URC report highlights need for talent retention

Talent retention is one of Michigan's traditional economic development goals. A new report from the University Research Corridor drives home the importance of that goal. The recently released report shows that 19 percent of graduates from Michigan's three research universities (University of Michigan, Michigan State University and Wayne State University) go onto start a business. "It was a larger number than we thought," says Jeff Mason, executive director of the University Research Corridor, a non-profit advocate for Michigan's three research universities. "We were hopeful it would be 10 percent. Nearly 20 percent is pretty significant." The rate of those graduates from the mid '90s to today that pursue entrepreneurship is about twice the national average of college graduates. More than half of those businesses are in fields different than the graduates' degree. The good news is that nearly half of those companies are based in Michigan. Also, the success rate of those business hovers around 70 percent, which is significantly higher than the national average of 45 percent. "It shows the education they are receiving at these institutions is broad," Mason says. "It helps them start companies and do amazing things." Source: Jeff Mason, executive director of the University Research Corridor Writer: Jon Zemke Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.