Can Immigrants boost Innovation?
When it comes to immigrants, the importance of their role in the U.S. economy is often underestimated. Here are real examples of how immigrants boost the innovation…
In order for a business to stay competitive it must constantly be changing and adapting—it has to innovate. Innovation—the act or process of introducing new ideas, devices, or methods—is the future of the American economy. However, there is a key aspect that many people are failing to account for in moving forward with the economy: the crucial role immigrants play in inventing the products and ideas that will power the American economy.
Immigrants and Innovation | Facts
76% of patents awarded to the top ten patent-producing US universities in 2011 had at least one foreign-born inventor- Immigrants make up just 16.5% of the US population over age 25, yet account for a greater share of this country’s innovations
- Immigrants are three times more likely to file a patent than native-born Americans
- Between 1990 and 2000, more than one in four of the Nobel prize winners based in the US were immigrants
- Between 1995 and 2005, immigrant entrepreneurs helped found 25 percent of all new high-tech companies, creating 450,000 jobs
76% of patents awarded to the top ten patent-producing US universities in 2011 had at least one foreign-born inventorPatents are not the only way immigrants aid the American economy in remaining competitive; in many cases, immigrants have also turned their work into successful startup ventures employing thousands of Americans. Unfortunately, these important immigrant inventors are all too often denied visas because of the current immigration system and are forced to return to their respective country. When immigrants are forced to leave, the economy bears the cost.
Story Spotlight:
Born in Hangzhou, China, Wenyuan Shi came to the US in 1985 to earn his PhD at the University of Wisconsin. Shi describes himself as an “interesting example of the American Dream” and that he is. In 2011, Shi earned a patent for the active ingredient in a lollipop he developed that doubles as a dental treatment for children, and went on to turn his development into a successful business. With the help of dozens of foreign-born students, Shi has raised over $80 million from dental insurers and government sources since 2005 which support Shi’s dreams of revolutionizing the way dentistry is treated in the United States. He currently employs over 50 individuals who were born in America, ultimately adding to the US economy.
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