A new study on America’s most valuable startups has reignited a familiar debate: just how much of the country’s innovation engine is powered by immigrants? The numbers are striking. From billion-dollar companies to leadership positions at top startups, immigrants and their children have played a major role in shaping the US startup ecosystem. The findings caught the attention of business leader Anand Mahindra, who responded with a bold prediction, arguing that India’s startup story is only getting started and could soon surprise the world.The discussion began when Alec Stapp, co-founder of the Institute for Progress, shared findings from new research on US unicorn startups on X.According to the report highlighted by Stapp, immigrants founded or co-founded 455 of America’s 775 privately held billion-dollar startups. That means 59% of all US unicorns have immigrant founders. The influence becomes even more significant when the children of immigrants are included, with 66% of US unicorns being founded or co-founded by immigrants or their children.The research also found that 79% of US unicorns have either an immigrant founder or an immigrant serving in a key leadership role. The economic impact of these companies is substantial. Stapp noted that the 455 immigrant-founded unicorns have a combined valuation of approximately $5 trillion. According to the report, that figure exceeds the total stock market value of companies listed in all but seven countries worldwide.— anandmahindra (@anandmahindra) You Might Also Like:The valuation becomes even larger when previously private startups that went public after 2016 are included. In that case, the total value of immigrant-founded unicorns rises above $5.8 trillion. Another notable trend highlighted in the research is the rapid growth in immigrant-founded unicorns over the past eight years. Their number increased from just 50 in 2018 to 455 in 2026. The report also pointed to the role of international education in entrepreneurship. Nearly 24% of US unicorns have a founder who first arrived in America as an international student.Anand Mahindra's reactionReacting to these findings, Anand Mahindra shared his thoughts on X and expressed confidence that the entrepreneurial spirit seen among Indian-origin founders abroad would continue.Mahindra wrote that it was time to revive the old American phrase, “You ain’t seen nothing yet.” He argued that despite various challenges, Indian Americans would remain highly entrepreneurial and continue building successful ventures. However, Mahindra believes the next major chapter of entrepreneurship may unfold within India itself.According to him, the country’s startup boom has only just begun. He suggested that while Indian entrepreneurs have already made a significant mark globally, the next wave of innovation and company creation will increasingly emerge from within India.You Might Also Like:Mahindra added that the developments ahead could ultimately surprise the world, reflecting his optimism about the future of India’s startup ecosystem and its growing role in the global innovation economy.