Press Release: Entrepreneurship Index Shows Immigrants Leading the Way In Creating New Businesses

STATEMENTS FROM PARTNERSHIP FOR A NEW AMERICAN ECONOMY MEMBERS ON 2011 KAUFFMAN INDEX OF ENTREPRENEURSHIP THAT SHOWS IMMIGRANTS ARE MORE THAN TWICE AS LIKELY TO CREATE NEW BUSINESSES

Kauffman Study finds that immigrants now represent 29.5 percent of new entrepreneurs in 2010, compared to 13.4 percent in 1996

Statement of Michael Bloomberg, Mayor of New York City, and Partnership Co-Chair:

“For generations, immigrants have founded businesses that are both the cornerstones of our national economy and the corner stores of our local neighborhoods. This study is one more reminder that when you move past the political rhetoric, the facts are clear – immigrants are a tremendous source of innovation and enterprise. If we are serious about fixing our economy and creating jobs, then we must fix our broken immigration system.”

Statement of Antonio Villaraigosa, Mayor of Los Angeles, and Partnership Co-Chair:

“Immigrant entrepreneurship has been an engine of economic growth for Los Angeles. Immigrants have played a vital role across our vast city and across the many sectors of our economy. From fashion retailer Forever 21 to national food chains such as El Pollo Loco and Panda Express, immigrants are creating businesses and jobs for all Americans. This is another telling reminder that we should be doing more to welcome and support immigrants who play a crucial role in America’s economy.”

Statement of Brad Feld, Managing Director of Foundry Group and Partnership Member:

“As a venture capitalist, I am always looking for the best ideas and best talent to invest in and create new companies, new jobs, new American opportunities. Every day I meet talented immigrants who have good ideas and the talent to make them into profitable companies, only to learn there is no way for them to stay here and start their new company. Clearly, the time has come for a new visa for our immigrant entrepreneurs.”