Funding

Bloomberg reporter Janet Wu speaks with Katie Rae, CEO of The Engine. Rae explains that The Engine backs “those types of founders that are on a mission to do something that will be truly impactful in a positive way to the planet."

A new study by Prof. David Autor examining the effectiveness of the Paycheck Protection Program found that the program ended up subsidizing business owners and shareholders more than workers, reports Stacy Cowley for The New York Times.  “Jobs and businesses are two separate things,” says Autor. “We tried to figure out, ‘Where did the money go?’ — and it turns out it didn’t primarily go to workers who would have lost jobs. It went to business owners and their shareholders and their creditors.”

The Economist spotlights a study by MIT researchers that found that less than a third of Paycheck Protection Program (PPP) funding went to workers who would otherwise have been laid off. “Almost $366bn – 72% of funding in 2020 – went to households making more than 144,000 per year,” writes The Economist.

Boston Globe reporter Pranshu Verma highlights how The Engine has expanded into an 42,000 square-foot space in the Somernova Innovation Hub, located near Union Square in Somerville. “We knew it would be a great fit for The Engine’s expansion,” said Katie Rae, CEO and managing partner for The Engine. “It offers us the ability to solve the infrastructure challenge for our network and also brings us even closer to Greentown Labs so we can continue our close partnership on our shared mission of climate tech support.”

Biobot Analytics, a startup founded by Mariana Matus ‘18 and Newsha Ghaeli ‘17, has raised $20 million in funding for its work with wastewater epidemiology, reports Carey Goldberg and Janet Wu for Bloomberg News. “This past year, wastewater epidemiology changed from being an obscure niche area of science to becoming a central pillar of the response to the Covid-19 pandemic,” says Matus. “And now, in the later stages of the pandemic, it’s becoming a central pillar of preparing for the next pandemic.” 

Writing for Issues in Science and Technology, President L. Rafael Reif examines Vannevar Bush’s groundbreaking 1945 Science, the Endless Frontier report and considers how our needs today have changed. “To meet this moment, we need to ensure that our federally sponsored research addresses questions that will enhance our competitiveness now and in the future,” writes Reif. “Our current system has many strengths…but we must not allow these historical advantages to blind us to gaps that could become fatal weaknesses.”

Institute Professor Suzanne Berger speaks with Boston Globe reporter Jonathan Schlefer about how to ensure the new Senate bill that invests in research and development helps strength small and medium-sized companies. “The focus can’t just be on large firms at the top of the manufacturing chain because their ability to produce a range of advanced goods depends on their base of suppliers,” says Berger. “And today those suppliers lack the technology and skills to make the parts that would allow the top of the chain to take off.”

President L. Rafael Reif speaks with Sabri Ben-Achour of Marketplace about the importance of the Senate passing a new bill that invests in research and development. “We are in a science and technology race for the future,” says Reif. “It is with science and technology that we address things like Covid and the biggest challenges the world has; the health of our economy, our security. That is key to all of the above.”

Prof. Jonathan Gruber speaks with New York Times reporter David Leonhardt about the importance of the U.S. Senate passing a new bill that will increase funding for research and development, and establish a program aimed at making American innovation more geographically diverse. “We are too big a nation to have all of our innovation concentrated on the coasts,” Gruber said.

Times Higher Education reporter Simon Baker writes that Media Lab researchers have developed a new machine learning model that can predict research studies that will have the highest impact. The tool has the potential to “aid funders and research evaluators in making better decisions and avoiding the kind of biases and gaming that occurred with simpler metric assessments.”

Writing for Inside Higher Ed, graduate student Austin DeMarco, federal affairs chair of the MIT Graduate Student Council, advocates for increased federal investment in scientific research. “Sustained, ambitious investment in innovation and research, beginning with the Endless Frontier Act, will rebuild America’s technological ecosystem, strengthen and diversify our scientific workforce, and regain our world leadership in science and technology,” DeMarco writes.

Boston Globe reporter Andy Rosen writes that the Broad Institute of MIT and Harvard has launched “a new, $300 million initiative that applies advanced computer science to some of the hardest problems in medicine — an endeavor it said could uncover new ways to fight cancer, infectious disease, and other illnesses.”

Katie Rae, CEO and managing partner of The Engine, speaks with Forbes reporter David Jeans about the second round of funding raised by The Engine and how the venture is looking to help support tough tech ideas. “These are things with often longer [investment] timeframes,” Rae says. “They’ve almost always been backed by government-led research, and now they are ready to translate into companies.”

TechCrunch reporter Danny Crichton writes that The Engine has announced a second round of funding aimed at supporting tough tech startups. Crichton notes that, “with this latest news from The Engine, it seems clear that Boston’s tough tech ecosystem will continue to have a pipeline of interesting and compelling companies.”

Researchers from the Singapore-MIT Alliance for Research and Technology (SMART) Critical Analytics for Manufacturing Personalized Medicine (CAMP) research group have been awarded new research grants aimed at supporting work exploring personalized medicine and cell therapy, reports Health Europa. “In addition to our existing research on our three flagship projects, we hope to develop breakthroughs in manufacturing other cell therapy platforms that will enable better medical treatments and outcomes for society,” says Associate Provost Krystyn Van Vliet.