Native-Immigrant Entrepreneurial Synergies

We examine the performance of startups co-founded by immigrant and native teams. Leveraging unique data linking startups to founders' and employees' employment and education histories, we find native-migrant teams outperform native-only and migrant-only teams. Native-migrant startups have larger employment three years after founding, are more likely to secure funding, access larger funding rounds, and achieve more successful exits. An instrumental variables strategy based on native shares in university-degree programs confirms native-migrant teams are larger and more likely to receive funding. Superior access to diverse labor pools, successful VCs, and expanded product markets are key factors in driving native-migrant outperformance.