Grogan said the report would lead administrators to ask questions about how they can further contribute economically to their community.
For example, Grogan said the University should think about increasing its purchasing within the community.
In addition, he said "there needs to be an organized effort to persuade, convince and attract a larger portion of the entrepreneurs [coming out of universities in the area] to stay here."
Knowledge and Research
"There's a tremendous pipeline of entrepreneurial talent coming out of Harvard, MIT" and other schools, Grogan said.
Research conducted in the Mallinckrodt laboratories or at the Harvard Medical School has similar economic effects. According to the study, the University spent over $374 million on research during the 1997-1998 year.
It "enriches the education of Harvard students, and thus enhances the University's contribution to the region's human capital" the report says. This may lead to economic growth in and out of the area, making Harvard an "export industry" in itself.
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