What MIT can teach colleges about becoming an economic powerhouse — Thomas Allen and Rory O’Shea

MIT Sloan Professor Thomas Allen

MIT Sloan Professor Thomas Allen

MIT Sloan Visiting Asst. Professor Rory O'Shea

MIT Sloan Visiting Asst. Professor Rory O’Shea

From Bloomberg Businessweek

In 2011, two business school professors put numbers to an idea that many assumed true: that a vibrant research university can drive an economy. They studied companies started by alumni of the Massachusetts Institute of Technology and found that those businesses had provided 1.7 million jobs and generated $1 trillion in revenue annually.

As more countries try to compete in the global economy, the pressure is on policy makers and university leaders to imitate the way MIT spurs innovation and economic growth. Unfortunately, many universities struggle to match the speed and success of MIT’s model.

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The roadblock to commercialisation — Thomas Allen and Rory O’Shea

MIT Sloan Professor Thomas Allen

MIT Sloan Visiting Asst. Professor Rory O'Shea

MIT Sloan Visiting Asst. Professor Rory O’Shea

From Financial Times

Knowledge and innovation generated at universities can lead to the creation of high-impact spin-off businesses. Whether it is through the licensing of intellectual property, partnerships or other informal arrangements, the tech transfer process can play a critical role in shaping new industries and regional economic development.

Research by Eesley and Miller and Eesley and Roberts has demonstrated the role Stanford University has played in shaping the development of Silicon Valley and MIT’s contribution to building a world-class innovation hub in the Kendall Square district of Cambridge, Massachusetts.

While those are examples of successful academic-industry-government ecosystems, the technology transfer system at many universities in the US and Europe is in need of a major overhaul. Its focus is historically rooted in revenue generation rather than in helping innovation. Technology transfer offices in many universities can act as bottlenecks rather than partners in knowledge transfer for economic and societal good.

Read the full post at The Financial Times.

Thomas J. Allen is the Howard W. Johnson Professor of Management, Emeritus and Professor of Organizations Studies at the MIT Sloan School of Management.

Dr Rory O’Shea is a Visiting Assistant Professor in Innovation and Entrepreneurship at the MIT Sloan School of Management. He also serves as a faculty member at the Smurfit Graduate School of Business, UCD.