The Immigrant Exodus: Why America Is Losing the Global Race to Capture Entrepreneurial Talent
By Vivek Wadhwa
A 2012 ECONOMIST BOOK OF THE YEAR Many of the United States' most innovative entrepreneurs have been immigrants, from Andrew Carnegie, Alexander Graham Bell, and Charles Pfizer to Sergey Brin, Vinod Khosla, and Elon Musk. Nearly half of Fortune 500 companies and one-quarter of all new small businesses were founded by immigrants, generating trillions of dollars annually, employing millions of workers, and helping establish the United States as the most entrepreneurial, technologically advanced society on earth. Now, Vivek Wadhwa, an immigrant tech entrepreneur turned academic with appointments at Duke, Stanford, Emory, and Singularity Universities, draws on his new Kauffman Foundation research to show that the United States is in the midst of an unprecedented halt in high-growth, immigrant-founded start-ups. He argues that increased competition from countries like China and India and US immigration policies are leaving some of the most educated and talented entrepreneurial immigrants with no choice but to take their innovation elsewhere. The consequences to our economy are dire; our multi-trillion dollar loss will be the gain of our global competitors. With his signature fearlessness and clarity, Wadhwa offers a concise framework for understanding the Immigrant Exodus and offers a recipe for reversal and rapid recovery.
"A must-read for anyone who wants to understand why America is losing the talent race." --Elon Musk, CEO of SpaceX and co-founder of Tesla Motors and PayPal "As the son of immigrants and a champion of American Innovation, I can think of no more important book for our politicians and CEOs to read. Get it, read it and fix this problem now." --Peter H. Diamandis, MD, Chairman/CEO, X PRIZE Foundation and author of "Abundance: The Future Is Better Than You Think" "Talk about hitting our economy when it's down! And we're doing it to ourselves, as Vivek Wadhwa's shocking new book illustrates....Vivek's timely book should wake Washington up to this destructive folly." --Steve Forbes, Chairman and Editor-in-Chief of Forbes Media "Over the past couple of years, Wadhwa has been at the forefront sounding the alarm about America's flawed immigration system. In "The Immigrant Exodus," he writes persuasively about the problem and what we need to do to solve it. A must-read." --Reid Hoffman, co-founder and executive chairman, LinkedIn and partner at Greylock "With his masterful blend of hard-hitting analyses and empathy for the real people who strive to succeed, Wadhwa lays out a strategy for keeping America the birthplace of great innovation. "The Immigrant Exodus" is a must-read." --Freada Kapor Klein, Ph.D. founder, Level Playing Field Institute ""The Immigrant Exodus" points out clearly that America is in a stiff competition for valued immigrants, the entrepreneurs and the capital of the world, and we can do something about it." --Timothy Draper, Managing Director, Draper Fisher Jurvetson ""The Immigrant Exodus" is a cautionary tale of a great success going wrong and what we can do to reverse this trend before it is too late." --Mitch Kapor, founder Lotus Development Corp. "In "The Immigrant Exodus," Wadhwa argues that America remains the beacon of hope for talented individuals from around the world. Let'se
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