Ethnic Entrepreneurs: Fund our Future with Solid Business Investments
Even with a lack of financial support, immigrant entrepreneurs continue flying over hurdles and boosting our country's economic development.
Proving their determination to succeed from the start, people from all walks of life have traveled to the U.S. for centuries to improve the lives of their families and communities. Commitment to hard work and prosperity have made newcomers essential for lucrative business in the United States.
- Since the turn of the new millennium, immigrant business startups have grown by 50 percent, and are now more than twice as likely as a native startup.
- In 2011, immigrants made up just 13 percent of the population, while founding 28 percent of all new businesses that year.
- 25 percent of almost every fast-growing economic sector in the U.S. are founded by non-natives, including health care, retail trade, and more.
- Privately-owned businesses with ethnic proprietors even employ a significant ten percent of all American employees.
Immigrants have been compelling the economy since our declaration, and this has been especially important close to home. In 1900, non-natives made up 33 percent of Cleveland's population during its peak of 800,000 residents, landing the city in the top five crucial immigrant gateways of its time. Since then, 45 percent of Fortune 500 businesses arising from America's Rust Belt have been founded by foreign-born citizens.
Despite their importance in our economic growth, technological advancements, and career opportunities, the majority of immigrant startup capital has come from family or personal savings alone. Investing in startups founded by immigrants will ensure we continue to thrive in a nation that strengthens financial support for exceptional business potential.