Entrepreneurial Ecosystem

The eleventh-largest economy in the world

The scope and impact of MIT’s entrepreneurial ecosystem are enormous: A recent study suggests that living MIT alumni have created more than 25,800 currently active companies that employ about 3.3 million people and generate annual revenues of $2 trillion — producing the equivalent of the eleventh-largest economy in the world. Many people think that even these numbers are quite conservative.

Entrepreneurial Ecosystem

Entrepreneurship frames the very structure of MIT. Our guiding principle and motto, “Mens et Manus,” or “Mind and Hand,” represents our mission not only to create and develop innovative ideas, but also to transform them into viable solutions to the world’s problems.   

This entrepreneurial ecosystem consists of multiple education, research, and social network institutions, such as:

  • Twelve developmental centers, including the Martin Trust Center for MIT Entrepreneurship and the Venture Mentoring Service (VMS), a group of more than 100 volunteer mentors who help budding entrepreneurs with everything from business plans to product development
  • More than 30 entrepreneurship courses, such as the Entrepreneurship Labs (E-Labs) and the MIT Sloan Entrepreneurship & Innovation (E&I) Track
  • Student-run organizations, such as the MIT $100K Business Plan Competition and the Venture Capital Private Equity (VCPE) Club
  • Events and networking opportunities, including the Entrepreneur Bash and the Bio Bash
  • Alumni-organized structures, such as the MIT Enterprise Forum, with chapters worldwide

Entrepreneurial Coursework

At MIT Sloan, Entrepreneurial coursework offers immersion from three different perspectives to create an effective blend of learning:

  • New and developing research, taught by MIT Sloan faculty, and exemplified by the course, “Designing and Leading the Entrepreneurial Organization.”
  • Practitioner-taught courses, concentrating on aspects of entrepreneurship that depend entirely upon the experience of successful entrepreneurs and venture capitalists. For example, the course, “New Enterprises,” lays the groundwork for business plan development for new companies.
  • Project-oriented courses in which students organize in mixed teams of four or five, including participants from management, science, and engineering, to tackle real problems in entrepreneurial partner organizations. The best known of these are the very popular Entrepreneurship Laboratory (E-Lab) classes. In these classes, students devise solutions to early-stage problems of select local companies and are advised by a local entrepreneur in residence in tandem with faculty. The Global Entrepreneurship Lab (G-Lab) allows students to take on problems in developing international markets, while Innovation Teams (I-Teams) give students an opportunity to examine the best ways to bring carefully chosen, MIT-developed technologies to market.

Students who have a strong entrepreneurial interest can follow the more specialized Entrepreneurship & Innovation (E&I) Track. This track allows immersion in multiple required and elective courses, as well as extracurricular activities that are specific to E&I students only.

 

Clubs

In addition to classes, an impressive number of clubs form a key component of our entrepreneurial ecosystem. Along with MIT Sloan students, undergraduates, PhD, and post-doctoral candidates actively participate in clubs from across all MIT departments. They contribute immeasurably to creating the unique “passion for entrepreneurship” that thrives throughout MIT. Here is a sampling:

  • The MIT Sloan Entrepreneurship and Innovation Club creates networking events within MIT Sloan and connects with the Greater Boston community, other local MBA programs, and established Boston organizations.
  • The Venture Capital Private Equity (VCPE) Club organizes and runs two major nationwide conferences, the MIT Venture Capital (VC) Conference in the fall and the MIT Private Equity (PE) Symposium in the spring. The VC Conference is one of the largest and most prominent VC gatherings in the country, with more than 500 attendees each year, while the PE Symposium attracts 300-400 industry professionals and students.
  • TechLink, the largest club on campus with 1,200 members, organizes “treks” to dozens of companies each year, from startups to industry icons, like Apple and Cisco.
  • The MIT Innovation Club centers its activities on helping its members to generate new ideas and commercialize cutting-edge technologies.
  • Other groups include Finance, Astropreneurs, BioPharma Business, Energy, Mobile Media and Internet Technology, NeuroTech, and the NanoTech and TinyTech Clubs, which educate and connect their members to startup businesses and to new ideas in their fields.

Events and Conferences

The Martin Trust Center for MIT Entrepreneurship has created a powerful network of entrepreneurs who advise and assist one other in starting new ventures, and reaches well beyond MIT’s borders to further expand students’ options. Along with offering educational programs to inspire, train, and coach a new generation of entrepreneurs, the Center provides numerous networking opportunities. Examples include:

