AnnaLee Saxenian suggests that global labor markets are being transformed through the changing costs of transportation at the same time as digital technologies make long distance exchange of large amounts of information possible in real-time. International migration – historically a one-way process – she states has become a reversible choice. Scientists and engineers from developing countries – once forced to choose between settling abroad and returning home to less attractive professional opportunities now contribute to their home economies while maintaining professional ties in more advanced economies. Some even become “transnational‟ maintaining residences and citizenship, in more than one nation. The same individuals who left their home countries for better lifestyles abroad in the last quarter of the 20th century are reversing brain drain by transforming it into “brain circulation‟ as they return to their home countries to establish business relationships or start new companies. They do this by maintaining their social and professional links to industrialized countries.
For example, in the early 1980s immigrants began to transfer the Silicon Valley model of early-stage high-risk investing to Taiwan and Israel. The returning immigrants brought capital, technical and operating experience, knowledge of new business models, and networks of contacts in the United States to these countries already having the cultural and linguistic know-how needed to operate profitably in these markets. Consequently Israel and Taiwan today boast the largest VC industries outside North America, and both have and support high rates of new firm formation and growth.
Get to know more and upgrade your skills by learning with us, get started for free on http://talenthunt360.com/
Share your feedback and comments.
Gurmeet Bambrah, is the founder of TalentHunt360