Many great journeys begin in unexpected places.
For Neri Karra Sillaman, it started in a refugee camp where she navigated the complexities of being a Turkish ethnic minority in communist Bulgaria.
Eventually finding refuge in Turkey, she later received financial aid to study at the University of Miami. The unfamiliarity of this new world became a crucible for change, igniting a passion for entrepreneurship and academia.
This narrative was shared by Neri in a commentary piece for Fortune.com, highlighting the profound impact of immigrant entrepreneurs in the U.S.
Karra’s transformative journey, from refugee to an Oxford professor and the founder of a global luxury leather goods business, mirrors the wider success story of immigrant entrepreneurs in America. Her experiences resonate with the broader narrative of immigrants’ impact on the entrepreneurial landscape of the United States.
The impact of immigrant entrepreneurs
In her commentary, Neri Karra Sillaman cites impactful statistics showcasing the substantial contributions of immigrant entrepreneurs to the American economy.
Specifically, she references data from the American Immigration Council, noting that although immigrants and their children make up only 27% of the U.S. population, they have founded 46% of companies on the Fortune 500 list.
These 230 “New American” companies amassed $8.6 trillion in revenue during the fiscal year 2023, surpassing the GDP of every country in the world, except the U.S. and China.
Karra also highlights that 80% of billion-dollar startups boast a first- or second-generation immigrant as a founder or senior leader.
Immigrant-founded businesses generally grow faster and last longer than those initiated by native-born peers. This data, as emphasized by Karra, illustrates the undeniable influence of immigrants on America’s entrepreneurial landscape, ensuring that they continue to make America great.
Secrets of success
Despite their prominent successes, the underlying question remains: Why do immigrants excel so exceptionally in entrepreneurship? Karra’s exploration of this question has become pivotal in her dual career as an entrepreneur and academic.
To uncover the layers of this success, she scrutinized numerous immigrant-founded organizations, from Duolingo to Dermalogica and WhatsApp, identifying core principles at play.
One key principle embedded in these stories of success is the profound connection to heritage. Immigrant entrepreneurs often utilize their multicultural experiences as fertile ground for unique business ideas.
Iraqi American Reem Hassani exemplifies this with Numi Organic Tea, where she advises, “Entrepreneurs need to follow their heart, vision, and passion first and then see what’s out there.”
Similarly, Jan Koum, drawing from his childhood under Soviet communism, pursued creating a secure, ad-free communication platform—resulting in the widely used WhatsApp.
Secondly, these entrepreneurs are adept at building vibrant communities. Cut loose from their native habitats, immigrants learn to nurture connections fervently. Hamdi Ulukaya personifies this approach with Chobani, leveraging principles from his Turkish nomadic roots.
By engaging local community members and integrating refugees into his workforce, Ulukaya exemplifies community-centered growth, enriched further by granting his employees a significant company stake.
Finally, one of the driving forces of immigrant entrepreneurship is the pursuit of an overarching purpose beyond profit.
Inspired by past hardships, they strive to craft positive legacies. Luis von Ahn’s creation of Duolingo embodies this principle—his commitment to accessible education turned Duolingo into a disruptive powerhouse in the language-learning industry, reaching a $10 billion valuation.
Learning from immigrant entrepreneurs
While the strength of immigrant entrepreneurs partly stems from their multicultural experiences, their strategic frameworks can be adopted universally. Here are some of Karra’s actionable insights:
- Value cross-cultural experience: Embrace opportunities to travel or work abroad. Surround yourself with a diverse workforce that offers cross-cultural perspectives.
- Focus on intrinsic motivations: Engage deeply with aspects of your identity that profoundly matter to you. This authenticity can drive businesses toward meaningful impact.
- Community building: Develop genuine trust within your ecosystems. Active listening to stakeholders can yield transformative business practices.
- Purpose-driven leadership: Align business goals with societal improvements. Contributing positively to society can enhance competitive advantages.
Despite the challenging climate for immigrants today, the entrepreneurial spirit forged by their experiences offers crucial lessons.
Their resilience continues to propel economic growth, inspiring others to create businesses with enduring impact. Through their stories and achievements, immigrant entrepreneurs demonstrate that the American dream is very much alive and within reach for all visionary individuals willing to embrace its challenges.
About Neri Karra
Neri, a renowned entrepreneur, author, and advisor, focuses her work at the crossroads of business longevity, resilience, and impact. As a former child refugee, she and her family established the global luxury leather goods brand, Neri Karra, which has thrived for 25 years in partnership with leading luxury brands.
Beyond fashion, she is dedicated to guiding entrepreneurs and leaders through today’s multifaceted business landscape with creativity and purpose. Serving as an Adjunct Professor and Entrepreneurship Expert at the University of Oxford, Neri advises students and executives on resilience, adaptability, and ethical growth.
Her insights are also disseminated through platforms such as Harvard Business Review and Fast Company. Motivated by a curiosity about enduring businesses and the role of cultural diversity in driving innovation, she aims to inspire leaders to create meaningful enterprises that better the world. Residing in Paris, Neri cherishes her life with her husband and son (LinkedIn).
