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Business

MIT’s The Engine is new incubator

by Alex Scott
November 7, 2016 | APPEARED IN VOLUME 94, ISSUE 44

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Credit: Andy Ryan/MIT
MIT President L. Rafael Reif announces The Engine in Cambridge, Mass.
Credit: Andy Ryan/MIT
MIT President L. Rafael Reif announces The Engine in Cambridge, Mass.

MIT has introduced The Engine, an incubator for science and technology start-ups that aim to solve global challenges. MIT says it is raising $150 million from investors, with $25 million coming from MIT, to fund an initial batch of 60 start-ups. Those accepted will participate in the incubator for up to 12 months, receiving financial investments, guidance, access to specialized equipment, and shared services. The Engine says it will provide developers of breakthrough innovations with the capital and support they need to move from the lab to the next development phase.

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