Type II: MIT Innovation Corps Site

Massachusetts Institute Of Technology, Cambridge MA

Investigators

Abstract

This project, from the Massachusetts Institute of Technology (MIT) extends their NSF I-Corps Site for an additional three years. NSF Innovation Corps (I-Corps) Sites are NSF-funded entities established at universities whose purpose is to nurture and support multiple, local teams to transition their technology concepts into the marketplace. Sites provide infrastructure, advice, resources, networking opportunities, training and modest funding to enable groups to transition their work into the marketplace or into becoming I-Corps Team applicants. I-Corps Sites also strengthen innovation locally and regionally and contribute to the National Innovation Network of mentors, researchers, entrepreneurs and investors. This I-Corps Type II proposal is to continue the existing NSF I-Corps Site program at MIT. There are two types of I-Corps Site proposals. Type I proposals are submitted by institutions that have not had prior funding as an I-Corps Site. These proposals may request $100,000 per year for up to five years. Type II proposals are submitted by institutions that have had prior funding as an I-Corps Site. These proposals may request up to $100,000 per year for up to three years. This Site will continue to support MIT researchers that are working on new, innovative and differentiating technologies. To date, over seventy teams have participated in the MIT I-Corps Site training programs and the total will be well over 100 by the end of the initial award. Ten teams have completed the NSF National Team Program and two more have been accepted. Collectively, the graduates have received over $8 million in additional grants or awards to continue developing their technologies. Six companies have submitted SBIR or STTR proposals and four have been awarded so far. Two companies were accepted into accelerator programs. The startups have raised over $6.5 million in early stage investment and at least twenty-five new jobs have been created. Three of the companies have successfully reached commercialization of their publicly funded new technologies. Additional outcomes show that participants learn new skills both professionally as well as in entrepreneurship. The training contributes to their current research and has affected how they will conduct their future research by including commercialization potential as part of their planning. Site participants benefit from a Team Mentoring approach through a partnership with the MIT Venture Mentoring Service that continues beyond their I-Corps training. The mentor team framework increases rates of learning and provides continuity in nurturing the teams as they advance their ideas. MIT's activities are likely to have broad impact including: encouraging entrepreneurial aspirations and providing researchers with training and activities to understand the entrepreneurial process allowing them to greatly increase their future prospects while still within the academic environment; attracting and supporting a greater number of students, faculty and other researchers to actively explore the possibilities of translating their research into future commercial applications, ensuring the supply needed to fuel the continuous flow of innovations needed by society; and, encouraging more women and other underrepresented participants to become engaged and reach successful outcomes, serving as visible role models to accelerate the participation of others. Finally, through its existing and active Outreach Program, MIT VMS will disseminate both the knowledge and practical techniques to its large and growing network of universities that have launched mentoring programs based upon the VMS model.