One in seven UK companies led by migrants from India, China and others
Despite the extra challenges migrant community faces in Britain including access to finance and cultural and language barriers, as many as 17.2% have launched their own businesses and employed people, as compared to just 10.4% of UK-born entrepreneurs.
They are also, on average, eight years younger than indigenous entrepreneurs at 44.3 years-old compared to 52.1. And that they are twice as entrepreneurial as British-born working age population.
The research published by the Centre for Entrepreneurs and DueDil has found that nearing half a million people from 155 countries have settled in the UK and have become entrepreneurs. It also found that migrant entrepreneurs, especially in the small and medium business sector - the lifeline of UK economy -- and their companies have created 14% of all British jobs.The study called “Migrant entrepreneurs: Building our businesses, creating our jobs” analyses the contribution of migrant entrepreneurs to the UK economy.
“Our politicians and media send out negative signals that risk alienating this vital group of job creators. Given the huge contribution of migrant entrepreneurs, we are calling upon the media and politicians to join us in celebrating those who come to our country and launch businesses,” said Luke Johnson, entrepreneur and Centre for Entrepreneurs chairman.
Migrant entrepreneurs are “hyper-productive, net contributors to the UK economy”, said DueDil founder and CEO Damian Kimmelman.
The study comes as a YouGov poll found that many Britons believe migrant entrepreneurs make a positive contribution to the UK (44%) and a majority support the government’s efforts to attract new migrant entrepreneurs (50%).
The Centre also commissioned the Centre for Research on Ethnic Minority Entrepreneurship (CREME) at the University of Birmingham to investigate the social contribution made by migrant entrepreneurs. Their research found new migrant businesses act as vehicles for social integration, and for enabling ambitious workers to develop entrepreneurial skills and experience. The report illustrated that the success of migrant businesses often defies significant personal and professional obstacles.“The contribution of migrant entrepreneurs is breath-taking. Presented with such irrefutable evidence, it is now the responsibility of politicians of all parties to celebrate migrant entrepreneurs’ contributions and restate their commitment to maintaining pro-entrepreneurship immigration policies,” concluded Matt Smith, Director of the Centre for Entrepreneurs.
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