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Immigrant entrepreneurship

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Template:Short description Template:Draft topics Template:AfC topic Template:AfC submission Immigrant entrepreneurship refers to the founding or ownership of businesses by individuals who have migrated to a country other than their country of birth. It has been documented across a wide range of economies and historical periods, and is studied as a component of labour market integration, economic development, and innovation.

Research has found that immigrants in several countries, including the United States, United Kingdom, Canada, and Australia, establish businesses at higher rates than native-born populations.[1] Across OECD countries, migrant entrepreneurs account for a growing share of the self-employed population and have contributed to employment growth.[2] Scholars have identified several factors associated with immigrant entrepreneurship, including the role of co-ethnic networks, access to transnational resources, and barriers in conventional labour markets, with research documenting both sectoral concentrations and differences in business formation patterns across regions and diaspora communities.[3]

Examples of immigrant entrepreneurs include Andrew Carnegie, a Scottish-born industrialist in the United States;[4] Jensen Huang, a Taiwan-born co-founder of NVIDIA;[5] Emilio Estefan, a Cuban-born music producer and record executive;[6] and Helena Rubinstein, born in what is now Poland, who established an international cosmetics business.[7]

Patterns and prevalence

Research has consistently found that immigrants establish businesses at higher rates than native-born populations in several developed economies, including the United States, United Kingdom, Canada, and Australia.[1]

Across OECD countries, detailed comparative data illustrate this trend. The Organisation for Economic Co-operation and Development's International Migration Outlook 2024 reports that migrant entrepreneurs accounted for approximately 17% of the self-employed population in 2022, up from 11% in 2006. The report also finds that migrant self-employment contributed around 15% of total employment growth between 2011 and 2021.[2]

National-level data show similar patterns, though with variation across time and context. In the United States, the foreign-born share of business owners increased substantially between 1980 and 2010.[8] Immigrants accounted for approximately 24% of new business founders between 1995 and 2008, with their share rising from 17% to 27% over that period.[1] By around 2010, immigrants represented approximately 18.2% of all business owners while comprising 16.3% of the workforce, and were estimated to start businesses at roughly twice the rate of the native-born population.[3] At the level of large firms, immigrant entrepreneurship has also been associated with the formation of major enterprises. A 2024 report found that approximately 46% of Fortune 500 companies were founded by immigrants or their children, with these firms generating $8.6 trillion in revenue and employing more than 15.5 million people worldwide.[9]

Patterns of immigrant entrepreneurship vary across countries, sectors, and demographic groups, reflecting differences in immigration policy, labour market structure, access to capital, and the composition of migrant populations.[2]

Frameworks

Scholars have developed a range of frameworks to explain patterns of immigrant entrepreneurship, focusing on the interaction between individual characteristics, social networks, and structural conditions in host economies.

One widely cited explanation is the "blocked mobility" hypothesis, which proposes that barriers to employment commensurate with education and skills, including non-recognition of foreign qualifications, language barriers, and labour market discrimination, may lead some immigrants to enter self-employment as an alternative pathway.[10]

Another line of research emphasizes the role of co-ethnic networks and social capital. Studies have found that immigrant entrepreneurs often draw on family labour, co-ethnic employees, and community-based financial arrangements, such as rotating credit associations, which can reduce barriers to business formation and facilitate access to capital and information.[11][12]

Human capital has also been identified as an important factor. Differences in education, skills, and prior business experience contribute to variation in entrepreneurial outcomes across immigrant groups, with higher-skilled immigrants more likely to enter opportunity-driven entrepreneurship and to achieve higher average returns.[3]

Cross-border connections have also been identified as a factor in immigrant entrepreneurial activity. Studies have described how immigrant entrepreneurs draw on ties to their countries of origin to access international markets, labour, and knowledge flows, a process sometimes referred to as "brain circulation".[13]

These frameworks are not mutually exclusive, and many studies emphasize that immigrant entrepreneurship reflects a combination of opportunity and constraint, shaped by both host-country institutions and the resources available within migrant communities.[3][11][14]

Sectoral distribution

Research indicates that immigrant entrepreneurship is distributed across a wide range of industries, with patterns varying by country, skill level, and migration context. Studies have identified concentrations in both high-growth sectors, such as technology and finance, and in lower-barrier sectors including retail, personal services, and food service.[1][3]

