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Cambridge First Purchasing Policy
The Institute's purchasing offices employ a "Cambridge First" policy in their purchasing activities, with the goal of placing as much business as possible with Cambridge companies. In 2002, MIT spent over $41 million on goods and services in Cambridge.
Payment in Lieu of Taxes (PILOT)
In addition to paying taxes on its commercial property, MIT makes an annual payment to the City of Cambridge in lieu of real estate taxes on its tax-exempt property. In 2002, the amount of MIT's PILOT payment to Cambridge was $1,164,000.
Spin-offs and Start-ups
Approximately 200 MIT-related companies employ over 15,000 people in Cambridge. Many of these Cambridge startups have licensed technology from MIT.
Magnet Effect
Biotechnology and pharmaceutical companies are attracted to Cambridge in part to be close to MIT and its talent and resources. Over 70 biotechnology firms are located within a one-mile radius of MIT.
Multidisciplinary Research
MIT's approach to research encourages interdisciplinary communication. This approach cultivates innovation and contributes to Cambridge's advantage as an intellectual center in the new, knowledge-based economy.
Employment
The Institute is the second-largest employer in Cambridge, with over 7,800 full-time employees.
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