns

India, with 66 companies, tops the chart as the country of origin for the immigrant founders of US unicorns, according to a recently-released National Foundation for American Policy (NFAP) report

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More than half (319 of 582) of America’s startup companies valued at $1 billion or more — known as unicorns — have at least one immigrant founder. India, with 66 companies, tops the chart as the country of origin for the immigrant founders of US unicorns, according to a recently-released National Foundation for American Policy (NFAP) report.

Immigrants from Israel founded the second-most billion dollar companies at 54, followed by the UK (27), Canada (22), China (21), France (18), Germany (15), Russia (11), Ukraine (10), and Iran (8).

In addition to the 319 billion-dollar startups with at least one immigrant founder, NFAP identified 133 other companies with at least one immigrant in a key leadership position, such as CEO, CTO or VP of engineering

The NFAP research has identified at least 10 immigrants who have founded two or more unicorns. Four of them are from India — Mohit Aron (founded Nutanix & Cohesity), Ashutosh

Garg (Bloomreach & Eightfold.ai), Ajeet Singh (Nutanix & ThoughtSpot), and Jyoti Bansal (AppDynamics & Harness).

The others are Al Goldstein (born in Uzbekistan), Noubar Afeyan (Lebanon), Ignacio Martinez (Spain), Elon Musk (South Africa), Sebastian Thrun (Germany), and Ion Stoica (Romania).

The NFAP report looks at unicorns tracked by the research firm CB Insights. The research shows that the privately held US billion-dollar startup companies with immigrant founders have created an average of 859 jobs per company.

The collective value of the 319 immigrant-founded companies is $1.2 trillion, which is more than the value of the companies listed on the major stock markets of many countries, including the Brazil Stock Exchange ($925 billion), Madrid Stock Exchange ($727 billion), and Singapore Exchange ($679 billion).

In addition to the 319 billion-dollar startups with at least one immigrant founder, NFAP identified 133 other companies with at least one immigrant in a key leadership position, such as CEO, CTO or VP of engineering. The report said that such positions are critical to a company’s growth and prospects, with entrepreneurs often saying that starting a company and getting funding is easier than running a business and making it successful. In total, 78%, or 451 of 582 billion-dollar startups have an immigrant founder or an immigrant in a key leadership position.

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Tirthankar Ghosh
Tirthankar Ghosh is a senior journalist and presently Managing Editor, Newsline Publications. He has also been writing for well over 15 years for the New York-based Air Cargo News Flying Typers.

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