Technology

Immigrant founders have played a significant role in the technology sector, particularly in the United States. A 2019 study using United States Census Bureau data found higher rates of innovation in immigrant-owned high-technology firms across multiple measures, including product development, research activity, and patenting, with this pattern observed among both start-ups and established firms and across levels of educational attainment.[15]

Immigrants have also been well represented among founders of venture capital-backed firms, accounting for approximately 30% of such founders in the United States in the mid-2000s, a presence associated in the literature with high levels of human capital and participation in international professional networks.[1] Notable examples include Sergey Brin, who emigrated from the Soviet Union to the United States as a child and co-founded Google in 1998.[16]

Finance and banking

Immigrant entrepreneurs have historically been active in financial services, particularly in major urban centres. In the United States, immigrant business owners represent a notable share of participants in finance-related industries.[3]

The role of immigrant entrepreneurs is documented in the development of financial institutions and markets during the 19th and early 20th centuries, including commercial banking and investment services in cities such as Paris and New York.[3] James de Rothschild, who emigrated from Frankfurt to Paris in the early 19th century, established the French branch of the Rothschild banking dynasty, which became an influential financial house in Europe.[17] Paul Warburg, who emigrated from Hamburg to the United States in 1902, played a central role in designing the institutional framework of the Federal Reserve System and served on its inaugural board following its establishment in 1913.[18]

Media and cultural industries

Immigrant entrepreneurs have contributed to the development of media and cultural industries, including film, journalism, digital media, and music. Studies have noted their role in both institutional development and the introduction of new cultural products to wider audiences.[1]

Film and television

In film and television, immigrant-founded enterprises have been involved in the growth of major production studios and the development of the modern entertainment industry. Harry Warner, who was born in Poland and raised in the United States, co-founded Warner Bros. in 1923, which became one of the major Hollywood film studios.[19] Louis B. Mayer, born in what is now Ukraine and raised in Canada, co-founded Metro-Goldwyn-Mayer in 1924, which producedd some of numerous films during the Golden Age of Hollywood.[20] In the modern era, Australian-born Rupert Murdoch became a naturalized United States citizen in 1985 and established News Corp and Fox Corporation, which expanded into major international media companies.[21]

Journalism and digital media

Immigrant entrepreneurs have contributed to the expansion of journalism and digital media in their host countries. Hungarian-born Joseph Pulitzer immigrated to the United States in 1864, founded the St. Louis Post-Dispatch and acquired the New York World, and later endowed the journalism school and prize that bear his name.[22]

In digital media, Steve Chen, who immigrated from Taiwan as a child, co-founded YouTube in 2005, which was acquired by Google the following year for $1.65 billion.[23] Jan Koum emigrated from Ukraine to California at the age of sixteen and co-founded WhatsApp in 2009, which Facebook acquired in 2014 for $19 billion.[24]

Music

Immigrant entrepreneurs have been involved in founding record labels, managing artists, and developing musical styles that achieved mainstream distribution.[1]

Cuban-born Emilio Estefan immigrated to Miami following the Cuban Revolution and worked as a producer and manager for artists including Gloria Estefan, Ricky Martin, and Jennifer Lopez.[25]

Ahmet Ertegun, born in Istanbul and brought to the United States in 1935 when his father was appointed Turkish ambassador, co-founded Atlantic Records in 1947, signing and developing artists including Ray Charles, Aretha Franklin, and the Rolling Stones.[26]

Retail, food, and personal services

A substantial share of immigrant entrepreneurship occurs in sectors with relatively low barriers to entry, including retail, food service, and personal services.[13][3] These sectors often require lower initial capital and may provide opportunities for self-employment when access to formal labour markets is limited. Research has documented immigrant-owned food businesses across a range of regions, including Ireland, Sweden, and Southeast Asia, often supplying ethnic food products and serving as a pathway to economic participation.[27][28] In the United States, Vietnamese immigrants have been associated with the establishment of nail salons as a distinct service sector niche, and immigrants are estimated to account for approximately one third of entrepreneurs in food service and accommodation.[13][3]

Entrepreneurship by diaspora

Research has identified diaspora communities as an important context for immigrant entrepreneurship. Studies suggest that business formation within diasporas is often shaped by co-ethnic networks, access to pooled capital, shared language, and trust-based commercial relationships.[11][14] These factors can facilitate entry into self-employment and influence the sectors in which businesses are concentrated.

