Presentation on theme: "Immigrant Entrepreneurship & Business Success A Community Dialogue on Immigrant Entrepreneurship & Business Success."— Presentation transcript:
Immigrant Entrepreneurship & Business Success A Community Dialogue on Immigrant Entrepreneurship & Business Success
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IMMIGRANTS IN THE STATE OF MAINE AND WORKFORCE DEVELOPMENT
Immigrants who arrive in Maine bring with them varied skills and education.
Immigrants have a high entrepreneurial drive and are 30% more likely to start new businesses than native-born. Center for an Urban Future: “Immigrant Entrepreneurism: An Engine for Economic Recovery” December 2009
Immigrant entrepreneurs face many barriers to launch a small business.
Barriers for immigrant entrepreneurs include limited English proficiency, cultural barriers, and a limited business experience and/or regulatory processes of the US. These challenges can prevent immigrant entrepreneurs from successfully launching a business.
A secondary barrier faced by immigrant entrepreneurs is an inability to access financing and start-up capital. Most entrepreneurs require some start-up funding – often in the form of loans. Most financial institutions require a good credit history and proof of income to qualify for financing.
Immigrants as business owners contribute to economic distressed area …because they have limited capital to start up their businesses and they only can afford lower rents…they can market their products and services to low and moderate income people. Neighborhood main streets, and storefront businesses are well represented by immigrants. JPNDC Report: “Immigrants as Small Business owners”
In the United States, immigrants now launch more than a quarter of businesses. Inc., Magazine,“The Most Entrepreneurial Group in America Wasn't Born in America” November 2014
From 1996 to 2011, the business startup rate of immigrants increased by more than 50 percent, while the native-born startup rate declined by 10 percent. Immigrants today are more than twice as likely to start a business as native-born citizens. Inc., Magazine,“The Most Entrepreneurial Group in America Wasn't Born in America” November 2014
46 % of America's top venture-funded companies had at least one immigrant founder Inc. Magazine: “Immigrants Found Nearly Half of Top Start-ups” December 2011
Immigrants are founders of nearly half of America’s Top 50 venture-funded companies.
Between , the foreign-born population in Maine increased by 19.6 percent, and in 2011, immigrants made up 3.3 percent of Maine’s 1.3 million residents. Source: The Impact of Immigration Across the Nation
Size of foreign-born population 44,141 Percent of state’s population 3.3% Growth in foreign-born population 19.6% Source: The Impact of Immigration Across the Nation, 2011
Immigrants have been integral in helping Maine grow economically in recent years …
3.3% Share of businesses in Maine owned by immigrants $119 million Annual business income generated by immigrants Source: Partnership for a New American Economy,
Maine Minority Business Owners (Foreign-born & Native- Born) Immigration Policy Center. “The Political and Economic Power of Immigrants, Latinos, and Asians in the Pine Tree State.” July 2013.
ENTREPRENEURSHIP AND IMMIGRANTS “Immigrants …they are more likely to earn patents … a quarter of new high-tech companies with more than $1 million in sales were founded by the foreign born … every additional 100 foreign-born workers in science and technology fields is associated with 262 additional jobs for U.S. natives.” Brooks, David. “The Easy Problem.” New York Times February 2013.
52% Increase in share of foreign born STEM workers 32.9% of STEM graduates are foreign-born Source: Partnership for a New American Economy,
Immigrants have been integral in helping Maine grow economically in recent years.
Source: The Impact of Immigration Across the Nation, 2011 Two of the state’s largest companies, Fairchild Semiconductor International and the American Skiing Company, were founded by immigrants or their children. With corporate offices in South Portland, Fairchild Semiconductor International employs almost 8,000 people worldwide and brings in more than $1.5 billion in revenue each year. Although the American Skiing Company sold its Maine ski resorts in 2007, their investment and expansion led to two resorts that employ a total of 400 people year round and more than 2,000 seasonal workers.
Over 120 Immigrant-Owned Small Businesses in Southern Maine CEI StartSmart
Restaurants in Portland Asmara Restaurant Babylon Restaurant Boda Crown Fried Chicken Federal Spice Flores Restaurant Haggarty's Hi Bombay La Concina Dominicana Miyake Northern Gardens Pai Men Miyake Sarku Japan Sushi Bar Sengchai Thai Cuisine Ten Ten Pie Tandoor Restaurant Teriyaki Exchange Tipico Tu Casa
FOODS & GROCERY MARKETS IN PORTLAND Arwo Market Banadir Market Bogousha's Polish Deli Discount Halal Market Ebenezer Store Haknuman Meanchey Hong Kong Asian Market Jazeera Market La Bodega Latina Liban’s Market Medeo European Food Mitpheap Asian Market Moriah Store Noor Grocery Peace Food Halal Market Riverton Gas & Convenience Safari Grocery Store Sindibad Market Tawakal Store Tigris Market Veranda Asian Market Westbrook Variety
SPECIALTY BUSINESSES IN PORTLAND AC Vasquez Painting Alverez Painting A-Z Wood Floor Carpentry Express Esi Remodeling Eugene Sherstyukov, Custom Carpenter M & M Flooring Marie-Jeanne's Couture Gwani Styles Expert Wireless Solutions & R. Fashion Ahmed Auto Dubai Auto Sales,, Portland Mulay Auto The Children's House Home Health care
PLEASE JOIN US FOR THE OTHER PROGRAMS IN THIS COMMUNITY DIALOGUE March 18 th Immigrant Economic Integration May 1 st Immigrants and the Creative Economy June 8 th Economic Opportunity Agenda and Celebration
Presented by the World Affairs Council of Maine in partnership with MIRC