They have to have a long term vision of what they want to create and their impact in the world. What most people stumble on is that they don’t have a team - they don’t have to have a complete team, but they have to have that foundation and the science behind it.” Rae said of the process, “You need to have a founding team that’s complete enough that they can make significant progress. The next step for The Engine will be to choose a group of startups to fund. Boyce mentioned that other schools already have similar programs, such as Harvard’s innovation lab, which brings together students from across departments to collaborate in an entrepreneurship-oriented workspace. Rae said that she hopes to see 10 organizations like The Engine across the world in 10 years. People may become impatient to see results, but the MIT community is invested in changing this for good.” This will require time and stability and patience. “There’s a reason why this is not happening. “This kind of company, what we’re trying to do, is very hard,” Rae said. The Engine is designed to fit inside a niche between private investment firms, which typically follow short life-cycles, and government-sponsorship, which will often fund exceedingly long-term projects. “There is a ton of very good university technology that just needs time, and our funds, with 10-year lives, aren’t set up for very long development cycles,” Reiss said in an email to The Tech. Stan Reiss of Matrix Partners conveyed a similar sentiment. He said that The Engine will provide access to workspaces and hardware typically out of reach of entrepreneurs. “We see an increasing number of companies at the intersection of technology and science,” Boyce said in a call with The Tech. Peter Boyce II, the co-founder of General Catalyst's student-focused program Rough Draft Ventures, said that he is enthusiastic about the opportunities The Engine will open up for students in the Boston area. “We have had a lot of enthusiasm since the launch in October,” Ruiz said. Rae said that over 100 venture capital firms have written to her since the announcement, expressing their excitement about The Engine’s upcoming inaugural investments. The Engine is already well known within the Boston innovation and investment community. “The more impactful they are, the more fun it is to work for them.” “My absolute favorite thing is working with funding teams,” Rae said in a call with The Tech. She has also worked with Harvard Business School and MIT’s Sloan School of Management, and spoke at StartMIT’s Innovation Night Jan. Before that, she was the senior director of products for Microsoft Startup Labs in Kendall Square. Since 2010 Rae has worked with innovation-centered firms including Techstars Boston, Startup Institute, and Project 11 Ventures. The team sought a candidate with experience in growing technology startups and early-stage investment, and with connections in the Boston ecosystem. The board of directors engaged with recruiting firm Heidrick & Struggles during the search for a president, Ruiz said in a call with The Tech. The Engine also named members to its Board of Directors and Investment Advisory Committee, including Israel Ruiz SM ’01, MIT executive vice president and treasurer, Anantha Chandrakasan, head of the Department of Electrical Engineering and Computer Science and Robert Kraft, a New England business magnate known as the owner of the New England Patriots. The Engine has been in the process of choosing its leadership since before it was first announced last October. MIT’s startup accelerator and venture capitalist fund The Engine selected experienced Boston entrepreneur and investor Katie Rae as its president and CEO Tuesday, according to an MIT News release. You HAVE to fill out this form in order to participate.News The Engine announces new president, seeks startups to fund By Patrick Wahl Feb.Register here on Devpost AND fill out this AirTable form here.Early registrants and referrers will also receive access to free events leading up to the hackathon in August! Registrants are eligible for more than one prize, and are only eligible for prizes if they attend the hackathon. Sign up now to enter raffles for special prizes, only available to early registrants and referrers (more information on website). Join us for over 24 hours of innovation, sprints, and fun! Open to all current students based in New York City this summer. RDV Hacks is a completely free, in-person hackathon in NYC from August 6th to August 7th.īy teaming up with other student hackers and the founders participating in RDV University, you'll get to build products, ideas, and tech alongside other aspiring coders, builders, and entrepreneurs.
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