Research & Relevance, Episode 3: The Economic Impact of Entrepreneurial Alumni - A Case Study of the University of Virginia
How can universities be a significant engine for economic growth in their local communities and beyond? In The Economic Impact of Entrepreneurial Alumni: A Case Study of the University of Virginia, researchers Michael Lenox, Andrew King and Asif Mehedi from Darden, along with Batten Fellow Charles Eesley from Stanford, look at the pathways by which universities help generate economic growth and create jobs. They examine–based on a survey undertaken in 2013–the entrepreneurial efforts of U.Va. alumni who have founded new ventures, been one of the first five employees, served on the governing or advisory board, or provided capital to the venture. Carefully extrapolated, the responses to the survey suggest that entrepreneurially active alumni have created approximately 65,000 companies, 2.3 million jobs, and estimated annual global revenues of $1.6 trillion. The researchers discuss the methodology, data visualization, and ramifications of their work. Hosted by Erika Herz of Darden’s Batten Institute for Entrepreneurship and Innovation. For an overview, read the Darden News.