This is my week to get great stuff from readers. Please keep it coming.
A reader sent me a story from Xconomy about the economic contribution of MIT graduates. According to a study completed by two MIT professors, worldwide alumni of MIT have created operating companies with an estimated $2 trillion in annual sales. For the quantitative reader, each of the 119,000 alums of MIT contribute average annual sales of approximately $16 million. Setting aside any prejudice on the part of the professors, both numbers are staggering!!
It is well documented that the highest concentrations of entrepreneurship and VC money are nearby to great universities such as MIT and Stanford. Research revenues at MIT in 2006 (last year available) totaled $570 million and a substantial portion of that funding came from the U.S. government. Makes one wonder if more money for MIT and the other great universities in the U.S. would not have a more positive effect on the economy (in the medium term) than the current efforts in Washington.