Getting schooled: Universities and VC-backed immigrant entrepreneurs |
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| Institution: | 1. Federal Reserve Bank of Philadelphia, United States of America;2. Harvard Business School and NBER, United States of America;3. Harvard University, United States of America;4. Yale University, United States of America;1. Politecnico di Milano, Department of Management, Economics and Industrial Engineering, Via Lambruschini 4/B, 20156 Milan, Italy;2. University of Bologna, Department of Management, Via Capo di Lucca, 34, 40126 Bologna, Italy;3. Politecnico di Milano, Department of Management, Economics and Industrial Engineering, Via Lambruschini 4/B, 20156 Milan, Italy;1. Antai College of Economics and Management, Shanghai Jiao Tong University, People''s Republic of China;2. Warwick Business School, University of Warwick, United Kingdom of Great Britain and Northern Ireland;3. School of Management, Fudan University, People''s Republic of China;4. School of Computing, National University of Singapore, Republic of Singapore;1. Faculty of Earth Sciences and Technology, Institut Teknologi Bandung, Bandung, Indonesia;2. Psychology Department, Faculty of Humanities, Bina Nusantara University, Jakarta, Indonesia;3. Faculty of Public Health, Universitas Airlangga, Indonesia;4. Faculty of Exploration and Production Technology, Universitas Pertamina, Jakarta, Indonesia;5. State Islamic Institute, Sorong, West Papua, Indonesia;6. Department of Biostatistics, Epidemiology and Population Health, Faculty of Medicine, Public Health and Nursing, Universitas Gadjah Mada, Yogyakarta, Indonesia;7. Department of Politics and Citizenship, Faculty of Social Sciences, Universitas Negeri Semarang, Semarang, Indonesia;1. Université Côte d''Azur, CNRS, GREDEG, 250 rue Albert Einstein - CS 10269, 06905 Sophia Antipolis Cedex, France;2. Université Toulouse 1 Capitole, TSM Research (UMR 5303 CNRS), Université Toulouse 1 Capitole/Toulouse School of Management, 2, rue du Doyen Gabriel Marty, 31042 Toulouse Cedex 9, France;3. Université de Bordeaux, BSE, Avenue Léon Duguit, 33608 Pessac Cedex, France;4. Université de Strasbourg, Université de Lorraine, CNRS, BETA, F- 67000 Strasbourg, 61, avenue de la Forêt Noire, 67085 Strasbourg Cedex, France |
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| Abstract: | This paper analyzes how US universities contribute to the quantity and quality of VC-backed immigrant entrepreneurship in the US. Using a novel data set that identifies immigration status and education history for the near-universe of VC-backed founders in the US, we document several interrelated facts. First, immigrants contribute disproportionately to US VC-backed entrepreneurship, accounting for approximately 20 % of VC-backed companies. More than 75 % of these immigrant entrepreneurs obtained post-secondary education in the US, which suggests that higher education represents a primary entry channel for foreign entrepreneurial talent into the country. Given these facts, we assess how universities shape both the geographic distribution and the quality of immigrant entrepreneurship. Close to 40 % of US-educated immigrants start a company in the state of their alma mater, suggesting that place of education substantially impacts immigrant entrepreneurs' startup location choice. Regarding firm quality, immigrant founders are also more likely to found financially successful and scientifically innovative startups than their US-born counterparts. Altogether, the results suggest that foreign students educated in US universities substantially contribute to local and national VC-backed entrepreneurship, thereby identifying higher education's global scope as a potential tool to attract entrepreneurial talent and encourage entrepreneurial growth. |
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