Patterns of entrepreneurship vary across diaspora groups and host-country contexts, reflecting differences in migration history, legal status, education, and access to resources.[2][3] The following subsections summarise selected cases documented in the academic research.

Chinese diaspora

Entrepreneurial activity within the Chinese diaspora has been documented across Southeast Asia, North America, and Australasia. In Southeast Asia, ethnic Chinese entrepreneurs have been associated with the development of large business conglomerates during the 20th century, supported in part by family-based networks and access to regional trade systems. One documented example is Liem Sioe Liong, who emigrated from Fujian province to Indonesia in 1936 and founded the Salim Group, which became the largest business conglomerate in Southeast Asia.[29] In Australia and the broader southern Asia Pacific, research has documented Chinese immigrant entrepreneurs moving from goldfield labour into retail, market gardening, and small business enterprises, drawing on family and transnational business networks.[30]

In the United States, research has identified Chinese immigrant participation in sectors including restaurants and related services, with some studies noting the role of employment agencies and network-based labour allocation across regions.[13]

Indian diaspora

Research has found relatively high rates of entrepreneurial activity among Indian immigrants across multiple host countries, with concentrations in technology, retail, and professional services.[3]

In the United States, Indian immigrant entrepreneurs have been associated with higher average business earnings, a pattern linked in part to educational attainment and occupational distribution.[3] Studies have also documented participation in transnational networks connecting firms in the United States with operations and labour markets in India, sometimes described as "brain circulation".[13] Indian immigrants have also been prominent in the United States motel industry, where members of the Gujarati community in particular have established widespread ownership, supported by co-ethnic networks, family labour, and informal lending arrangements.[31]

Korean diaspora

Korean immigrants have been documented as having relatively high rates of business ownership in the United States.[3] A number of studies, including comparative research on Korean and Iranian entrepreneurs in Los Angeles and research on immigrant-owned businesses in Chicago, have found that Korean entrepreneurs frequently drew on co-ethnic resources such as family labour, rotating credit associations, and community-based customer networks, and identified concentrations in sectors including clothing retail and personal services, with pathways observed from wage employment to business ownership within the same sectors.[11][10]

Persian diaspora

|Iranian immigrants in the United States have been reported to exhibit relatively high rates of business ownership.[3] Comparative research has found that Iranian entrepreneurs often rely more on individual resources such as education, professional experience, and language proficiency, while making less extensive use of co-ethnic business networks than some other groups.[11]

Studies have also examined variation within the diaspora, including the role of migration waves following the Iranian Revolution and the participation of women in small-scale and home-based enterprises.[11][32]

Lebanese diaspora

Lebanese immigrant entrepreneurship has been documented across regions including West Africa and Latin America, with commercial networks in some areas dating to the late 19th and early 20th centuries.[33]

In West Africa, Lebanese traders have been active in sectors such as retail, import-export, and light industry, with studies describing the role of family networks and community-based credit systems in sustaining these activities.[33] Historical research has also identified Lebanese and Syrian migrants as participants in commercial sectors across parts of South America.[34]

Jewish diaspora

Jewish immigrant entrepreneurship has been documented in sectors including finance, media, and retail across Europe and North America. Research has suggested that historical constraints on access to certain industries contributed to concentrations in specific sectors, alongside the development of community-based financial and professional networks.[35]

In the United States, Jewish immigrants have been associated with the development of financial institutions and media enterprises, particularly in urban centres during the late 19th and early 20th centuries. Marcus Goldman, who arrived from Bavaria in 1848, founded a commercial paper business that later became Goldman Sachs.[36]

Cuban diaspora

Cuban immigrant entrepreneurship has been extensively documented in the United States, particularly in Miami, where Cuban Americans have played a prominent role in the development of local business sectors following migration waves after the Cuban Revolution.[37]

Research has identified high rates of business ownership among Cuban immigrants relative to some other Hispanic groups, alongside concentrations in sectors including retail, tech, food service, finance, and media.[3] Studies have also described the formation of Cuban-led business networks supported by co-ethnic capital, bilingual capabilities, and transnational commercial ties linking the United States with Latin America.[37]

African diaspora

Entrepreneurship among African immigrant populations has been documented in several host countries, often with concentrations in service sectors.[13]

