The Economic Value of (Computing) Education: For The Entrepreneur and Inventor, too #CSEdWeek
The linked article below provides results I’ve seen before — that the average income of college-educated is much higher than the non-college-educated. I had not yet seen the below claim: Most inventors and entrepreneurs, the individuals who impact economic growth, are also predominantly college educated. The model of the college-dropout entrepreneur is the exception, not the rule. This is important for computing, too, where our model of the dropout CEO of the startup is legendary — but really rare. If you want to create a computing company, you’re best off getting computing education.
Those who most directly impact economic growth—inventors and entrepreneurs—also tend to be highly educated. A Georgia Tech survey of patent inventors found that 92 percent had a bachelor’s degree, almost exclusively in STEM (Science, Technology, Engineering, and Mathematics) subjects. Likewise, almost all of the founders (92 percent) of the high-tech companies that have powered GDP in recent decades are college educated, especially in STEM fields. Thus, it is no surprise that macroeconomic research finds very large gains from education on economic growth at both the international and regional levels, as the research of Harvard’s Ed Glaeser and many others has shown.