  • "The MIT Sloan BioInnovations Conference," also known as “the Celebration of Biotechnology in Kendall Square,” draws more than 850 people, and connects founders, CEOs, board members, students, entrepreneurs, and venture capitalists. With MIT’s location in the center of an intensive biotechnology cluster, including the MIT-related Whitehead Institute for Biomedical Research and the Broad Institute, the program draws executives to Cambridge from around the globe.
  • A reception held each semester to honor past and present CEOs of Entrepreneurship Lab (E-Lab) companies, who have hosted student teams from E-Lab classes. Current students are given a prominent role at this event to promote summer internships and permanent jobs with leaders of high-tech companies and with their many venture capital investors, who regularly attend the reception.
  • The spring “E-Lab Bash” features the Adolf F. Monosson (MIT ’48) Prize for Entrepreneurship Mentoring. This award recognizes a person or group that has been outstanding in nurturing and assisting young entrepreneurs.
  • A black-tie networking event in London, England, in conjunction with University of Cambridge, which draws 500 people and presents an exceptional opportunity to forge entrepreneurial ties. Attendees include the student leadership of the MIT $100K Business Plan Competition and the year’s winning $100K team.

Organizations and Centers

Numerous research centers and organizations throughout MIT and MIT Sloan support and contribute to entrepreneurship and the growth of new business ventures. Some examples include:

  • The Martin (1958) Trust Center for MIT Entrepreneurship provides content, context, and contacts to help train and support entrepreneurs to design and launch successful new ventures based on innovative technologies.
  • The Deshpande Center for Technological Innovation helps move innovative concepts along the path to commercialization.
  • The MIT Venture Mentoring Service (VMS) matches promising business plans and budding entrepreneurs with volunteer mentors, who assist students, staff, faculty, and alumni to boost the chances of their entrepreneurial success.
  • The MIT Enterprise Forum, with chapters worldwide, builds connections to technology entrepreneurs and to the communities in which they reside.
  • The MIT Legatum Center for Development and Entrepreneurship provides fellowships that result in innovative businesses, promoting sustainable economic growth in developing countries.
  • The Lemelson-MIT Program encourages tomorrow's inventors through outreach programs. The cornerstone of the program is the $500,000 Lemelson-MIT Prize, the world's largest, single cash prize for invention.
  • The MIT Technology Licensing Office manages the patenting, licensing, trademarking and copyrighting of intellectual property developed at MIT, the Lincoln Laboratory, and the Whitehead Institute for Biomedical Research, and serves as an educational resource on intellectual property and licensing matters for the entire MIT community.
  • The Office of Corporate Relations' Industrial Liaison Program promotes MIT and industry collaboration, encouraging the flow of knowledge and resources between the Institute and innovation-driven companies for their mutual benefit.
  • The MIT Sloan Center for Digital Business, a research partner with industry, provides leadership for faculty, students, and sponsors interested in Internet-enabled business.
  • The Center for Innovation in Product Development is a joint effort between MIT's School of Engineering and MIT Sloan to connect the best ideas of academia with the extensive experience of industry. Team members research the process of product development from engineering concept through product design to market delivery.
  • The Center for Biomedical Innovation helps form strategic partnerships among corporations, government agencies, and academia to design and conduct research projects, develop new curricula, and create new implementation processes to enhance the delivery of innovative therapeutics and devices. The Center is a collaborative effort of the MIT Schools of Engineering, Management, and Science, along with the Harvard-MIT Division of Health Sciences and Technology.
  • Formerly known as the Technology Capital Network at MIT, the Capital Network is a not-for-profit service and educational organization that brings entrepreneurs and early-stage investors together for the purposes of raising capital, networking, and education.

Beyond MIT’s immediate influence on the creation of new firms, 85 percent of alumni entrepreneurs reported that their association with MIT enhanced their credibility with suppliers and customers, and 51 percent stated that it helped them in acquiring funding.

G-LAB: NAM MEE BOOKS, THAILAND Helping a book publisher mature

“It was really rewarding that they wanted to know what we thought. We left there being fairly certain that they will do some of the things that we suggested.”

Lia Cavalcante
MBA
RETAIL AND CONSUMER GOODS Luxury beauty and the multicultural consumer
"The goal of the Retail and Consumer Goods Club is to provide networking opportunities for students at MIT Sloan, and to educate students about different functions within the retail and CPG space. We bring in executive-level speakers to educate our community on this topic."
Nga Phan
MBA, co-president of Retail and Consumer Goods Club
COURAGE AND STRENGTH Supporting a student with breast cancer
"The Sloan community really rallied around me in a way that I totally didn’t anticipate. … It was just really nice to be a part of a community that I was totally comfortable in and felt completely supported by."
Kyle Maner
MBA
G-LAB, RAS RESORT, INDIA Marketing in Mumbai
"The network of alumni was helpful because our team had a lot of experience in consulting, but not in private equity."
Gerardo Guzman
MBA
S-LAB: JAKARTA WATERSHED Combating a clean water crisis

“You could talk about watershed management and conservation of energy all you want. But until you put numbers to it and financial analysis to it, you’re not going to get much done. I came to business school to speak that language, speak with people in terms of numbers, financial numbers so that I can get projects done.”

