Jun 13, 2011 Impact Vol 5 No 1 2011 Entrepreneurship
Legacy Of Entrepreneurship
“Our agriculture and life sciences alumni have begun an entrepreneurial tradition at Iowa State University. Twenty percent of our alumni have started for-profit businesses. Part of our challenge and opportunity is instilling that tradition in students by connecting them with alumni and one other.”
—Kevin Kimle, Director, Agricultural Entrepreneurship Initiative A recent survey of Iowa State University alumni who graduated between 1986-2006 proves the tradition exists.
- 16 percent of ISU grads started at least one business
- Most common: Firms serving agricultural markets followed by retail and information technology.
- Undergraduates from the College of Agriculture and Life Sciences and the College of Design had the highest entrepreneurship rates
- The entrepreneurship rate among Iowa State University graduates is more than double the rate of the general population
- On average, alumni founded their first business 10 years after graduating
- Nearly 79 percent of all businesses were still in operation (this is a much higher survival rate than the national average of 31 percent)
- On average, entrepreneurs and former entrepreneurs earn more than their non-entrepreneur counterparts
- Nearly 20,000 businesses were created (223,000 jobs).About 72 percent established in Iowa or Midwest.
- These companies had 2007 revenues of $64 billion