Entrepreneurship and Innovation
MIT’s preeminence in entrepreneurship is rooted in its founding. As one of the first land-grant colleges, the Institute was designed to deliver a practical education rather than to focus on the classical education that was provided by many private universities of that era. This emphasis on practice is infused into the entrepreneurship curriculum and programming, which emphasizes learning by doing. Over the course of the 2015–2016 academic year, more than 60 entrepreneurship courses were offered, as well as not-for-credit boot camps over the Independent Activities Period and the summer MIT delta v accelerator program, formerly known as the MIT Global Skills Accelerator program.
Several MIT departments, labs, and centers foster entrepreneurship and innovation at MIT:
- Bernard M. Gordon-MIT Engineering Leadership Program
- Deshpande Center for Technological Innovation
- Martin Trust Center for MIT Entrepreneurship
- Legatum Center for Development and Entrepreneurship
- Lemelson-MIT Program
- MIT Enterprise Forum
- MIT Innovation Initiative
- MIT Sandbox Innovation Fund Program
- MIT Startup Exchange
- Samuel Tak Lee MIT Real Estate Entrepreneurship Lab
- Technology Licensing Office
- Venture Mentoring Service
MIT also has over 40 student clubs and initiatives involved in entrepreneurship or innovation, among them the MIT $100K Entrepreneurship Competition, MIT Clean Energy Prize, and conferences such as Hacking Arts and Hacking Medicine.
MIT’s educational efforts in entrepreneurship and innovation have an impressive impact at local, regional, and global levels. A 2015 report suggested that 30,000 companies founded by MIT alumni were active as of 2014, employing 4.6 million people and producing annual revenues of $1.9 trillion, equivalent to the world’s 10th largest economy. MIT alumni form hundreds of new companies each year, and approximately 40% of MIT founders are serial entrepreneurs, starting multiple companies. Twenty-three percent of MIT alumni’s new firms are founded outside the United States.