Mit Forum Annual Event 2009 Mit Research

Annual Event 2009 "Success Factors in High Technology: Macro Level, Micro Level" December 30th, 2009 Innovation Blog MIT - Massive Impact Technology How One University Created "Entrepreneuria", A $2 Trillion Economy By Prof. Shlomo Maital A research report by two MIT researchers reveals the massive impact that a single university can have on an economy, by generating innovative technologies and the entrepreneurs who know how to leverage them to meet real wants and needs. 1 The report was summarized by MIT Enterprise Forum of Israel Director Ayla Matalon, at the Forum's annual meeting on Dec. 30. Edward B. Roberts, Sarnoff Professor of Management of Technology, and doctoral student Charles Eesely, surveyed all living MIT alumni/ae in 2003, while verifying and updating data through the Compustat database. Here are a few of their findings:  MIT alums launched 25,800 companies still active, employing 3.3 million people and generating annual world sales of $2 trillion (nearly equivalent to the 2008 GDP of Italy -- at $2.3 trillion, the world's 7th largest economy).  Just 796 of the largest MIT alum companies (2 per cent of the total) account for more than 80 per cent of total sales and 70 per cent of total employees, of all the MIT-founded firms. In other words: Some of the MIT-based startups grew to global size.  MIT-origin firms had a massive impact on the State of Massachusetts; some 6,900 companies with worldwide sales of $164 b. are located in Massachusetts, representing fully a quarter of the sales of all Massachusetts companies and creating over a million jobs.  Many of the MIT-origin firms are engaged in manufacturing (instruments, machinery, electronics, biotech, software), accounting for half of all MIT-generated employment. 1 Edward B. Roberts and Charles Eesley. Entrepreneurial Impact: The Role of MIT. MIT Sloan School of Management, 2009. Download the report at www.kauffman.org/mit Copyright© 2009 MIT Enterprise Forum of Israel. All rights reserved In cooperation with: Faculty of Management - The Leon Recanati Graduate School of Business Administration MIT Enterprise Forum of Israel, Tel Aviv University - Recanati building, P.O.B 39010, Tel Aviv 69978 T: +972(3) 6405608, F: +972(3) 6405609, web: www.mit-forum.org.il E-mail: yazamut@tauex.tau.ac.il

 MIT is the center of a world-leading biotech cluster, with 95 biotech companies clustered around the Kendall Square area. Prof. Fiona Murray found that 65 out of MIT's 493 life scientists have founded or served on the boards of directors of at least one venture-funded company. When William Barton Rogers founded MIT 144 years ago, in 1865, in a grimy industrial building in Cambridge, MA., he chose as MIT's mantra: mens et manus, "mind and hand" -- powerful science, transformed into useful products for mankind. Those three Latin words have driven MIT's vision for a century and a half. For universities who seek to 'mine' the golden eggs of their researchers' intellectual property through patenting and licensing, MIT has a strong message: The 'goose' is in fact the startup companies launched on the basis of those researchers' knowledge, not their patents. Copyright© 2009 MIT Enterprise Forum of Israel. All rights reserved In cooperation with: Faculty of Management - The Leon Recanati Graduate School of Business Administration MIT Enterprise Forum of Israel, Tel Aviv University - Recanati building, P.O.B 39010, Tel Aviv 69978 T: +972(3) 6405608, F: +972(3) 6405609, web: www.mit-forum.org.il E-mail: yazamut@tauex.tau.ac.il

Mit Forum Annual Event 2009 Mit Research

by MIT Forum of Israel on Mar 10, 2010

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Mit Forum Annual Event 2009 Mit Research — Document Transcript