But why would a group from Wales and a range of other countries want to work with academics to develop a more enterprising approach to economic development?
Part of the answer lies in a report that examines the economic impact of MIT’s alumni.
It shows that the university’s graduates launched 30,200 active companies, employing roughly 4.6 million people and currently generating annual revenues of around £1.3 trillion. In fact, if MIT was a country, it would be the ninth most successful in the world between Russia and India.
But the report also shows that this trend is accelerating with more and more graduates from MIT (and who could probably secure a job in any organisation in the World) taking the leap to start their own company. For example, whilst around 12,000 companies had been launched in the last decade, 9,000 have been created since 2010 and within five years, there could be 18 companies formed per 100 alumni.
But what is interesting is the type of entrepreneurship that is happening and how it contributes to a vibrant ecosystem that encourages greater enterprise.
Whilst 25% have engaged in some sort of new company formation, more than 40% can be labelled as “serial entrepreneurs” i.e. founding two or more companies.
These are important in that such individuals create and grow their businesses and then use that experience gained to develop other new ideas and ventures.
They also, in many cases, mentor others to do the same and therefore bring their experience to bear on new firms as well provide seed funding for businesses. Indeed, 16 per cent of alumni have invested in new companies that they did not found whilst a similar proportion have participated in crowdfunding to support the invention of a new product or service.
And it would seem that most are remaining owners of their firms with only 2% of MIT alumni companies in this survey experiencing an IPO while 8% were bought out through an acquisition.
Given this, it is not surprising that the start-ups emerging from MIT are sustainable in the long term with 70% surviving 10 years, double that of the average American business.
MIT also notes that over the last decade, more and more students are enrolling, from all academic disciplines, in its entrepreneurship classes and taking part in business class competitions.
Indeed, as the report notes, the great recession of 2008-9 has led to many young people questioning traditional employment and occupations and with more becoming more interested in working for themselves and the enjoying the flexible lifestyle it promises, entrepreneurship has become a potentially more appealing career choice
So what lessons are there for Wales, and Welsh universities, from this experience?
Certainly, the formation of the MIT Entrepreneurship Center in 1990 helped to create an overall strategic approach which increased educational opportunities for students and established a cadre of academic and practitioner faculty to drive this mission forward.
As a result, more students and staff have become interested in participating in entrepreneurship and innovation with, as this report has demonstrated, real impact on the economy,
Wouldn’t it great if every university in Wales was to do the same?
Indeed, creating an environment in which talented young people can develop their ideas should be a major strategic imperative and it is time that Welsh higher education ensures that there is a strategic institutional focus which, as we have seen at MIT, encourages and stimulates entrepreneurship with real outcomes in wealth creation, innovation and employment.