Click here to read this WSJ article, 12-30-13. By John Dearie and Courtney Geduldig. Mr. Dearie, executive vice president at the Financial Services Forum, and Ms. Geduldig, vice president of global regulatory affairs at Standard & Poor's, are co-authors of "Where the Jobs Are: Entrepreneurship and the Soul of the American Economy" ( Wiley, 2013). Excerpts:
"more than 40% of Fortune 500 companies were founded by immigrants or a child of immigrants. Immigrants also launch half of the nation's top startups..."
"startups account for virtually all net new job creation."
"Immigrants were involved in more than 75% of the nearly 1,500 patents awarded at the nation's top 10 research universities in 2011.."
"Foreign-born innovators contributed to 87% of the patents filed in semiconductor-device manufacturing, 84% in information technology, 83% in pulse or digital communications, and 79% in pharmaceutical drugs or drug compounds."
"immigrants with advanced degrees from U.S. universities working in science and technology fields. According to a study by the American Enterprise Institute, between 2000 and 2007 each group of 100 foreign-born workers with such backgrounds was associated with 262 additional American jobs."
"Rob Lilleness, president and chief executive of software developer Medio Systems in Seattle, Wash., explained how immigration restrictions often force new companies to outsource jobs to people abroad with math and science backgrounds. "We have to look at India, or Argentina, or Vietnam, or China because there's not enough H-1B visas," he said."
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