This paper examines the impact, characteristics, and entrepreneurial proclivities of foreign-born college graduates in the United States. A significant body of research has found that immigrants are more likely to start businesses than those born in the U.S., and the propensity of international students to concentrate in STEM fields indicates enormous potential for economic contributions and innovation. Yet the static nature of the immigration system, with visa pathways and restrictions that discourage business creation, hamper the nation's ability to take full advantage of the benefits immigrants can provide. In fact, this study finds that the U.S. immigration system likely delays foreign-born graduates from creating incorporated firms by as many as five years. The authors estimate that the creation of 150,000 incorporated firms and 580,000 jobs were delayed between 2013 and 2021. Without reform, the U.S. will continue to depress high-value firm creation by international students and cease to be the primary destination of global talent.