1. Innovation = Invention * Commercialization
MIT is a hub of innovation, with about 900 companies launched by students every year. “As of 2006, over 25,000 companies existed that employ over 3 million people with aggregate revenues of approx. $2 trillion. The primary reason for MIT’s success in entrepreneurship is a combination of ‘spirit’ and ‘skills’ – a culture that encourages collaboration and gets students to believe that they can launch a business.” – As explained in the Introduction of ‘Disciplined Entrepreneurship..‘.