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Native-Immigrant Entrepreneurial Synergies

Author

Listed:
  • Zhao Jin
  • Amir Kermani
  • Timothy McQuade

Abstract

We examine the performance of startups co-founded by immigrant and native teams. Leveraging unique data linking startups to founders' and employees' employment and education histories, we find native-migrant teams outperform native-only and migrant-only teams. Native-migrant startups have larger employment three years after founding, are more likely to secure funding, access larger funding rounds, and achieve more successful exits. An instrumental variables strategy based on native shares in university-degree programs confirms native-migrant teams are larger and more likely to receive funding. Superior access to diverse labor pools, successful VCs, and expanded product markets are key factors in driving native-migrant outperformance.

Suggested Citation

  • Zhao Jin & Amir Kermani & Timothy McQuade, 2025. "Native-Immigrant Entrepreneurial Synergies," NBER Working Papers 33804, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:33804
    Note: CF DAE ITI LS PR
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    More about this item

    JEL classification:

    • F22 - International Economics - - International Factor Movements and International Business - - - International Migration
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

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