Study: Nearly 1 in 5 Michigan research university alumni start their own business
The schools forming Michigan’s University Research Corridor announced in a study released today that approximately 19 percent of 40,000 surveyed alumni have started a company and more than 50 percent of those businesses are in Michigan.
Ben Freed | AnnArbor.com
“The URC is committed to supplying the tools that can lead to new companies and more jobs,” executive director Jeff Mason said in a statement.
At the University of Michigan, the tools available to entrepreneurial faculty and students have grown over the years and now form an ecosystem that can support nearly any startup company.
The Center for Entrepreneurship in the College of Engineering, the Zell Lurie Institute for Entrepreneurial studies in the Ross School of Business, the TechArb student startup incubator, the Office of Technology Transfer, the Michigan I-Corp program, the new masters in entrepreneurship program and the MPowered student group are just the tip of the iceberg.
Local U-M alumni entrepreneurs also regularly lecture at the school and serve as mentors for students starting their own companies. According to the study, alumni from the 1960s and 70s had one of the highest rates of entrepreneurship. Perhaps inspired by these returning mentors and the schools' emphasis on entrepreneurial activity, the study also found that recent graduates are starting businesses at a younger age than ever before.
Ben Freed covers business for AnnArbor.com. You can sign up here to receive Business Review updates every week. Reach out to Ben at 734-623-2528 or email him at firstname.lastname@example.org. Follow him on twitter @BFreedinA2.