MIT recently launched a startup accelerator “The Engine”, it’s a kind of enterprise designed to assist startups working on innovations with a potential impact on human society. The project aims to take scientific advancements out of research labs and introduce them into people’s lives.
What kind of Startups the accelerator supports
Considerable research is in progress to develop innovative consumer products ranging from cancer detecting devices to transparent solar films that could generate power from sunlight. This accelerator is aimed at supporting startups focused on bringing innovation in robotics, biotech, manufacturing, healthcare, clean energy and nanotechnology. These kinds of startups face too many hurdles reaching to market as they require more funding than what is being provided to traditional startups and venture programs.
Range of facilities “The Engine” provides:
This project will provide enormous opportunities for innovative social startups to work at their best. It will provide startups with money, resources, and proper access to industry experts to help develop their products. It will also be responsible for proving suitable workplace and equipments needed to improve their products. It will have an online marketplace where innovators and entrepreneurs can connect with one another to share ideas and resources.
About the accelerator:
“The Engine” will be headquartered in Cambridge, US. MIT helped raise an initial fund of USD 150 million, with USD 25 million contributed by MIT’s fund. The program will not be exclusive to MIT related startups. It’s open to all regional ventures, according to MIT’s executive vice president and treasurer Israel Ruiz. “It’s open to the regional strengths around technology and science innovation,” he said. “We want to make sure we work with as many partners as possible.”
The Engine is expected to begin operations in early 2017.