MIT Alumni-founded companies have created 4.6 million jobs, generating nearly $2 trillion in annual revenues.
By Rob Matheson | MIT News Office, December 9, 2015
A report released by MIT (Massachusetts Institute of Technology) underscores the substantial economic impact of the Institute’s alumni entrepreneurs, whose companies have created millions of jobs and generate annual revenues of nearly $2 trillion — a figure greater than the gross domestic product (GDP) of the world’s 10th-largest economy.
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In 2009, Edward Roberts, the David Sarnoff Professor of Management at the MIT Sloan School of Management, co-authored a report estimating that, as of 2006, MIT alumni had founded 25,800 active companies worldwide, employing 3.3 million people and generating nearly $2 trillion in annual revenues.
Today’s report updates those figures: As of 2014, the report estimates, MIT alumni have launched 30,200 active companies, employing roughly 4.6 million people, and generating roughly $1.9 trillion in annual revenues. That revenue total falls between the world’s ninth-largest GDP, Russia ($2.097 trillion), and the 10th-largest, India ($1.877 trillion), according to 2013 data on those and other countries from the International Monetary Fund.
“The report confirms what has long been clear: Our community’s passion for doing, making, designing and building is alive and growing,” President L. Rafael Reif wrote in an email today to the MIT community. “As we do our part by continuing to foster our students’ natural creativity and energy, it is inspiring to see the potential our alumni hold to extend MIT’s power to do good for the world.”
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