Half of Silicon Valley top companies founded by expats

Half of Silicon Valley top companies founded by expats

Half of Silicon Valley top companies founded by expats

A report analysing internet trends has revealed that half of the USA’s leading tech firms were started by first or second generation immigrants.

Google, Linkedin, E-Bay, Intel, Facebook and many more multinational leaders in the IT field were founded by first generation expat families, with these companies in total boosting the US economy to the tune of $530 billion and the creation of over a million jobs. Second generation expats from migrant families have done just as well.

Second generation sector leaders such as IBM, Broadcom and Oracle have added another $520 billion to the US balance sheet, and five of the top tech firms are advertising at present for 10,000 new employees. The report emphasises the importance of expats to the economy in both the short and long term.

Author of the survey Mary Meeker states that Silicone Valley corporations are working to influence the US government as regards its immigration policy in order to keep the best talents and their ideas firmly in the country. She argues that foreign tech students are educated to a high standard in American universities, but can’t get work permits allowing them to stay and contribute.

Meeker fears Asia-Pacific and European conglomerates will step in and grab the best and brightest tech talents using easier immigration procedures and work controls. She adds that US firms are already setting up offshore arms to encourage innovation and talent, with the resulting profits passing to overseas countries.

According to Meeker, present immigration policy imposes a cap of 85,000 visas for tech jobs against a demand of three times that number. Expat graduates are needed, she says, as US-born tech, math and science graduate numbers have declined by 33 per cent over the last decade.

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