Urban universities such as MIT contribute significantly to the cities they call home, according to a recent report by Bisnow. Here are highlights from the article, along with our own insights!
Studies by the Brookings Institution examined how universities fared in various locations around the country. They found that urban universities provide the most economic boons to their downtown neighborhoods. At the same time, these universities benefit by the close proximity of supportive entrepreneurs, investors, research labs, suppliers and other companies that complement the area.
This symbiosis creates 71% more startups, 123% more inventions, and 80% more licensing agreements than universities in suburban locations.
MIT was named as one of the top five U.S. universities for driving economic growth within an urban core. The Boston Metro benefits by the presence of several excellent academic institutions, but let’s follow MIT for a moment.
According to Forbes, as of 2014, alumni from the Massachusetts Institution of Technology had created 30,200 companies with a combined revenue of $1.9 trillion, employing about 4.6 million people worldwide.
MIT alumni have founded companies such as Intel Corp., Qualcomm, BuzzFeed, iRobot, HubSpot and Dropbox. In a 2015 article, MIT News reported that 30% of alumni-founded, actively-operating companies were located in Massachusetts.
MIT is a single example of the economic growth that our universities bring to the Boston Metro! With world-class academic institutions attracting the best and brightest from around the globe, the Boston Metro offers myriad opportunities.
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