In the United States, some studies have identified patterns of entry into sectors such as transportation and small business services, with pathways from wage employment to self-employment supported by co-ethnic networks.[13] In Europe, research on refugee entrepreneurship has examined business formation in rural and regional economies, highlighting the role of local demand, policy frameworks, and community support.[38]

Hispanic diaspora

Hispanic and Latino immigrants in the United States varies by national origin, education, and access to capital.[3]

Research has found that lower levels of formal education are associated with higher rates of entry into self-employment among Latino immigrants, as well as a concentration of businesses in service sectors and more limited business growth.[39] Mexican immigrants represent the largest group of immigrant business owners by country of origin, while studies have identified variation in business ownership rates and sectoral distribution across different Hispanic populations.[3] Research has also found that self-employment rates may increase in areas with higher levels of co-ethnic residential concentration.[3]

Mexican immigrants represent the largest group of immigrant business owners by country of origin, while studies have identified variation in business ownership rates and sectoral distribution across different Hispanic populations.[3] Research has also found that self-employment rates may increase in areas with higher levels of co-ethnic residential concentration.[3]

Women immigrant entrepreneurs

Women are represented among immigrant entrepreneurs across a range of sectors and host countries, though research has noted that they have received comparatively less attention in parts of the academic literature.[3]

Studies have examined how gender intersects with migration status to shape access to resources, labour markets, and entrepreneurial opportunities. Barriers identified in the literature include limited access to capital, constraints related to family responsibilities, challenges associated with language and labour market integration, and digital skills gaps relative to male immigrant entrepreneurs.[3][40]

At the same time, research has identified pathways through which immigrant women engage in entrepreneurship. These include home-based and family-run businesses, as well as enterprises in sectors such as retail, food production, and personal services.[41] Such activities have been described as drawing on cultural knowledge, social networks, and community relationships.

Entrepreneurship has also been analysed as a strategy for labour market participation in contexts where formal employment opportunities are limited. In some cases, business ownership provides flexibility in balancing paid work with family responsibilities, while also serving as a pathway to economic integration.[3]

Examples of immigrant women entrepreneurs have been documented across different sectors and regions. These include figures such as Joyce Chen, who established restaurants and a cookware business in the United States, and Amina Moghe Hersi, who has been involved in business activities in sectors including real estate and manufacturing in East Africa.[42][43]

Economic outcomes

Studies have produced mixed findings regarding the performance of immigrant-founded businesses relative to those founded by native-born entrepreneurs. Some research has found that immigrant-founded firms exhibit higher rates of employment growth over the medium term, alongside higher rates of both firm expansion and exit. These patterns have been interpreted as reflecting greater dynamism as well as higher levels of risk.[1]

Other studies have found no consistent advantage in measures such as payroll growth or long-term firm survival, suggesting that outcomes vary significantly across industries and firm types.[1]

Immigrant-owned businesses have also been found to participate in international trade at higher rates than native-owned firms, a pattern associated with transnational networks, shared language, and knowledge of foreign markets.[3]

In high-technology sectors, research has identified higher rates of innovation among immigrant-owned firms across measures including product and process innovation, research and development activity, and patenting. These differences have been observed after controlling for demographic characteristics, financing, and industry composition.[15]

A 2025 study of approximately 91,000 United States start-ups reported that firms with both immigrant and native-born founders employed more people after three years, raised larger funding rounds, and filed more patents than firms founded by either group alone.[44] The authors attributed these outcomes to complementary access to international talent, capital, and markets.

Outcomes also vary by skill level. Research has found that entrepreneurship may yield stronger economic returns for highly skilled immigrants, while for others it may function as an alternative to wage employment with more limited income growth.[45] Some studies have also found that earnings among self-employed immigrants may converge toward those of native-born entrepreneurs over time, particularly with longer duration of residence.[3]

