Why immigration reform would be good for Colorado
Immigrants represent more than 10 percent of the state's entrepreneurs
As an investor, I’m always looking for the next great American company. Who will create tomorrow’s Twitter, Facebook or Google?
Today, it is just as likely to be someone born in Beijing or Jaipur as it is to be someone from Boston or Boulder. In 2016, you no longer have to be in Silicon Valley to launch a successful startup. Colorado is home to many.
However, national borders do still matter and our current immigration system unfortunately isn’t designed to allow anyone looking to create the next Fitbit the ability to easily do so in America. As a result, we lose out to other countries as non-US founders start their ventures to countries like Canada, Chile, or Singapore instead of the US, often because it’s impossible for them to get appropriate visas to create their companies while living in the US.
That’s why I’m spreading the word about the Partnership for a New American Economy’s Reason for Reform campaign, which calls on business leaders, entrepreneurs, students, and others from across the US to tell Congress why America needs immigration reform by recording a short video clip from their cell phones or computers, giving their “reason for reform.”
Immigrants have historically been an entrepreneurial bunch. Today, immigrants represent more than 10 percent of Colorado’s entrepreneurs. In 2014, their businesses contributed more than $560 million in revenue to Colorado’s economy. Of the nine Colorado-based companies that appear on the Fortune 500 list, a third of them were founded by immigrants or their children. These three firms alone provide 53,000 jobs and generate more than $20 billion in revenue each year.
Providing sufficient staffing for these companies is another hurdle. Today in Colorado, there are 15 unfilled jobs for every one unemployed STEM worker. While we should certainly be investing in our own STEM education, we should take advantage of the thousands of international students who come here to study and are ready to fill these gaps immediately upon graduation.
A new Colorado report released by the Partnership for a New American Economy (PNAE) calculates that 27.5 percent of all students earning STEM-related PhDs in Colorado are from other countries. Many of these students want to stay to further the research they started in their programs and build companies from their findings. Almost 1,000 jobs could be created for American workers if even half of the 740 graduate students on temporary visas in Colorado were allowed to stay upon completion of their programs.
America’s future as the global leader in innovation remains in the balance until our immigration system is fixed. A large portion of a reform package should focus on updating our system to better reflect the business landscape and market realities of the 21st century.