In an age when many believe businesses are corrupt and capital is detrimental to society, a new report by the MIT Sloan School of Management shows how well-operated, innovative companies can bring incredible benefits to people.
As of 2014, MIT alumni have "launched 30,200 active companies, employing roughly 4.6 million people, and generating roughly $1.9 trillion in annual revenues." MIT alumni, if they were a nation, would be the ninth largest economy in the world. Employing 4.6 million people means incalculable benefits to families and communities.
Moreover, the report indicates that MIT innovators have been able to start businesses that endure long-term. The report states that "80 percent of alumni-founded companies have survived five or more years, while 70 percent have survived 10 years. (Across the U.S., roughly 50 percent of all new companies last five years, while only 35 percent last 10 years.)"
What this means is that MIT entrepreneurs are innovating products and services that meet real human needs and they are competently running their companies.
MIT has developed a meaningful ethos, as captured in a statement by the university's president, L. Rafael Reif. “Our community’s passion for doing, making, designing and building is alive and growing. As we do our part by continuing to foster our students’ natural creativity and energy, it is inspiring to see the potential our alumni hold to extend MIT’s power to do good for the world.”
This is what we at GCN call "human flourishing." It is an expression of the scriptural mandate to love our neighbor through our work and businesses.
You can read the full MIT report here.