Immigrants Drive Majority of US Unicorn Startups, Indians Lead the Pack

A recent study has found that immigrants play a major role in the success of America's startup ecosystem, with more than half of all privately held unicorn companies founded or co-founded by immigrants. Entrepreneurs of Indian origin have emerged as the most influential group among immigrant founders, contributing to the highest number of billion-dollar startups in the United States.

The findings come from a report released by the National Foundation for American Policy titled Immigrants and US Billion Dollar Companies. According to the report, the United States is home to 775 privately held startup unicorns, and immigrants serve as founders or co-founders in 455 of them. These companies represent 59 percent of all US unicorn startups and have a combined valuation exceeding 5 trillion dollars.

Indian entrepreneurs are involved in the creation of 96 unicorn companies, the highest number among all immigrant groups. One of the most notable examples is Perplexity AI, co-founded by Indian-origin entrepreneur Aravind Srinivas. With a valuation of 20 billion dollars, the company ranks among the leading unicorn startups in the country.

Israel ranks second on the list, with immigrant founders involved in 60 unicorn startups. It is followed by the United Kingdom with 47 companies, China with 41, Canada with 30, Russia with 23, France with 21, Germany with 18, Ukraine with 16, and Australia with 14.

The report also highlights the economic impact of these companies. On average, each unicorn startup founded with immigrant participation has created 833 jobs. In addition, immigrants serve as founders, co-founders, chief executives, or key leaders in 80 percent of all US unicorn startups.

The study found that at least 15 immigrants have founded two or more unicorn companies. Several Indian-origin entrepreneurs feature on this list, including Mohit Aron, Jyoti Bansal, Ashutosh Garg, Arvind Jain, Sachin Nair, and Ajit Singh.

Among the most prominent immigrant entrepreneurs is Elon Musk, who was born in South Africa. Musk has founded or co-founded four major companies that achieved unicorn status, including SpaceX, OpenAI, The Boring Company, and Neuralink.

A unicorn is a privately held startup company valued at more than 1 billion dollars and is not publicly traded on the stock market. The report underscores the significant contribution of immigrant entrepreneurs to innovation, job creation, and economic growth in the United States.