See also

References

  1. ↑ 1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 Kerr, Sari Pekkala; Kerr, William R. (2016). "Immigrant Entrepreneurship". NBER Working Paper (17-011). https://www.hbs.edu/ris/Publication%20Files/17-011_da2c1cf4-a999-4159-ab95-457c783e3fff.pdf. 
  2. ↑ 2.0 2.1 2.2 2.3 "Migrant entrepreneurship in OECD countries: International Migration Outlook 2024". 2024-11-14. https://www.oecd.org/en/publications/international-migration-outlook-2024_50b0353e-en/full-report/migrant-entrepreneurship-in-oecd-countries_72f44494.html. 
  3. ↑ 3.00 3.01 3.02 3.03 3.04 3.05 3.06 3.07 3.08 3.09 3.10 3.11 3.12 3.13 3.14 3.15 3.16 3.17 3.18 3.19 3.20 3.21 3.22 3.23 3.24 Fairlie, Robert W.; Lofstrom, Magnus (2015). "Immigration and Entrepreneurship". Handbook of the Economics of International Migration. 1B. Elsevier. pp. 877-911. https://people.ucsc.edu/~rfairlie/papers/published/handbook%20chapter%20immigrant%20entrepreneurship%202015.pdf. 
  4. ↑ Gould, Sam (1995). "Andrew Carnegie: Scottish Immigrant, Entrepreneur, Philanthropist". University of Dayton Review 23 (3). https://ecommons.udayton.edu/udr/vol23/iss3/5. 
  5. ↑ Template:Cite encyclopedia
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  9. ↑ "Fortune 500 Companies Founded by Immigrants". 2024. https://www.americanimmigrationcouncil.org/report/new-american-fortune-500-2024/. 
  10. ↑ 10.0 10.1 Raijman, Rebeca; Tienda, Marta (2000). "Immigrants' Pathways to Business Ownership: A Comparative Ethnic Perspective". International Migration Review 34 (3): 682. doi:10.2307/2675941. https://www.jstor.org/stable/2675941?origin=crossref. Retrieved on 2026-05-17. 
  11. ↑ 11.0 11.1 11.2 11.3 11.4 11.5 Min, Pyong Gap; Bozorgmehr, Mehdi (2000). "Immigrant Entrepreneurship and Business Patterns: A Comparison of Koreans and Iranians in Los Angeles". International Migration Review 34 (3): 707. doi:10.2307/2675942. https://www.jstor.org/stable/2675942?origin=crossref. Retrieved on 2026-05-17. 
  12. ↑ Martén, Linna; Hainmueller, Jens; Hangartner, Dominik (2019). "Ethnic networks can foster the economic integration of refugees". Proceedings of the National Academy of Sciences of the United States of America (National Academy of Sciences) 116 (33): 16280–16285. ISSN 00278424. https://www.jstor.org/stable/26850415. Retrieved on 2026-05-17. 
  13. ↑ 13.0 13.1 13.2 13.3 13.4 13.5 13.6 Eckstein, Susan; Peri, Giovanni (2018). "Immigrant Niches and Immigrant Networks in the U.S. Labor Market". RSF: The Russell Sage Foundation Journal of the Social Sciences 4 (1): 1–17. doi:10.7758/RSF.2018.4.1.01. ISSN 2377-8253. http://www.rsfjournal.org/lookup/doi/10.7758/RSF.2018.4.1.01. Retrieved on 2026-05-17. 
  14. ↑ 14.0 14.1 Salehi, Ali (2026). "Understanding the Nature of Ethnic Entrepreneurship: A Systematic Literature Review". Journal of Ethnic and Cultural Studies 13 (1): 276-308. https://www.jstor.org/stable/48858830. 
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  16. ↑ Greenstein, Shane M. (2015-12-21). "Without Immigrants, We Wouldn't Have Google". https://www.library.hbs.edu/working-knowledge/without-immigrants-we-wouldn-t-have-google. 
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  18. ↑ "Paul M. Warburg". https://www.federalreservehistory.org/people/paul-m-warburg. 
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  24. ↑ "Facebook buys WhatsApp for $19bn". BBC News. 20 February 2014. https://www.bbc.co.uk/news/business-26266689. 
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  27. ↑ Murphy, Anna; Bogue, Joe; O'Flaherty, Brian (2020). "Exploration of the Role of Immigrant Entrepreneurs in Regional Entrepreneurial Food Ecosystems". Proceedings of the European Conference on Innovation and Entrepreneurship. https://cora.ucc.ie/items/8482e5d2-da29-4bbc-986c-b6466a82e6bc. Retrieved on 2026-05-17. 
