by Kim Lavine
According to census data, an average of 550,000 small businesses have been created in this country every month of every year—since 1996.
Highest Survival Rates
The United States has the highest survival rates of new businesses, too, in fact, more than three times higher than the other countries responsible for starting the most new businesses, including Germany, Italy, Portugal, and Finland.
Obviously, we must be doing something right here because some of those companies have gone on to become the world’s leading corporations, including Wal-Mart and Microsoft, as well as Amazon, Yahoo, and Google, which barely existed a decade ago.
High Brain Draw
This kind of exponential growth is possible only through a potent combination of money, talent, and guts, which is found here in abundance, and not only brings immigrants from around the world to our universities every year, but makes them want to start businesses here, too.
A recent study by Duke University found:
- 52 percent of Silicon Valley start-ups were founded by immigrants, up from around 25 percent 10 years ago.
- Another 25 percent of the United States’ science and technology start-ups, generating $52 billion and employing 450,000 people, have had a foreign-born CEO or chief technology officer.
- Foreign nationals were named as inventors or co-inventors in a quarter of U.S. patent applications, up from 7.6 percent in 1998.
American Consumers: The Real Star
The real star of the show might be U.S. consumers, though. It’s our restless desire for something new or better or more beautiful or more functional that drives the innovation that powers the world’s markets.
With women influencing the demands of the consumer market in historic ways, it’s time for women to add our billion-dollar companies to this list!
by Kim Lavine