Ciclo de Conferencias: Reacting to the crisis: the new regulatory environment. En colaboración con el Instituto de Empresa. Julio De Castro Babson College. Massachusetts. EE.UU. Madrid, 1 de abril de 2011

1. Immigrant Entrepreneurship in the United States and Massachusetts: data and evidence Julio O. De Castro Lewis Family distinguished professor of global management Babson College

12. USA immigration data 2009/2010 2009 US 2009 US 2010 US 2010 US Immigrant Non-Immigrant Immigrant Non-Immigrant n=312 n =4,588 n=306 n=3632 Opportunity 64.5% 70.1% 40.0% 72.2% Necessity 19.4% 23.1% 60.0% 27.8% TEA 9.9% 6.7% 5.9% 6.1% Nascent entrepreneur 5.5% 4.2% 4.6% 3.8% New firm entrepreneur 4.5% 2.6% 1.0% 2.4% Established 6.7% 5.7% 7.2% 7.5% Closing 1.6% 1.0% 0.3% 1.2%

13. Entrepreneurial Climate 2009 US 2009 US 2010 US 2010 US Immigrant Non-Immigrant Immigrant Non-Immigrant Opportunity startups 6 months 35.3% 29.2% 37.8% 32.3% Business good career choice 67.5% 65.8% 68.1% 64.4% Success bus leads to status 74.4% 75.4% 72.7% 76.9% Media coverage of new bus 76.4% 67.3% 68.2% 68.1%

14. Age and gender 2009 US 2009 US 2010 US 2010 US gender Immigrant Non-Immigrant Immigrant Non-Immigrant Female 57.7% 51.0% 50.7% 52.0% Male 42.3% 49.0% 49.3% 48.0%

15. With age, an interesting phenomenon has been occurring in the us in terms of entrepreneurship activity

16. 62.5% 52% 57.85 57.6% 2009 US 2009 US 2010 US 2010 US age Immigrant Non-Immigrant Immigrant Non-Immigrant 18-24 9.3% 13.3% 12.4% 11.1% 25-34 25.3% 17.3% 19.6% 15.7% 35-44 27.9% 17.4% 25.8% 15.6% 45-54 18.3% 19.3% 20.6% 17.5% 55-64 9.9% 15.4% 10.8% 13.8% 65-98 9.3% 17.3% 10.8% 26.3%

17. Funding Small n=4 2009 US 2009 US 2010 US 2010 US Immigrant Non-Immigrant Immigrant Non-Immigrant Funding Total money invested 0-$10,000 29.0% 32.8% 25.0% 72.6% $10,000 to $50,000 22.6% 20.9% 25.0% 9.7% $50,001 to $500,000 25.8% 19.6% 50.0% 16.1% $500,001 to $5,000,000 3.2% 2.6% 0.0% 0.0% $5,000,001 to highest 19.4% 24.3% 0.0% 1.6%

18. Social Entrepreneurship 2009 US 2009 US 2010 US 2010 US Immigrant Non-Immigrant Immigrant Non-Immigrant Social Entrepreneurship New firm entrepreneur For-profit economic goals 33.3% 40.0% 53.8% 38.9% For-profit social goals 13.3% 11.0% 7.7% 7.4% For-profit equal economic/social 53.3% 41.0% 38.5% 46.3% Non-profit 0.0% 7.0% 0.0% 6.2% Established For-profit economic goals 60.0% 60.0% 58.3% 57.2% For-profit social goals 0.0% 5.4% 4.2% 7.5% For-profit equal economic/social 36.0% 25.4% 33.3% 30.8% Non-profit 0.0% 3.4% 4.2% 3.6%

19. Massachusetts immigration data 2008/2010 2008 MA 2008 MA 2010 MA 2010 MA Immigrant Non-Immigrant Immigrant Non-Immigrant n=62 n=529 n=90 n=885 Opportunity 71.4% 88.4% 77.8% 74.5% Necessity 28.6% 11.6% 22.2% 25.5% TEA 12.7% 8.1% 10.0% 6.2% Nascent entrepreneur 11.1% 4.0% 7.8% 4.2% New firm entrepreneur 1.6% 4.3% 2.2% 2.1% Established 6.3% 9.1% 1.1% 6.7% Closing 0.0% 1.1% 2.2% 0.9%

