A new study from the National Foundation for American Policy has revealed that India provides the largest number of founders to the US – more than any other country as Indian founders have launched $96 billion worth of startups in the US. Israel is in second place with 60, followed by the UK with 47, China with 41 and Canada with 30. The report details these immigrant founders and their backgrounds – whether they came to the US as students or for jobs, etc.The report said immigrants founded or co-founded 59% (455 of 775) of America’s privately held startup companies valued at $1 billion or more, up from 55% in NFAP reports released in 2018 and 2022. Two-thirds (66%) of US billion-dollar companies (unicorns) were founded or co-founded by immigrants or children of immigrants. about 80%America’s unicorn companies (privately held, billion-dollar companies) have an immigrant founder or an immigrant in a key leadership role, such as CEO or vice president of engineering.The report comes at a time when hatred towards India is at its peak on social media, with H-1B visa holders being portrayed as the main culprits who, according to MAGA commentators, enter the US fraudulently, steal American jobs, create a housing crisis in American cities.But as the report silenced critics, many commentators praised the Indian-American community.Commentator Richard Hanania wrote, “India has sent 96 people to the US who have started billion-dollar companies. No one is even close to them. There are only 5 million Indians in the US. About one in 50,000 of them is a unicorn founder! What pure, special, beautiful people. I will always fight for them.”“Time to use the old American phrase: “You ain’t seen nothing yet..!” Despite the challenges, Indian Americans will remain as entrepreneurial as ever. But the new phase will take place right here in India where the startup boom has just begun. And it will surprise the world…” wrote Indian business tycoon Anand Mahindra.
Main findings of the study
- The founders of $183 billion companies studied at American universities as international students.
- With 25,700, SpaceX has the most employees among billion-dollar companies with an immigrant founder.
- India, with 96 companies, is the leading country for immigrant founders of billion-dollar companies.
- The combined valuation of 455 US unicorns founded by immigrants is $5 trillion.
- Immigrant female founders of billion-dollar companies include Rihanna (Barbados), Sherry Wei (China), Jane Rubio (Philippines), Joanna Kochniak (Poland), Wei Dong (China).
List of Indians who founded two or more billion dollar companies
Mohit Aaron: Nutanix and CohesityJyoti Bansal: AppDynamics and HarnessAshutosh Garg: Bloomreach and Eightfold.aiArvind Jain: Rubrik and GlanSachin Nayyar: Securionics and SavientAjit Singh: Nutanix and ThoughtSpot