Study: Immigrants Are Helping Boost Startups in the United States3 years ago Guest - TechFollower
Based on a new study from a nonpartisan think tank, immigrants are driving billion-dollar startups in the United States, creating an average of 760 jobs each. Immigrants were said to play founding roles in over half of the 87 American startups.
Names such as Elon Musk of Space X, Laks Srini of Zenefits, Garrett Camp of Uber and Peter Thiel of Palentir are just some of the most popular immigrants who’ve risen to fame due to their successful startups.
In a separate report by the National Foundation for American Policy, it revealed that at least 51% of these so-called unicorn startups had at least one immigrant founder. All those companies who have immigrants serving in high position have a collective value of at least $168 billion.
Amongst the top immigrants with startups in the US, India topped the list with 14 founding billion-dollar companies in the country, followed by Canada and the UK in second place with 8 founders each.
Their growing and successful connection in the business sector has led many large enterprises to look at their work processes and see how they can learn from startup companies.
Samsung is taking the lead
Even companies as large as Samsung Electronics have claimed they have a few things to learn from startups that they want to adopt in their corporate culture. In an interview with VentureBeat, Samsung executives said they are seeking to become more nimble as growth slows, signing a pledge to veer away from their previous top-down culture and move towards a working environment that fosters open dialogue.
“We aim to reform our internal culture, execute as quickly as a startup company and push towards open communication and continuously innovate,” Samsung said in an official statement.
When it comes to innovation, the company is one of the best producers of revolutionary devices currently on the market. Samsung was able to produce a curved screen handset that they continually encompasses everything the brand stands for in the modern smartphone arena. In addition, O2 mentioned that their latest handset, the Galaxy S7, comes with the most powerful features and functionalities it has ever possessed, such as wireless and faster charging, 200GB memory, an inbuilt cooling system, and it’s also waterproof. Although their latest handset wasn’t a byproduct of their new corporate culture, it has shown great progress in sales, leading the Chinese, European, and Indian markets.
Samsung said it plans to simplify work procedures and reduce unnecessary overtime and weekend work to improve their employees’ productivity and strengthen their “winning spirit.”
Learning from the small players
Apart from Samsung, many other big companies should look to work with entrepreneurs and startups to grow financially. In a study administered by Accenture, many large enterprises risk losing $1.5 trillion in growth opportunities by not collaborating with their smaller counterparts in developing new ideas.
Analysts suggest it’s only a matter of time before corporations take advantage of their funded startups, not only by just funding them, but using digital partnerships to jointly create innovation together. In fact, 82% of executives from large enterprises believe they can learn from startups, anticipating a growth in revenue in the next five years from an average of 9% to 20%.
“In the digital economy, corporations have the opportunity to disrupt their markets by working more effectively with innovative startups to jointly create new products and services,” said Accenture’s CTO Paul Daugherty.
He added, “That means corporates should not just fund startup innovation, but actively participate in it by pooling ideas, assets and intellectual property.”
TechFollower has been in the blog-o-sphere for three years. She mostly writes about tech, marketing, and startups. She has a dream to build her own empire someday, filled with creative individuals who have the same passion as her in writing and technology. Although crowdfunding can be a great start to build her dream company, she still lacks the confidence to pull everything together, especially with her hectic schedule as a preschool teacher. She will one day find the right time to put things in perspective, one at a time. Watch out for her blog soon!