Wadhwa, V., Salkever, A., The Immigrant Exodus: Why America is Losing the Global Race to Capture Entrepreneurial Talent, Wharton Digital Press, 2012

Abstract

1 A Capsule Summary of the Book Named by The Economist as a Book of the Year of 2012, the book "The Immigrant Exodus: Why America Is Losing the Global Race to Capture Entrepreneurial Talent" directs our attention to an important topic of global talent management and immigrant entrepreneurial policy. The book traces the changing trajectory of immigrant entrepreneurs in the US. Although the American Dream has inspired thousands of talented entrepreneurs from all over the world to found their ventures in the past, the talented immigrants are now turning away from this territory, reluctantly or purposefully. The authors highlighted the changing trend and urged US policymakers to modify immigration policy, in order to retain the best and brightest talents. Essentially, these immigrant talents can enormously contribute to the economy and nation's competitiveness. This timely book adds valuable and important stock of knowledge in claiming American immigration policy has to be modified to compete against other countries in the "War for Talent". Many vivid examples illustrate the authors' argument that the America is losing the global competition to capture entrepreneurial talent, largely due to unfavourable immigrant policy. However, emerging economies, such as China and India, currently put strong emphasis on attracting talents to return their home country (Saxenian 2007; Wadhwa et al. 2011). This sharp contrast invites readers to evaluate the US immigration policy and consequences amid global talent mobility. What are the reasons that might lead US to lose the battle for competing talents? How should policy makers better address the reversed brain drain phenomenon? This book aims to answer these interesting questions. 2 Objective and Target Audience This book suits to any audience who is interested in talent management, immigrant entrepreneur and entrepreneurial policy. The objective of this book is to systematically summarise the entrepreneurial development landscape in the US and the significant contributions made by immigrant entrepreneurs. Through a comparative lens, the book highlighted the potential danger encountered by developed economies that entrepreneurial talents might not sustain due to various immigration policy obstacles. Furthermore, it directs scholars' and policymakers' attention to the interesting phenomenon, immigrant entrepreneurs and their continuous influences on both the host country and global economy. This book may be used as reading material for entrepreneurship course for undergraduates and MBAs. Although the book has a focus on the US, it also echoes some contemporary policy practices in many European countries. For instance, Ursula von der Leyen, Germany's minister for labour and social affairs, recently urged that attracting more skilled migrant workers might help to fill the worker shortage faced by Germany in the future (FT 2013). Unfortunately, the current immigrant policy might obstruct the immigrant talent who wants to found innovative technology ventures, as illustrated by the struggle for obtaining visa for a Chinese and Indian entrepreneurial team in Munich (Wirtschaftswoche 2012). Hence, this timely book might invite policymakers to reflect how to successfully attract talents in competing with the unfolding "War for Talent" on the global scale. 3 Structure and Contents The book is structured into 6 chapters associated with introduction and conclusion, addressing a variety of aspects of skilled immigrants. Chapter 1 articulates the reason why US future depends on skilled immigrants. The historical evidence illustrated that in 2005 immigrant entrepreneurs launched 52 % of all start-ups in Silicon Valley. Chapter 2 indicates the decreasing trend of immigrant entrepreneurs by showing the number of immigrant-founded start-ups has dropped to 44 % today. Chapter 3 juxtaposes the dilemma of immigrant entrepreneurs, "To stay, or not to stay is a question! …