Brainpower Triangle

Brainpower Triangle describes the area of land between Harvard University, Tufts University, and Massachusetts Institute of Technology. This geographical triangle, located between the cities of Somerville and Cambridge, Massachusetts describes an area comprised of some of the most intelligent and talented young individuals in the world today. These three institutions foster economic growth in the region through the business and employment that they generate.

Economic Impact

These top three institutions, in addition to other area colleges and universities in the Greater Boston area, have an immense impact on the local economies. In 2000, these schools spent more than $1.5 billion on research, and approximately $1.3 billion on goods & services. In addition, half of the early-age start-up companies in the Boston area that attracted the most outside investment in 2001-02 had connections to one of these institutions.

If the 1.1 million employees comprised by the over 5,000 companies founded by MIT graduates and faculty formed an independent nation, the revenues produced by the companies would make that nation the 24th largest economy in the world with a gross domestic product of $116 billion, which is a little less than the GDP of South Africa and more than the GDP of Thailand. In 2002 MIT spent $42 million dollars on goods and services in Cambridge. Many of these start ups have licensed technology from MIT.

Harvard research helps the economy in three distinct and important ways. First, it brings in hundreds of millions of dollars in federal, corporate, and other funding into Boston each year. Secondly, it expands the base of new knowledge for tomorrow’s new products, companies & industries. Lastly, it attracts corporate investments.

The concentration of major research centers in the Boston area - unmatched in any other U.S. region - is a magnet for investment by major U.S. and foreign corporations in new research facilities. Companies that have recently located or are now developing major research operations in the Boston area include Amgen, Merck & Co., Novartis, Pfizer, Cisco, and Sun Microsystems.

Entrepreneurial Development

There is a high focus on entrepreneurial innovation and development at each institution. These schools invest heavily in both research and development in order to promote creativity in new ventures. For example, in 2007 MIT alone invested almost $600 million in on-campus research. In the 2006 academic year, MIT faculty and researchers disclosed 487 inventions, filed 314 patent applications, received 149 patents, and earned $129.2 million in royalties and other income. Through these investments, the universities generate many successful spin-off companies.

In addition to their investments in R&D, the three universities promote entrepreneurial thinking through clubs, programs, and competitions that foster innovation and teach students the foundation of starting a new business. At Harvard, there is an annual Business Plan competition, an Entrepreneurship Club, and the Harvard Entrepreneurial Learning Program (HELP). Tufts also offers an annual Business Plan competition, as well as an Entrepreneurship Program. Finally, MIT has an annual as well as , the MIT Entrepreneurship Center, and the MIT Entrepreneurship Club.

These entrepreneurial programs have resulted in hundreds of successful enterprises created by students and alumni, many of which are located in the Greater Boston area. Startups formed through Harvard’s Business Plan competition include:

*3plex.com
*Bang Networks
*Bluesolid
*Modulo
*Potentia Pharmaceuticals
*Ventro Corporation

MIT’s Entrepreneurship Competition has facilitated the creation of over 85 companies together raising over $10 billion in market capital. These companies alone have provided over 2,500 jobs for the local community. Recent enterprises have include:

*Actuality Systems
*Akamai
*Direct Hit (acquired by Ask Jeeves)
*Seabridge Internet Solutions
*SensAble Technologies
*Silicon Spice (acquired by BroadCom)
*Stylus Innovation
*Webline Communications (acquired by Cisco)

Bibliography
*Engines of Economic Growth
*Harvard Entrepreneurship Club
*Harvard B-Plan competition
*[http://www.mit100k.org/about/ MIT $100,000 Entrepreneurship Competition]
*MIT Entrepreneurship Center
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*Tufts Social Entrepreneurship Competition
*Entrepreneurial Leadership Program
*MIT Spin-offs

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