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The Immigrant Exodus: Why America Is Losing the Global Race to Capture Entrepreneurial Talent

Book Description

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.

Table of Contents

  1. Acknowledgments
  2. Contents
  3. Introduction
    1. Back to School
    2. The Immigrant Exodus
    3. In This Book
    4. My Commitment
  4. Chapter 1: Why the Future of America Depends on Skilled Immigrants
    1. The Economic Impact
    2. The Innovation Impact
    3. The Shifting Tide
  5. Chapter 2: The Rise and Decline of the Immigrant-Powered Startup Machine
    1. The Immigrant Entrepreneur Tide Peaks
  6. Chapter 3: The Innovator’s Dilemma: Leaving America for Greener Pastures
    1. Beyond Sand Hill Road
    2. The Decline of Silicon Valley Entrepreneurship: Why the IIT Grads Are Going Home
  7. Chapter 4: H-1B Visas and Immigration Limbo
    1. How the H-1B Harms the US Economy and Sours Immigrants on America
    2. The History of the H-1B Visa
    3. The Program Nobody Likes: Death Threats and H-1Bs
    4. Good for America, Good for Innovation
    5. First-Class Minds, Second-Class Citizens
  8. Chapter 5: How the World Is Trying to Steal Silicon Valley’s Thunder
    1. The Race to Capture Entrepreneurial Talent and Skilled Immigrants
  9. Chapter 6: Seven Fixes to Slow the Immigrant Exodus
    1. 1. Increase the number of green cards available to skilled immigrants.
    2. 2. Allow spouses of H-1B visa holders to work.
    3. 3. Target immigration based on required skills.
    4. 4. Untether the H-1B worker from the employer.
    5. 5. Permanently extend the term of OPT for foreign students from one to four years.
    6. 6. Institute a startup visa.
    7. 7. Remove the country caps on green cards.
    8. How Much Economic Value Could These Changes Drive?
  10. Conclusion
  11. About the Author
    1. About the Writer
  12. About Wharton Digital Press
  13. About The Wharton School
  14. © 2012 by Vivek Wadhwa
    1. About the Book
  15. Endnotes