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    MIT Faculty Founder Initiative announces three winners of entrepreneurship awards

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    Patients with intractable cancers, chronic pain sufferers, and people who depend on battery-powered medical implants may all benefit from the ideas presented at the 2023-24 MIT-Royalty Pharma Prize Competition’s recent awards. This year’s top prizes went to researchers and biotech entrepreneurs Anne Carpenter, Frederike Petzschner, and Betar Gallant ’08, SM ’10, PhD ’13.MIT Faculty Founder Initiative Executive Director Kit Hickey MBA ’13 describes the time and hard work the three awardees and other finalists devoted to the initiative and its mission of cultivating female faculty in biotech to cross the chasm between laboratory research and its clinical application.“They have taken the first brave step of getting off the bench when they already work seven days a week. They have carved out time from their facilities, from their labs, from their lives in order to put themselves out there and leap into entrepreneurship,” Hickey says. “They’ve done it because they each want to see their innovations out in the world improving patients’ lives.”Carpenter, senior director of the Imaging Platform at the Broad Institute of MIT and Harvard, where she is also an institute scientist, won the competition’s $250,000 2023-24 MIT-Royalty Pharma Faculty Founder Prize Competition Grand Prize. Carpenter specializes in using microscopy imaging of cells and computational methods such as machine learning to accelerate the identification of chemical compounds with therapeutic potential to, for instance, shrink tumors. The identified compounds are then tested in biological assays that model the tumor ecosystem to see how the compounds would perform on actual tumors.Carpenter’s startup, SyzOnc, launched in April, a feat Carpenter associates with the assistance provided by the MIT Faculty Founder Initiative. Participants in the program receive mentorship, stipends, and advice from industry experts, as well as help with incorporating, assembling a management team, fundraising, and intellectual property strategy.“The program offered key insights and input at major decision points that gave us the momentum to open our doors,” Carpenter says, adding that participating “offered validation of our scientific ideas and business plan. That kind of credibility is really helpful to raising funding, particularly for those starting their first company.”Carpenter says she and her team will employ “the best biological and computational advancements to develop new therapies to fight tumors such as sarcoma, pancreatic cancer, and glioblastoma, which currently have dismal survival rates.”The MIT Faculty Founder Initiative was begun in 2020 by the School of Engineering and the Martin Trust Center for MIT Entrepreneurship, based on research findings by Sangeeta Bhatia, the Wilson Professor of Health Sciences and Technology, professor of electrical engineering and computer science, and faculty director of the MIT Faculty Founder Initiative; Susan Hockfield, MIT Corporation life member, MIT president emerita, and professor of neuroscience; and Nancy Hopkins, professor emerita of biology. An investigation they conducted showed that only about 9 percent of MIT’s 250 biotech startups were started by women, whereas women made up 22 percent of the faculty, as was presented in a 2021 MIT Faculty Newsletter.That data showed that “technologies from female labs were not getting out in the world, resulting in lost potential,” Hickey says.“The MIT Faculty Founder Initiative plays a pivotal role in MIT’s entrepreneurship ecosystem. It elevates visionary faculty working on solutions in biotech by providing them with critical mentorship and resources, ensuring these solutions can be rapidly scaled to market,” says Anantha Chandrakasan, MIT’s chief innovation and strategy officer, dean of engineering, and Vannevar Bush Professor of Electrical Engineering and Computer Science.The MIT Faculty Founder Initiative Prize Competition was launched in 2021. At this year’s competition, the judges represented academia, health care, biotech, and financial investment. In addition to awarding a grand prize, the competition also distributed two $100,000 prizes, one to a researcher from Brown University, the first university to collaborate with MIT in the entrepreneurship program.This year’s winner of the $100,000 2023-24 MIT-Royalty Pharma Faculty Founder Prize Competition Runner-Up Prize was Frederike Petzschner, assistant professor at the Carney Institute for Brain Science at Brown, for her SOMA startup’s digital pain management system, which helps sufferers to manage and relieve chronic pain.“We leverage cutting-edge technology to provide precision care, focusing specifically on personalized cognitive interventions tailored to each patient’s unique needs,” she says.With her startup on the verge of incorporating, Petzschner says, “without the Faculty Finder Initiative, our startup would still be pursuing commercialization, but undoubtedly at a much earlier and perhaps less structured stage.”“The constant support from the program organizers and our mentors was truly transformative,” she says.Gallant, associate professor of mechanical engineering at MIT and winner of the $100,000 2023-24 MIT-Royalty Pharma Faculty Founder Prize Competition Breakthrough Prize, is leading the startup Halogen. An expert on advanced battery technologies, Gallant and her team have developed high-density battery storage to improve the lifetime and performance of such medical devices as pacemakers.“If you can extend lifetime, you’re talking about longer times between invasive replacement surgeries, which really affects patient quality of life,” Gallant told MIT News in a 2022 interview.Jim Reddoch, executive vice president and chief scientific officer of sponsor Royalty Pharma, emphasized his company’s support for both the competition and the MIT Faculty Finder Initiative program.“Royalty Pharma is thrilled to support the 2023-2024 MIT-Royalty Pharma Prize Competition and accelerate life sciences innovation at leading research institutions such as MIT and Brown,” Reddoch says. “By supporting the amazing female entrepreneurs in this program, we hope to catalyze more ideas from the lab to biotech companies and eventually into the hands of patients.”Bhatia has referred to the MIT Faculty Founder Initiative as a “playbook” on how to direct female faculty’s high-impact technologies that are not being commercialized into the world of health care.“To me, changing the game means that when you have an invention in your lab, you’re connected enough to the ecosystem to know when it should be a company, and to know who to call and how to get your first investors and how to quickly catalyze your team — and you’re off to the races,” Bhatia says. “Every one one of those inventions can be a medicine as quickly as possible. That’s the future I imagine.”Co-founder Hockfield referred to MIT’s role in promoting entrepreneurship in remarks at the award ceremony, alluding to Brown University’s having joined the effort.“MIT has always been a leader in entrepreneurship,” Hockfield says. “Part of leading is sharing with the world. The collaboration with Brown University for this cohort shows that MIT can share our approach with the world, allowing other universities to follow our model of supporting academic entrepreneurship.”Hickey says that when she and Bhatia asked 30 female faculty members three years ago why they were not commercializing their technologies, many said they had no access to the appropriate networks of mentors, investors, role models, and business partners necessary to begin the journey.“We encourage you to become this network that has been missing,” Hickey told the awards event audience, which included an array of leaders in the biotech world. “Get to know our amazing faculty members and continue to support them. Become a part of this movement.” More

