Indians top founders of US venture-funded firms

  Immigrants, with the largest number coming from India, have started nearly half of America's top 50 venture-funded companies in the US creating about 150 jobs each, according to a new report.

They are also key members of management or product development teams in almost 75 percent of the country's leading cutting-edge companies, according to a report released by the National Foundation for American Policy (NFAP).

India was followed by Israel, Canada, Iran and New Zealand as the top countries of origin for an immigrant founder. Other founders and co-founders were born in Italy, South Africa, Greece, Norway, Germany, Britain, Singapore, Switzerland and France.

"Immigrants are increasingly important in driving growth and innovation in America, as evidenced by the role played by foreign-born founders and key personnel in the nation's breakthrough companies," said Stuart Anderson, the NFAP executive director and report's author.

The report, "Immigrant Founders and Key Personnel in America's 50 Top Venture-Funded Companies", found that 46 percent, or 23 out of 50, of the country's top venture-funded companies had at least one immigrant founder.

A 2006 study conducted with the National Venture Capital Association identified an immigrant founder in 1 in 4, or 25 percent, of publicly traded venture-backed companies created between 1990 and 2005.

The study found 37 of the top 50 companies, or 74 percent, had at least one immigrant helping the company grow and innovate by filling a key management or product development position.

Chief technology officer, CEO and vice president of engineering are the most common positions held by immigrants in the top 50 venture-backed companies.

If there is one overarching theme among these top 50 venture-backed companies it is how combining foreign-born and native-born talent creates a win-win situation that create jobs and important innovations in America, the report said.

However, a second study released by NFAP, "America's Tradition of Rewarding Talent", suggests, "US immigration policy does not look kindly on foreign nationals who seek to create businesses in America".

Noting that American history is fuelled by the story of entrepreneurs, the study concludes that the current policy "of rewarding cash but not talent is a rejection of America's heritage as a nation of immigrants and a nation of entrepreneurs".

Obama warns: US economic fix could take years

Despite some recent signs the sluggish US economy might be improving, President Barack Obama warns it could be years before the country is on a sound footing.

In excerpts from an interview with CBS' "60 Minutes" program that will air on Sunday, Obama was asked whether he underestimated how difficult it would be to fix the US economy when he became president in 2009.

"I always believed that this was a long-term project," the Democratic president told "60 Minutes." He added it would "take time" to reverse "structural problems in our economy that have been building up for two decades."

Obama added in the excerpts, released on Friday, that he thought "it was going to take more than two years. It was going to take more than one term. Probably takes more than one president."

When asked whether he thought the US jobless rate might drop to 8 percent by next November's presidential and congressional elections, Obama said: "I think it's possible. But ... I'm not in the job of prognosticating on the economy."

Reducing unemployment is considered key to Obama's re-election chances next year.

The US jobs picture has improved in recent weeks, with the national unemployment rate falling to 8.6 percent from 9 percent. The government also reported this week that the number of Americans filing new claims for unemployment benefits dropped to a nine-month low last week.

But even an 8 percent unemployment rate is considered high - a 4 percent or 5 percent rate is seen as about normal - and if it stays high in coming months, it could complicate Obama's hopes for re-election.

Some independent economists have suggested the national jobless rate is likely to be in the range of 8 percent to 9 percent, leaving millions unemployed over the long run.

A new CBS News poll has Obama's approval rating at 44 percent, with 54 percent of respondents saying he did not deserve a second four-year term.

Only 33 percent gave Obama good marks for his handling of the economy, the lowest of his presidency, according to the CBS poll released on Friday.