Indian-Americans behind 96 billion-dollar startups in US, new study challenges rising hate

A new study by the National Foundation for American Policy has revealed that India offers the highest number of founders to the US -- higher than any other country as Indian founders started 96 billion-dollar startups in the US. Second is Israel with 60, followed by the UK at 47, China at 41 and Canada at 30. The report profiled these immigrant founders and their background -- whether they came to the US as students or if they came to the US for jobs etc.

The report said immigrants have founded or cofounded 59% (455 of 775) of America’s privately held startup companies valued at $1 billion or more, which is an increase from 55% in NFAP reports released in 2018 and 2022. Two-thirds (66%) of US billion-dollar companies (unicorns) were founded or co-founded by immigrants or the children of immigrants. Nearly 80%
of America’s unicorn companies (privately held, billion-dollar companies) have an immigrant founder or an immigrant in a key leadership role, such as CEO or vice president of engineering.

The report came at a time when India-hatred on social media narrative is at its peak with H-1B visa holders portrayed as the main culprits who, according to MAGA commentators, defraud their way to the US, steal American jobs, create housing crisis in US cities.

But as the report shut the critics, many commentators praised the Indian-American community.

"India has sent 96 people to America who started billion-dollar companies. No one else is even close. There's only about 5 million Indians in America. Almost one in 50,000 of them is a unicorn founder! What a holy, special, beautiful people. I will always fight for them," commentator Richard Hanania wrote.

"Time to use the old American phrase: “You ain’t seen nothing yet..!” Despite the challenges, Indian Americans will remain as entrepreneurial as ever. But the new stage will be right here within India where the startup boom has only just begun. And it will surprise the world…" Indian business tycoon Anand Mahindra wrote.

Key findings of the study

• 183 billion-dollar companies have founders who attended a US university as international students.
• SpaceX, with 25,700, has the most employees among billion-dollar companies with an immigrant founder.
• India, with 96 companies, is the leading country of origin for the immigrant founders of billion-dollar companies.
• The 455 immigrant-founded US unicorns have a combined valuation of $5 trillion.
• Immigrant women founders of billion-dollar companies include Rihanna (Barbados), Sherry Wei (China), Jen Rubio (Philippines), Joanna Kochaniak (Poland), Wei Dang (China).

List of Indians who founded two or more billion-dollar companies

• Mohit Aron: Nutanix and Cohesity
• Jyoti Bansal: AppDynamics and Harness
• Ashutosh Garg: Bloomreach and Eightfold.ai
• Arvind Jain: Rubrik and Glean
• Sachin Nayyar: Securonix and Saviynt
• Ajeet Singh: Nutanix and Thoughtspot

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