The Carlson School of Management has more than 4,400 students, (1,700 undergraduates, 2,600 graduate students, 110 doctoral students), nine degree programs, 130 faculty, 300 staff, and 46,000 alumni from around the world.
Carlson School survey highlights economic impact of alumni
January 17, 2006
The Carlson School of Management last week released survey results demonstrating the school's economic impact on the state.
Of those surveyed, Carlson School alumni have founded more than 1,800 Minnesota-based businesses that employ more than 110,000 people and generate annual revenues of $21.2 billion. Those annual revenues are equivalent to the state's entire manufacturing industry, and the employee base is about the same as of the combined legal, accounting, architectural, and technology industries in Minnesota.
"The University of Minnesota has long been regarded as an economic engine for the state," said Jim Campbell, interim dean. "Carlson School graduates are fueling that engine with incredible horsepower."
Campbell pointed to the Carlson School survey and one released last April by the University of Minnesota's Institute of Technology as evidence of the University's impressive return on investment for Minnesotans. The Institute of Technology alumni survey showed approximately 2,600 alumni-founded active companies in Minnesota, employing more than 175,000 people and generating approximately $46 billion in annual revenue.
Information on companies founded by all University of Minnesota alumni--along with much other information--will be gathered from a major survey that is being mailed this week. This survey will also ask University alumni about other career accomplishments, their involvement in their communities, and their satisfaction with the University of Minnesota today and as students. The information will give the University a better picture of the social and economic impact made by all of its alumni.
Other key statistics from the Carlson School survey include:
- 1,950 Carlson School alumni who founded companies were identified through the survey
- 3,257 companies founded by Carlson School alumni around the world
- 205,191 total worldwide jobs created by Carlson School alumni founded businesses
- $58.3 billion annual revenue generated by all Carlson School founded businesses
- Average number of companies founded was 1.67 per alumni
- Average number of employees was 74 per company
- Average annual revenue was $17.9 million per company
- 55 percent of company founders were Carlson undergraduate alumni and 39 percent had a Carlson graduate degree. Nine percent had both.
- Of the companies active today, 42 percent have been in business for more than 10 years, 16 percent for 6 to 9 years, 34 percent for 1 to 5 years, and 9 percent for less than 1 year.
To hear more about the Carlson School survey on the University of Minnesota Moment, visit Survey. The University of Minnesota Moment is a daily radio vignette featuring University experts commenting on topics in the news.Campbell used the results to highlight the school's importance and impact on the state's economy and the need for continued state support. At the 2006 legislative session, lawmakers will consider crucial bonding projects, including the Carlson School's request to expand its highly ranked undergraduate program and serve 50 percent more students by 2008.
Currently the Carlson School serves only 12 percent of applicants. Seventy-seven percent of applicants are Minnesotan. And 42 percent of those not admitted leave the state. To meet the demands of students and the business community, the Carlson School is advancing a $26.6 million bonding request from the state for expansion of undergraduate facilities.
"We are able to attract and retain students who produce this kind of statewide impact not just because we are one of the top-ranked business schools in the country, but because we are also committed to providing an affordable and accessible education," Campbell said. "Affordability and accessibility are two missions made possible by state support."
The Carlson School survey, conducted in August and September 2005, received 9,105 responses, or 25 percent of the Carlson School's 37,000 reachable alumni.