New research reveals that a significant portion of the UK’s fastest-growing companies were started by individuals born outside the country, despite immigrants comprising less than 15 percent of the population.
Conducted by The Entrepreneurs Network with support from Fragomen, the study shows that 39 percent of the top 100 companies in terms of growth were founded by foreign-born entrepreneurs. This highlights the crucial role that skilled immigration plays in fostering business development and innovation in the UK. Interestingly, earlier research from 2019 showed an even higher figure, with nearly half of these rapidly growing businesses having a founder born abroad.
The Entrepreneurs Network uses this data to advocate for policy changes that would make the UK more welcoming to global talent. They suggest measures such as establishing a Youth Mobility Scheme with the EU and US, reducing visa costs for highly skilled workers to match international standards, and broadening the scope of the High Potential Individual visa to include more universities.
Some of the top 100 companies with foreign-born founders include well-known names like carwow, Monzo, and Atoa. The report also features stories from entrepreneurs like Paul Domjan of ENODA and Shiladitya Ghosh of Mission Zero Technologies, who have made significant contributions to the UK economy.
Eamonn Ives, Research Director at The Entrepreneurs Network, emphasizes that international talent is a key driver behind some of the UK’s most successful companies. He calls for an immigration system that recognizes and supports these contributions rather than creating obstacles.
Nadine Goldfoot, Managing Partner at Fragomen UK, added, “This analysis supports the case for policy and immigration systems that actively attract and nurture entrepreneurial talent from abroad. As the research highlights, foreign-born founders have been key to the success of the UK’s entrepreneurial scene. Ensuring that we continue to draw the world’s brightest minds to the UK, working alongside local innovators, is essential for ongoing and dynamic economic growth.”
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