Dive Brief:
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The Massachusetts Institute of Technology recently launched The Engine, a technology incubator for startups that have the potential to create meaningful social impact.
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The engine will offer direct capital investments, workspace and access to business, legal, and administrative services designed to ease the commercialization of lab innovations in order to introduce a greater number of technologies to the marketplace.
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MIT is raising a $150 million fund to support the first cohort of 60 local technology startups in the biotech, robotics, manufacturing and energy sectors. Program participants can remain within the incubator for up to 12 months.
Dive Insight:
With the launch of The Engine, MIT joins other major technology players investing in entrepreneurial incubators and accelerators across the Northeast. Autodesk opened its BUILD Space on Oct. 5, 2016, in Boston. The 70,000-square-foot facility includes a 34,000-square-foot fabrication lab, an AEC tech startup incubator and the company's flagship East Coast office. Meanwhile, the 84,000-square-foot New Lab, a public-private partnership in Brooklyn, NY's Navy Yard, opened its doors in September, offering a fabrication facilities to 50 small and midsize growth-stage companies.
Although The Engine is not construction-specific, MIT has proven to be interested in technology innovations for the sector. It recently launched a real estate innovations lab to explore 3-D printing and modular construction. The institution is also investigating sensor technology to detect structural damage from lateral load shift during seismic events and high winds.
The Engine is focused on assisting entrepreneurs during early proof-of-product stages through advanced prototyping and commercial production. Embracing a shared-economy ethos, the accelerator lets program participants use or rent specialized equipment and resources in an online marketplace based on MIT’s Mobius app, which allows students to gain quick access to labs, materials and other Institute resources.
