The recent changes to immigration rules in the UK have prompted some entrepreneurs to fear that they may be forced to leave the country as they don’t pay themselves enough to meet the new earnings criteria. This could prove a considerable mistake for a country that actively wants to attract and encourage startups.
Immigrants make up a disproportionate share of entrepreneurs — 39% of the UK’s fastest-growing startups have at least one immigrant co-founder, despite only 14.5% of the population being foreign-born.
“Ambition lies within an immigrant’s nature — they are driven to build something they are proud of,” says Nazim Valimahomed, co-founder of UK digital bank Kroo and born in Uganda.
Immigrant founders are ubiquitous worldwide. Their presence was also particularly evident at the SLUSH tech conference in Helsinki, Finland, in December last year. For instance, among the 180 startups currently enrolled at the city’s Maria 01 startup hub, there are over 45 different nationalities. Those involved consider this level of diversity a key factor in the success of the Finnish startup scene.
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