Stanford's Economic Impact On Creating Entrepreneurs
There are so many businesses with Stanford roots that if they formed an independent country, their combined revenues of $2.7 trillion annually would make it the 10th largest economy in the world, generating an estimated 5.4 million jobs since the 1930s, according to the study, which was conducted by Charles Eesley, an assistant professor in management science and engineering at Stanford’s School of Engineering, and William Miller, an emeritus professor of public and private management at the Stanford Graduate School of Business.
The strong entrepreneurial community at Stanford over the years played an important role in the study’s findings and attracted many future business founders to the school’s doors. In the past decade, 55 percent of those who became entrepreneurs said they chose to study at Stanford specifically because of its entrepreneurial environment, the study found. About 25 percent of technical innovators—people who created new products, production processes, or business models—said they took an entrepreneurship class at Stanford. In addition, 60 percent of “quick founders,” or those who received venture capital funding within three years, took a class in entrepreneurship.
The university first began offering classes in small business and entrepreneurship after World War II, and many professors informally mentored students interested in starting their own companies. Today, the university’s approach has become more sophisticated, with the business school playing an important role in that effort.
SOURCE: BusinessWeek.com, gcase.org