.png)
While countless nations bemoan the "brain drain" of their best and brightest to the U.S., those talented individuals are now, more than ever, being vigorously poached by neighboring Canada. Last year, Forbes reported that a record 92 American billionaires were immigrants. Sure, there's Elon Musk and Jeff Bezos, but Barbados-born Rihanna is also a billionaire. Meanwhile, 43% of Fortune 500 companies were founded by first or second generation immigrants, and 28% of Main Street businesses were founded by immigrants. See website. Yet, USA is losing its talented immigrants to Canada.
Over the past few years, start ups like MobSquad, a Calgary based company, have been offshoring these foreign workers in nearby Canada, profiting handsomely in the process. (MobSquad grosses $3.5 million annually with a team of 29 employees according to Growjo.com).
Additionally, five days ago, the Canadian government began accepting applications for an "open work permit" program for which all H-1B visa holders in the USA were eligible to apply. The program expressly targeted U.S. H-1B workers. By the following day, all of those 10,000 visas were gobbled up. See Canada wants US skilled workers - and they are interested. Now, equally concerning to the U.S., the Canadian government announced its intentions to launch a digital nomad visa program by the end of year. See Canada Wants You to Live and Work There With a New Digital Nomad Program. The U.S. cannot afford to lose the global race for the best, brightest, and most diligent people.
Immigration lawyers have been trying their level best to stem this tide, but governmental action is needed by U.S. lawmakers to ensure that the U.S. remains as competitive as possible against the large nations seeking to undermine its international standing. See Where is America In The Race For International Tech Talent.
Comments