Immigrants are likelier than the native-born to start their own business. Other than that people who pack up and fly thousands of miles to start a new life obviously have get-up-and-go, discrimination against immigrants in labour markets exert pressure to seek self-employment. Migrants therefore often have no choice but to become entrepreneurs. The benefit for […]

Migration and accelerated entrepreneurism

Immigrants are likelier than the native-born to start their own business. Other than that people who pack up and fly thousands of miles to start a new life obviously have get-up-and-go, discrimination against immigrants in labour markets exert pressure to seek self-employment. Migrants therefore often have no choice but to become entrepreneurs.

The benefit for the host country of migrants is more than monetary. Other than the focused poaching of best employable skills and injection of capital, through new migrants we receive a healthy dosage of culture, insights and perspectives. The inflow of brains from all around the world has made Australia richer and more dynamic; a long way away from the 1973 white Australia policy. The economy has grown 21-fold, and migration now is colour-blind and open, whilst also being ruthlessly selective.

The most skilled people are usually the most mobile as they face fewer barriers, because more places want them. Drawing on a global talent pool to access them makes it easier to fill gaps and pursue big ideas, especially in growth-oriented ventures.

Immigrants bring new perspectives, knowledge of overseas markets and connections that accelerate the spread of ideas while teaching us how to optimise cross-cultural experiences. This flow of information made available to natives through immigrants stimulates creativity in the marketplace, resulting in individuals to identify out-of-the-box business opportunities, accelerated entrepreneurism.