Immigrant Entrepreneurs are Creating New Businesses in Wisconsin
Immigrants play an important role in Wisconsin’s entrepreneurial environment, according to a new release from the Immigration Policy Center.
New businesses – those under five years old – are an important source of job creation for Wisconsin. Nearly 1 in 20 Wisconsin new business owners are foreign-born, and those businesses brought in a total of $589 million in revenue in 2010. More than 10,000 immigrants are new business owners.
In addition to founding new businesses in Wisconsin, immigrants enable other entrepreneurs to establish successful businesses. Highly-skilled immigrants, particularly those that work in science and technology fields, contribute to new biotechology and engineering initiatives in the state. Seventy-one percent of patents awarded to the University of Wisconsin in 2011 had at least one foreign-born developer, and those patents brought in $57 million to the University of Wisconsin in 2011 in licensing and royalty revenues.
An expansion of the highly-skilled visa program would allow Wisconsin businesses to expand, creating an estimated 5,800 new jobs in Wisconsin by 2020, according to the Immigration Policy Center. High-tech firms in the state, such as Epic and GE Medical Systems, would especially benefit from such an expansion.
Click here to read more about the important role immigrant entrepreneurs and business owners play in Wisconsin’s economy.