MIT Future Founders Initiative

In a fitting sequel to its entrepreneurship “boot camp” educational lecture series last fall, the MIT Future Founders Initiative has announced the MIT Future Founders Prize Competition, supported by Northpond Ventures, and named the MIT faculty cohort that will participate in this year’s competition. The Future Founders Initiative was established in 2020 to promote female entrepreneurship in biotech.

Despite increasing representation at MIT, female science and engineering faculty found biotech startups at a disproportionately low rate compared with their male colleagues, according to research led by the initiative’s founders, MIT Professor Sangeeta Bhatia, MIT Professor and President Emerita Susan Hockfield, and MIT Amgen Professor of Biology Emerita Nancy Hopkins. In addition to highlighting systemic gender imbalances in the biotech pipeline, the initiative’s founders emphasize that the dearth of female biotech entrepreneurs represents lost opportunities for society as a whole — a bottleneck in the proliferation of publicly accessible medical and technological innovation.

Inspired by generous funding from Northpond Labs, the research and development-focused affiliate of Northpond Ventures, and by the success of other MIT prize incentive competitions such as the Climate Tech and Energy Prize, the Future Founders Initiative Prize Competition will be structured as a learning cohort in which participants will be supported in commercializing their existing inventions with instruction in market assessments, fundraising, and business capitalization, as well as other programming. The program, which is being run as a partnership between the MIT School of Engineering and the Martin Trust Center for MIT Entrepreneurship, provides hands-on opportunities to learn from industry leaders about their experiences, ranging from licensing technology to creating early startup companies.

The first phase of the initiative kicked off with Future Founders Boot Camp, led by Bhatia and Harvey Lodish, professor of biology and biomedical engineering; it is a remote bimonthly series of talks from successful academics who have started companies to translate technologies from their laboratories into therapeutics, medical devices, and diagnostics for unmet medical needs.

In the second phase, the Future Founders organizers plan to cultivate a cohort of potential founders recruited from the Boot Camp series. This will involve facilitating networking and community building among the cohort and also offering a “Startup 101” workshop series.