At a time when immigration remains one of the most divisive issues in American politics and Indian professionals frequently find themselves caught in debates over visas, technology jobs, and workforce competition, a new report has highlighted the extraordinary contribution of Indian-origin entrepreneurs to the United States economy. According to research conducted by the National Foundation for American Policy (NFAP), Indian immigrants have founded or co-founded more billion-dollar startups in the United States than immigrants from any other country.
The report reveals that Indian-origin entrepreneurs have been involved in the creation of 96 American unicorn companies. A unicorn is a privately held startup valued at $1 billion or more before being listed on a stock exchange. This figure places India comfortably ahead of every other immigrant community in the United States and underscores the central role played by Indian talent in America's innovation ecosystem.
The findings arrive during a period when sections of the American political spectrum, particularly some anti-immigration groups and segments of the MAGA movement, have increasingly criticised immigration programmes such as the H-1B visa system. Indian professionals have frequently become the focus of these debates, with critics arguing that foreign workers take opportunities away from American citizens. However, the NFAP report presents a different perspective by highlighting the extent to which immigrants, particularly those from India, have contributed to job creation, technological innovation, and economic growth.
According to the report, immigrants have founded or co-founded 455 of the 775 unicorn companies currently operating in the United States. This means that nearly 59 percent of all privately held billion-dollar startups in the country have at least one immigrant founder. The numbers suggest that immigrant entrepreneurs are not simply participants in the American economy but are among its most important drivers of innovation and business creation.
India leads this ranking with 96 unicorns founded or co-founded by Indian-born entrepreneurs. The gap between India and other countries is significant. Immigrants from Israel were involved in the creation of 60 unicorns, while founders from the United Kingdom accounted for 47. China followed with 41, Canada with 30, and Russia with 23. These figures place Indian entrepreneurs firmly at the top of America's immigrant-driven startup landscape.
The report highlights how the United States' reputation as a global centre for innovation has been shaped in large part by people who arrived from other countries in search of educational and professional opportunities. From Silicon Valley technology firms to advanced artificial intelligence companies, immigrant founders have played a major role in building businesses that attract billions of dollars in investment and create thousands of jobs.
One of the most prominent recent examples is Perplexity AI, a rapidly growing artificial intelligence company co-founded by Indian entrepreneur Aravind Srinivas. The company has emerged as one of the most valuable private technology startups in the United States, with an estimated valuation of around $20 billion. Its success illustrates the increasingly important role Indian-origin founders are playing in some of the most advanced sectors of the global economy.
The NFAP report also identifies several Indian-origin entrepreneurs who have achieved success multiple times by building more than one unicorn company. These include individuals such as Mohit Aron, Jyoti Bansal, Ashutosh Garg, Arvind Jain, Sachin Nayyar, and Ajeet Singh. Their repeated success demonstrates not only individual achievement but also the depth of entrepreneurial talent emerging from the Indian diaspora.
Beyond the number of companies created, the report highlights the broader economic impact of immigrant-led businesses. It found that nearly two-thirds of American unicorn companies were founded either by immigrants themselves or by their children. Furthermore, approximately 80 percent of all US unicorns have either an immigrant founder or an immigrant occupying a key leadership position.
Collectively, these immigrant-founded unicorn companies are estimated to be worth approximately $5 trillion. The report also found that each of these companies employs an average of 833 people. Taken together, this represents hundreds of thousands of jobs created across the United States, many of them in high-skilled and high-paying sectors such as technology, software engineering, artificial intelligence, cybersecurity, healthcare innovation, and financial technology.
These figures challenge the notion that immigrants are merely beneficiaries of opportunities created by the American system. Instead, the data suggests that immigrants frequently become creators of opportunity themselves, establishing companies that employ American workers, generate tax revenue, attract investment, and strengthen the country's competitive position in the global economy.
For Indian immigrants in particular, the findings are especially significant. Many arrive in the United States through educational programmes or skilled-worker visas such as the H-1B. While public debate often focuses on immigration numbers and labour-market competition, the NFAP report highlights the long-term contributions many of these individuals make after arriving. Rather than simply filling existing jobs, a substantial number eventually create entirely new businesses that generate employment on a large scale.
The report also sheds light on the broader relationship between immigration and innovation. Many of America's most successful technology companies, groundbreaking products, and transformative services have roots in immigrant entrepreneurship. The presence of highly skilled international talent has long been viewed by many economists and business leaders as one of the factors contributing to America's leadership in science, technology, and innovation.
As debates over immigration policy continue under the administration of Donald Trump, the NFAP findings provide important context for discussions about the economic impact of immigration. While political disagreements over border security, visa programmes, and labour markets remain intense, the data suggests that immigrants—and particularly Indian immigrants—continue to play an outsized role in driving entrepreneurship and economic growth.
The report ultimately highlights a striking reality: among the strongest contributors to America's startup ecosystem, technological advancement, and global innovation leadership are immigrant communities that are often at the centre of political controversy. With 96 unicorn companies founded or co-founded by Indian-born entrepreneurs, the Indian diaspora has emerged as the single largest immigrant force behind America's billion-dollar startup economy, reinforcing its influence on the country's business landscape and future economic development.