  28. ↑ Tran, Thu Cuc; Meyer, Morakot; Zhu, Tingshu; Do, Thuy Thanh Thi (2026-01-07). "Vietnamese food entrepreneurs in Bangkok's Baan Yuan: everyday emplacement and ethnoreligious identity in a multicultural historical quarter". Journal of Ethnic and Migration Studies: 1–22. doi:10.1080/1369183X.2025.2601335. ISSN 1369-183X. https://www.tandfonline.com/doi/full/10.1080/1369183X.2025.2601335. Retrieved on 2026-05-17. 
  29. ↑ "Founder of Indonesia's Salim Group dies at 97". Korea Herald. AFP. 12 June 2012. https://www.koreaherald.com/article/10365506. 
  30. ↑ Martínez, Julia T.; Lowrie, Claire (2024). "Introduction: Chinese Economic Entanglements in the Southern Asia Pacific". Chinese Colonial Entanglements: Commodities and Traders in the Southern Asia Pacific, 1880-1950. University of Hawai'i Press. pp. 1-18. doi:10.2307/jj.8441685.6. 
  31. ↑ Bhattacharjee, Yudhijit (4 September 2018). "How Indian Americans Came to Run Half of All U.S. Motels". National Geographic. https://www.nationalgeographic.com/culture/article/south-asia-america-motels-immigration. 
  32. ↑ Dallalfar, Arlene (1994). "Iranian Women as Immigrant Entrepreneurs". Gender and Society (Sage Publications, Inc.) 8 (4): 541–561. ISSN 08912432. http://www.jstor.org/stable/189817. Retrieved on 2026-05-17. 
  33. ↑ 33.0 33.1 O'Brien, Rita Cruise (1975). "Lebanese Entrepreneurs in Senegal: Economic Integration and the Politics of Protection (Hommes d'affaires libanais au Sénégal: intégration économique et mécanismes de protection)". Cahiers d'Études Africaines (EHESS) 15 (57): 95–115. ISSN 00080055. http://www.jstor.org/stable/4391369. Retrieved on 2026-05-17. 
  34. ↑ Austin, Gareth (2018). "Emerging Markets and the Future of Business History". Harvard Business School. https://www.hbs.edu/ris/Publication%20Files/18-012_47e98088-6b60-4630-bf51-f6ca5abfe766.pdf. 
  35. ↑ Sarachek, Bernard (1980). "Jewish American Entrepreneurs". The Journal of Economic History 40 (2): 359-372. http://www.jstor.org/stable/2120184. 
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  37. ↑ 37.0 37.1 Portes, Alejandro; Puhrmann, Aaron (2015). "A Bifurcated Enclave: The Economic Evolution of the Cuban and Cuban American Population of Metropolitan Miami". Cuban Studies (University of Pittsburgh Press) (43): 40–63. ISSN 03614441. http://www.jstor.org/stable/24487270. Retrieved on 2026-05-17. 
  38. ↑ Barth, Henrik; Zalkat, Ghazal (2021). "Refugee entrepreneurship in the agri-food industry: The Swedish experience". Journal of Rural Studies 86: 189–197. doi:10.1016/j.jrurstud.2021.06.011. https://linkinghub.elsevier.com/retrieve/pii/S0743016721001868. Retrieved on 2026-05-17. 
  39. ↑ Robles, Bárbara J.; Cordero-Guzmán, Héctor (2007). "Latino Self-Employment and Entrepreneurship in the United States: An Overview of the Literature and Data Sources". The Annals of the American Academy of Political and Social Science ([Sage Publications, Inc., American Academy of Political and Social Science]) 613: 18–31. ISSN 00027162. http://www.jstor.org/stable/25097946. Retrieved on 2026-05-17. 
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  41. ↑ Dallalfar, Arlene (1994). "Iranian Women as Immigrant Entrepreneurs". Gender and Society 8 (4): 541-561. http://www.jstor.org/stable/189817. 
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  43. ↑ "Spotlight: Real Muloodi Amina Hersi Moghe". https://realmuloodi.co.ug/spotlight-real-muloodi-amina-hersi-moghe/. 
  44. ↑ "For startup success, teams with both U.S.-born and immigrant founders have an edge". 23 September 2025. https://newsroom.haas.berkeley.edu/research/for-startup-success-teams-with-both-u-s-born-and-immigrant-founders-have-an-edge-study-shows/. 
  45. ↑ Lofstrom, Magnus (2009). "Low-Skilled Immigrant Entrepreneurship". IZA Discussion Paper (4560). https://docs.iza.org/dp4560.pdf. 
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