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Short Description: education through the MIT Entrepreneurship Center, headed by my friend and colleague Ken. Morse. This center is training students in the key success factors ...
Content Inside: SUCCESS FACTORS IN TECHNOLOGY-BASED ENTREPRENEURSHIP John T. Preston Associate Director, MIT Entrepreneurship Center Originally a Transcript of a Lecture Delivered in Tokyo in 1997 Updated August 2001 INTRODUCTION MIT students and faculty create roughly two new inventions every day. I spent ten years of my life managing the commercialization of those inventions. MIT's Technology Licensing Office files four patents a week, licenses hundreds of inventions to industry each year, and creates ten to twenty new start-ups a year around these inventions. Between 1985 and today, the MIT licensing office has created over 200 companies. These companies currently employ thousands of people and have a market value of approximately $20 billion. Despite these many important and highly visible successes, the role that MIT plays in stimulating entrepreneurial behavior is highly underestimated. Even the importance of entrepreneurial behavior on the US economy is not well appreciated. In Massachusetts alone there are 1,065 companies founded by MIT alumni; worldwide there are more than 4,500 companies created by MIT alumni. This entrepreneurial activity dates back to the 1880s when MIT was only a twenty-year old university. MIT spin-off companies founded in the 1880s include Stone and Webster, Charles T. Main, and Arthur D. Little. This entrepreneurial activity continued with the founding of Raytheon in the 1920s, EG&G (1940s), Digital Equipment (1950s), Lotus Development (1980s) and Akamai (1990s). MIT's entrepreneurial engine has been very powerful and has been running for many years -- long before I arrived at MIT. MIT alumni-founded companies on the West Coast have ©1998, 2001 Massachusetts Institute of Technology, MIT Entrepreneurship Center