Ian Lavery
MBA
SLOAN FELLOW Getting serious about going global
"This year we were so fortunate to have 26 nationalities. So it was amazing exposure. I feel much more well rounded as a global business maker than I was before."
Abner Oliviera
SF
G-LAB, KUALA LUMPUR Assessing the future of the Smart Card
"You have to manage what you can deliver for the company and what the company is expecting. The bottom line is that the CEOs of those companies want results. Even though we have to work five months in a row with the project, we have to deliver. This experience is more pragmatic than academic. It's a good opportunity to match those two worlds."
Camilo Syllos
MBA
INDIA LAB: EDUCATIONAL ENHANCEMENT Creating employable workers to boost the economy

“I knew about American business, but not enough about what’s really become a global economy. … You can read about it all you want, but there’s no substitute for being there and seeing the context and seeing how completely different these [other countries] are.”

Ted Chan
MBA
SLOAN FELLOW Merging disciplines for climate change
"I needed to get a better understanding of the interaction of management and technology. And I think MIT is an obvious place for that. There’s probably no better place in the world [for learning] how technology and management interact."
Pascal Marmier
SF
INDIA LAB: BANGALORE Working toward market expansion

“[The India Lab] program is one of the reasons I came to Sloan. ... The hands-on learning that MIT offers was a huge differentiator.”

Katie Baron
MBA
G-LAB: PRIVATE HEALTH CARE IN AFRICA Defining growth at a for-profit clinic

“At MIT Sloan you have a lot of opportunities to explore entrepreneurship. Especially in a place like Kampala where you have a lot of development, entrepreneurship can be very exciting.”

Anne Reilly
MBA
LEADERS FOR GLOBAL OPERATIONS Connecting management and technology
“We are preparing leaders to run the world’s operations companies. And those leaders are at the cutting edge of both management and technology.”
Don Rosenfield
senior lecturer and director of the Leaders for Global Operations
$100K WINNERS: C-CRETE TECHNOLOGIES Reducing the environmental impact of concrete

“One of the reasons I came to Sloan was because I wanted to be at a top MBA institution worldwide. But I also wanted access to working with the latest innovations and the highest technology that was coming out of the MIT labs.”

Natanel Barookhian
MBA
MIT LEADERSHIP CENTER Changing views of leadership

“Our mission, along with the mission of MIT Sloan, is to both develop leaders who make a difference in the world, and also to make a contribution to thinking about the topic of leadership.”

Deborah Ancona
Faculty Director, MIT Leadership Center
INSTITUTE FOR WORK AND EMPLOYMENT RESEARCH Adapting to the changing nature of work

“We’re very interdisciplinary. Among the faculty in the group are an economist, a political scientist, a sociologist, and an industrial relations specialist. We’ve always made a big effort to be open to a variety of perspectives, but also to go beyond being open to them, to want to bring them in, because it makes for a richer environment.”

Thomas Kochan
Co-director, IWER
SWITZER FELLOWSHIP WINNER JASON JAY Focusing on environmental research and leadership

 “I love being in a place that is such a nexus of people and ideas — people coming to learn something new and to define themselves. Being a part of that process is a real honor and a real gift.”

Jason Jay
Lecturer, Sustainability, MIT Sloan
G-LAB: AIDS IN TANZANIA Striving for economic empowerment

“Because of the diversity of our backgrounds, when we hit the ground in Tanzania it almost was a natural play where different people assume different roles.”

Krishna Venugopalan
SF
G-LAB: MERCY CORPS, INDONESIA Using business principles to address malnutrition

“The conditions in the neighborhoods we were visiting were different than what we realized before getting there. Beyond that, what was surprising was that there weren’t surprises!”

Libby Putman
MBA
G-LAB: WARMBATHS HOSPITAL, SOUTH AFRICA Improving staffing at a maternity ward

“The assistant to the CEO was like our host mom while we were there. She arranged our housing for us, she took us out to her friend’s game farm, and we got driven around in 4x4s. She was just wonderful to meet, and we developed a personal as well as professional relationship with her.”

Kelsey McCarty
MBA
G-LAB: INTERGRUPO, COLOMBIA Growing a business by cultivating relationships

"The relationships that we forged helped us to turn out a better project. We were able to test our hypotheses with the people that we spoke with every single day. And really, I think the friendships that you develop really propel the work that you’re doing."

Ramy Hakim
MBA
CENTER FOR INFORMATION SYSTEMS RESEARCH Bringing people and machines together

 “For 35 years, we’ve been studying how companies get value from information. … We try to help organizations take a more holistic view of what they are trying to do.”

Jeanne W. Ross
Director and Principal Research Scientist, CISR

“One of MIT Sloan’s strengths is that it combines research with teaching practices. It truly merges theory and practice — a feat that is possible due to its top-notch research faculty and the faculty’s interest in putting their ideas to work.”

- Kristin J. Forbes
Jerome and Dorothy Lemelson Professor of Management