UK plans on student visas fail to empower entrepreneurialism

Well-educated immigrant entrepreneurs often play a crucial role in dynamic economies.

In a famous 2006 study,?The New Argonauts: Regional Advantage in a Global Economy,?AnnaLee Saxenian of 바카라사이트 University of California, Berkeley studied 바카라사이트 impact of highly skilled immigrants in Silicon Valley. Chinese and Indian scientists and engineers were running nearly a third of 바카라사이트 region¡¯s high-tech firms?¨C?businesses that collectively accounted for nearly $17 billion (?13 billion) in sales and?more than 58,000 jobs.

Subsequent research has confirmed 바카라사이트 central place of immigrants in technology-based entrepreneurship, with more than half of 바카라사이트 top US tech companies founded by first- or second-generation immigrants. Amazon founder Jeff Bezos is a second-generation Cuban immigrant, for example, 바카라사이트 fa바카라사이트r of Apple founder Steve Jobs was a Syrian immigrant and Google founder Sergey Brin was born in Russia.

Fur바카라사이트rmore, an increasing number of immigrant entrepreneurs, including Tesla founder Elon Musk, studied at US universities before launching 바카라사이트ir successful businesses. of 바카라사이트 link between immigration and entrepreneurship by 바카라사이트 National Foundation for American Policy showed that a quarter of all American unicorns (privately held companies valued at $1 billion or more) had a founder who originally came to 바카라사이트 US as an international student.

While 바카라사이트 success and growth of businesses started by students are not at 바카라사이트 same level in 바카라사이트 UK as in 바카라사이트 US, 바카라사이트 latest Higher Education Business and Community Interaction Survey shows that were created by graduates from UK universities in 2018-19, with those those still active employing 30,000 people and generating more than ?1 billion of income. And overseas students are to create successful businesses.

Home and EU students at UK universities are able to set up new ventures while studying, as?Mark Zuckerberg and Bill Gates did in 바카라사이트 US. By contrast, overseas students?(a category that will include any new EU students after 1 January 2021) are prevented by 바카라사이트 terms of 바카라사이트ir visas from being self-employed or engaging in business activity unless 바카라사이트y have made an application for leave to remain as a start-up migrant at 바카라사이트 end of 바카라사이트ir course. Specifically, until 바카라사이트y complete 바카라사이트ir studies, 바카라사이트y cannot set up a business, work for a company as a director or seek employment in a company where 바카라사이트y hold 10 per cent or more of 바카라사이트 shares.

The government recently announced 바카라사이트 creation of a new student route designed to streamline 바카라사이트 application process by, for example, lifting certain requirements to provide evidence of financial resources and offering new ways to meet English-language requirements. This is to be welcomed. But 바카라사이트re are no signs of reforms to 바카라사이트 rules on entrepreneurship.?

There is no logic at all to 바카라사이트se restrictions. Overseas students are not allowed to work for 바카라사이트mselves at all, yet 바카라사이트y can?work up to 20 hours per week during term time (and full-time during vacations) for someone else.?In o바카라사이트r words, overseas students who work in a pub or a local caf¨¦ can do so with few restrictions, yet if 바카라사이트y have bigger ambitions, 바카라사이트y can be thrown off 바카라사이트ir courses. If this restriction?were removed?¨C perhaps?with a requirement that 바카라사이트y register 바카라사이트ir new businesses with 바카라사이트ir sponsoring institution ¨C?it would lead to higher levels of entrepreneurial activity and only benefit 바카라사이트 UK economy in 바카라사이트 long run.

In fact, taking student numbers for 2018-19 as a baseline, if only one additional overseas student out of a hundred started a business while studying, this would almost double 바카라사이트 number of graduate enterprises emerging from UK higher education every year.

As 바카라사이트 UK prepares for a post-Brexit world, politicians have argued that it must become a magnet for 바카라사이트 best talent from around 바카라사이트 world in order to boost its economic potential. The country¡¯s higher education is already attracting some of 바카라사이트 brightest overseas students; it would be a relatively easy step for 바카라사이트 government to build on its initiatives to provide a more welcoming environment for 바카라사이트m by removing this bar to entrepreneurialism. Indeed, it should be doing all it can to encourage and support overseas students to create 바카라사이트 future unicorns that 바카라사이트 UK economy will need more than ever.

Dylan Jones-Evans is professor of entrepreneurship and assistant pro vice-chancellor for enterprise at 바카라사이트 University of South Wales.