New Immigrant Network TIE Launches Minnesota Chapter

Bruce P. Corrie, PhD corrie@csp.edu Asian Indian business and community leaders in Minnesota will launch the local chapter of TIE on January 19, 2006 at an inaugural gala at the Radisson in Roseville. It is well established that new immigrants face significant barriers in accessing capital to start their businesses. One reason being that they do not have the networks to access capital and markets. The Indus Entrepreneurs (TIE), was originally founded in 1992 by Asian Indian immigrant entrepreneurs in Silicon Valley to create their own entrepreneurial and financial networks. Today with 42 Chapters in 9 countries TIE focuses on nurturing global entrepreneurship. TIE today stands for Talent, Ideas and Enterprise and brings both entrepreneurs and professionals together in its worldwide network. The TIE website claims that individuals associated with TIE have started businesses valued over 200 billion dollars since 1992 (http://www.tie.org/). The impact of TIE has also brought a new lexicon in academic discourse – “Brain Circulation.” Countering the argument that high skilled immigrants from the developing world drain their home countries of talent, AnnaLee Saxenian makes the case that these immigrants make everyone better off: creating wealth in their new country and investing in their former homeland. She calls this a new form of globalization. (http://cherry.iac.gatech.edu/REFS/TRP-Ref/Saxenian-Local-Global-SV-2002-report.pdf). Rafiq Dossani in a recent report of the Asian Pacific Research Center at Stanford University illustrates the importance of these ethnic networks as new immigrants start businesses. (http://iis-db.stanford.edu/pubs/12082/Dossani_Survey.pdf ). Mahendra Nath, a leading Minnesotan entrepreneur and recipient of numerous awards such as induction into the Minnesota Business Hall of Fame and Entrepreneur of the Year, serves as TIE Minnesota’s first President. Key speakers at the inaugural include: Governor Pawlenty, Kanwal Rekhi “The Sage of Silicon Valley" and DEED Commissioner Matt Kramer. The theme of the evening is, “Minnesota & India: Establishing Entrepreneurial Connections in a Global Market.” Information about the TIE inaugural can be found at http://www.mollyguard.com/event/22804208 .