JANUS SIGNAL

Welcome to this week's Signal.

We’re continuing to shine light on the real‑world experiences of immigrant founders showcasing what works, what doesn’t, and what’s next.

Spotlight Theme

Builders, Not Burdens: The Real Economics of Immigrant Entrepreneurship

Time to flip the script: immigrants aren’t stealing jobs, they’re creating them.

Main Story:

The immigration debate in the U.S. usually boils down to two loud camps:

“They’re taking our jobs!”

“They built this country!”

And somewhere in between? A whole lot of missed nuance.

That’s exactly what a new study from Wharton’s Daniel Kim and co-authors at MIT, Northwestern, and the U.S. Census Bureau set out to correct. By digging into detailed data from 2005–2010, the 2012 Survey of Business Owners, and even the 2017 Fortune 500, they offer a more complete view: immigrants don’t just join the U.S. workforce, they expand it.

Here’s the deal: Yes, immigrant workers increase the labor supply. But immigrant entrepreneurs dramatically boost labor demand by starting companies lots of them. From corner cafés to unicorn startups, they’re responsible for a massive ripple effect in job creation.

Need numbers? Immigrants make up only 15% of the workforce, but are 80% more likely than native-born workers to become entrepreneurs. One standout example: when Elon Musk (South African-born) built Tesla’s plant in California, he helped spawn over 50,000 jobs and pumped $4.1B into the state’s economy in a single year.

Zoom In:

This isn’t just about outliers or tech giants. The pattern holds across sectors and company sizes. The research team found immigrant-founded firms don’t depress wages (contrary to popular belief); in fact, they’re just as likely or more likely to offer equal or better pay.

And innovation? Immigrant entrepreneurs account for nearly 25% of all U.S. patents and are significantly more likely to hold degrees in STEM fields. Translation: they’re not just opening shops, they’re building the future.

By the Numbers:

Immigrants = 15% of U.S. workers

…but 80% more likely to start a business

Immigrant-founded firms generate 50K+ jobs in some cases (e.g., Tesla)

Close to 25% of all U.S. patents come from immigrant entrepreneurs

No significant wage suppression was found in immigrant-owned businesses

So next time someone says immigration is an economic drag?

Tell them to check the payroll.

What stands out:

Noubar Afeyan blends science, entrepreneurship, and systems thinking to back over 100 startups and challenge assumptions around what’s possible.

Real Founder: Noubar Afeyan – Building a Future Before It’s Obvious

Noubar Afeyan is the Lebanese-born Armenian-American, founder of Flagship Pioneering, a venture creation firm behind Moderna and dozens of other biotech breakthroughs. Trained as a biochemical engineer, he’s not just an investor, he incubates ideas from scratch, funding internal teams to turn bold hypotheses into scalable companies.

A first-generation immigrant who arrived in the U.S. at 13, Afeyan sees diversity as a strategic advantage. Through Flagship, he’s helped create companies tackling food security, pandemic response, and longevity.

What catches the eye?

He coined the term “entrepreneurial scientist” and insists that transformation comes from uncertainty, not clarity.

Flagship has launched over 100 companies, raised billions in funding, and helped define what deep tech venture creation looks like in biotech.

Industries include biotech, healthtech, agriculture, synthetic biology, and climate.

Tools That Help

Figma’s FigJam – Where your messy startup ideas meet structure

From napkin sketch to pitch deck wireframe, FigJam helps you and your team visualize, co-create, and align faster. Whether you’re mapping your MVP, hashing out go-to-market plans, or just voting on a new logo, FigJam makes async and real-time collaboration feel less like work and more like momentum.

Zotero – The underrated weapon for research-heavy startups

If your startup is anywhere near healthtech, edtech, climate, or any data-heavy field, Zotero helps you collect, organize, and cite research like a pro. Bonus: it’s free, open source, and doesn’t lock your brain into a corporate UI.

First Round Review – Deep reads, not fluff

This isn’t your average startup blog. First Round Review curates in-depth interviews and playbooks from operators at top startups. Whether you’re prepping for your first hire or trying to build a culture that lasts, these reads will level you up fast.

Founders’ Radar

Immigrant? First-gen? Building against the odds?

Hello, Alice sees you and funds you.

Their Small Business Growth Fund is now open, offering $5K–$25K grants to founders shaping what the New Majority looks like.

Deadline? It changes with each cycle, so if you're even thinking about applying, don't wait.

Apply here.

ICYMI (In Case You Missed It)

Bipartisan Bill Could Open Doors for Undocumented Entrepreneurs

Introduced in July 2025, this bipartisan immigration reform bill aims to expand opportunities for undocumented founders and workers.

Highlights:

• Dignity Program: Legal status (no citizenship path) for undocumented immigrants including startup founders, meeting work and background check requirements.

• Dream Act: Conditional permanent residency for DACA recipients and Dreamers to work legally.

• E-Verify Phase-In: Gradual rollout (6–30 months) to stabilize startup hiring.

More inclusion, more stability, more startups.

Reality Check:

Angel Investors, Betting on Grit

Execution beats theory. Nearly 80% of angels put their money on founders who show relentless hustle, not just a clever idea, a pattern you’ll see at Startup Weekend, where teams are judged on what they build in days, not what they dream up.

The funding landscape is shifting earlier, too. 65% of corporate venture capital (CVC) deals now hit Seed or Series A, creating a sweet spot where angel agility meets corporate resources.

Pro tip: Build traction before you pitch. A working prototype, early pilot customers, or even small-scale revenue can catch the eye of angel-CVC hybrids, like Google Ventures or Intel Capital.

Because grit plus proof doesn’t just open doors, it gets checks signed.

What We’re Tracking:

New Tariffs Shake Up Startup Supply Chains

The U.S. rolled out 10–25% tariffs on imports from over 60 countries, including 15% on the EU, Japan, South Korea, and 20% on Vietnam and Bangladesh, plus a whopping 100% on computer chips. This is rattling supply chains and driving up costs for startups leaning on foreign manufacturing.

Economic ripple effects are clear: The U.S. trade deficit jumped 38% to $582.7B in H1 2025 as importers scrambled to dodge tariffs. Over in Germany, industrial production slipped 1.9%, showing the global fallout.

For startups, that means 30–40% higher bills for imported parts. Many are pivoting, shifting to near-shoring hubs like Mexico or leaning on domestic suppliers to keep costs in check.

Adapt or get squeezed, tariffs are reshaping the game.

Crack This!

Answer to the last riddle: A startup

Did you guess it right?

I’m neither a funding nor a legal name, yet without me, success stays just a claim.
Invisible currency that fuels the drive, I’ve earned in sweat, where dreams come alive.

What am I?

Closer Thought:

"Innovation doesn’t wait for permission, it takes action."

Keep going,

— Team JANUS

P.S. Got a small win, tooltip, or even a smart failure?