20. Entrepreneurial Climate 2008 MA 2008 MA 2010 MA 2010 MA Immigrant Non-Immigrant Immigrant Non-Immigrant Opportunity startups 6 months 30.8% 33.3% 36.8% 32.8% Business good career choice 64.1% 56.0% 61.4% 65.6% Success bus leads to status 79.5% 72.6% 70.0% 77.9% Media coverage of new bus 73.7% 79.5% 80.2% 72.4%

21. Age and gender 55.5% 60% 64.4% 55.3% 2008 MA 2008 MA 2010 MA 2010 MA gender Immigrant Non-Immigrant Immigrant Non-Immigrant Female 46.8% 49.5% 48.9% 50.1% Male 53.2% 50.5% 51.1% 49.9% 2008 MA 2008 MA 2010 MA 2010 MA age Immigrant Non-Immigrant Immigrant Non-Immigrant 18-24 15.9% 12.8% 13.3% 8.3% 25-34 19.0% 10.4% 26.7% 15.4% 35-44 20.6% 16.8% 24.4% 21.1% 45-54 15.9% 19.4% 17.8% 18.1% 55-64 11.1% 14.9% 5.6% 15.3% 65-98 17.5% 25.7% 12.2% 21.9%

22. Funding 2008 MA 2008 MA 2010 MA 2010 MA Immigrant Non-Immigrant Immigrant Non-Immigrant Funding Total money invested 0-$10,000 12.5% 32.3% 50.0% 44.4% $10,000 to $50,000 12.5% 9.7% 0.0% 22.2% $50,001 to $500,000 37.5% 12.9% 25.0% 26.7% $500,001 to $5,000,000 0.0% 6.5% 12.5% 2.2% $5,000,001 to highest 37.5% 38.7% 12.5% 4.4%

23. Social Entrepreneurship 2008 MA 2008 MA 2010 MA 2010 MA Immigrant Non-Immigrant Immigrant Non-Immigrant Social Entrepreneurship New firm entrepreneur For-profit economic goals 37.5% 40.0% 25.0% 36.4% For-profit social goals 0.0% 3.3% 12.5% 13.6% For-profit equal economic/social 25.0% 43.3% 62.5% 40.9% Non-profit 0.0% 3.3% 0.0% 2.3% Established For-profit economic goals 100.0% 53.2% 33.3% 56.4% For-profit social goals 0.0% 4.8% 0.0% 10.3% For-profit equal economic/social 0.0% 35.5% 66.7% 29.5% Non-profit 0.0% 3.2% 0.0% 1.3%

24. Massachusetts /US immigration data 2010 2010 MA 2010 US Immigrant Immigrant n=90 n=306 Opportunity 77.8% 40.0% Necessity 22.2% 60.0% TEA 10.0% 5.9% Nascent entrepreneur 7.8% 4.6% New firm entrepreneur 2.2% 1.0% Established 1.1% 7.2% Closing 2.2% 0.3%

25. Entrepreneurial Climate 2010 MA 2010 US Immigrant Immigrant n=90 n=306 Opportunity startups 6 months 36.8% 37.8% Business good career choice 61.4% 68.1% Success bus leads to status 70.0% 72.7% Media coverage of new bus 80.2% 68.2%

26. Age and gender 64.4% 57.8% 2010 MA 2010 US Immigrant Immigrant Gender Female 48.9% 50.7% Male 51.1% 49.3% 2010 MA 2010 US Immigrant Immigrant Age 18-24 13.3% 12.4% 25-34 26.7% 19.6% 35-44 24.4% 25.8% 45-54 17.8% 20.6% 55-64 5.6% 10.8% 65-98 12.2% 10.8%

27. Funding 2010 MA 2010 US Immigrant Immigrant Funding Total money invested 0-$10,000 50.0% 25.0% $10,000 to $50,000 0.0% 25.0% $50,001 to $500,000 25.0% 50.0% $500,001 to $5,000,000 12.5% 0.0% $5,000,001 to highest 12.5% 0.0%

28. Social Entrepreneurship 2010 MA 2010 US Immigrant Immigrant Social Entrepreneurship Start Up For-profit economic goals 25.0% 53.8% For-profit social goals 12.5% 7.7% For-profit equal economic/social 62.5% 38.5% Non-profit 0.0% 0.0% Owner-Manager For-profit economic goals 33.3% 58.3% For-profit social goals 0.0% 4.2% For-profit equal economic/social 66.7% 33.3% Non-profit 0.0% 4.2%