An emphasis on entrepreneurship and research, coupled with the startup culture of the state, provides students with the ability to make their mark.
A Hotbed for Entrepreneurship
Massachusetts is a hotbed of entrepreneurial activity, from high-growth tech and life sciences to small businesses and student-run enterprises. In 2018, the Milken Institute rated Massachusetts number one in its State Technology and Science Index. The rating is based on a state’s science and technology capabilities and innovation commercialization that contribute to high-skills job creation and broad economic growth.
Massachusetts is home to nearly 150 of the 5,000 fastest-growing private companies in the country. On Inc. magazine’s annual Inc. 5000 list of 2018 are 25 Massachusetts startup companies, including Promoboxx, Skyword, Forward Financing, Allego, Invoice Cloud and Tripleseat.
Massachusetts also ranked second in U.S. News & World Report’s 10 Best States for Business, with a score of 3.1% for venture capital funding and a patent creation rate of 1,005.02 per million people.
UMass supports innovation and entrepreneurship through a research-focused curriculum, commercialization of inventions, and Core Research Facilities located throughout the state.
From high-quality research projects being conducted every day on each campus, to the efficient process that allows those discoveries to be shared with the world through commercialization, UMass continues to fuel an innovation economy in Massachusetts.
The university’s Office of Technology Commercialization and Ventures (OTCV) is largely responsible for managing this commercialization of UMass research. Making its discoveries public helps maintain Massachusetts’ position as a leading developer of cutting-edge technologies. To help share UMass research with the world, OTCV forms new companies, creates licensing agreements with existing companies and makes strategic investments in technologies and companies.
In 2018, UMass ranked 37th globally in the Top 100 Worldwide Universities Granted U.S Patents. Faculty and researchers at UMass were awarded 58 patents, placing third in New England.