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      in Data Management & Statistics

      Boosting passenger experience and increasing connectivity at the Hong Kong International Airport

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      Recently, a cohort of 36 students from MIT and universities across Hong Kong came together for the MIT Entrepreneurship and Maker Skills Integrator (MEMSI), an intense two-week startup boot camp hosted at the MIT Hong Kong Innovation Node.

      “We’re very excited to be in Hong Kong,” said Professor Charles Sodini, LeBel Professor of Electrical Engineering and faculty director of the Node. “The dream always was to bring MIT and Hong Kong students together.”

      Students collaborated on six teams to meet real-world industry challenges through action learning, defining a problem, designing a solution, and crafting a business plan. The experience culminated in the MEMSI Showcase, where each team presented its process and unique solution to a panel of judges. “The MEMSI program is a great demonstration of important international educational goals for MIT,” says Professor Richard Lester, associate provost for international activities and chair of the Node Steering Committee at MIT. “It creates opportunities for our students to solve problems in a particular and distinctive cultural context, and to learn how innovations can cross international boundaries.” 

      Meeting an urgent challenge in the travel and tourism industry

      The Hong Kong Airport Authority (AAHK) served as the program’s industry partner for the third consecutive year, challenging students to conceive innovative ideas to make passenger travel more personalized from end-to-end while increasing connectivity. As the travel industry resuscitates profitability and welcomes crowds back amidst ongoing delays and labor shortages, the need for a more passenger-centric travel ecosystem is urgent.

      The airport is the third-busiest international passenger airport and the world’s busiest cargo transit. Students experienced an insider’s tour of the Hong Kong International Airport to gain on-the-ground orientation. They observed firsthand the complex logistics, possibilities, and constraints of operating with a team of 78,000 employees who serve 71.5 million passengers with unique needs and itineraries.

      Throughout the program, the cohort was coached and supported by MEMSI alumni, travel industry mentors, and MIT faculty such as Richard de Neufville, professor of engineering systems.

      The mood inside the open-plan MIT Hong Kong Innovation Node was nonstop energetic excitement for the entire program. Each of the six teams was composed of students from MIT and from Hong Kong universities. They learned to work together under time pressure, develop solutions, receive feedback from industry mentors, and iterate around the clock.

      “MEMSI was an enriching and amazing opportunity to learn about entrepreneurship while collaborating with a diverse team to solve a complex problem,” says Maria Li, a junior majoring in computer science, economics, and data science at MIT. “It was incredible to see the ideas we initially came up with as a team turn into a single, thought-out solution by the end.”

      Unsurprisingly given MIT’s focus on piloting the latest technology and the tech-savvy culture of Hong Kong as a global center, many team projects focused on virtual reality, apps, and wearable technology designed to make passengers’ journeys more individualized, efficient, or enjoyable.

      After observing geospatial patterns charting passengers’ movement through an airport, one team realized that many people on long trips aim to meet fitness goals by consciously getting their daily steps power walking the expansive terminals. The team’s prototype, FitAir, is a smart, biometric token integrated virtual coach, which plans walking routes within the airport to promote passenger health and wellness.

      Another team noted a common frustration among frequent travelers who manage multiple mileage rewards program profiles, passwords, and status reports. They proposed AirPoint, a digital wallet that consolidates different rewards programs and presents passengers with all their airport redemption opportunities in one place.

      “Today, there is no loser,” said Vivian Cheung, chief operating officer of AAHK, who served as one of the judges. “Everyone is a winner. I am a winner, too. I have learned a lot from the showcase. Some of the ideas, I believe, can really become a business.”

      Cheung noted that in just 12 days, all teams observed and solved her organization’s pain points and successfully designed solutions to address them.

      More than a competition

      Although many of the models pitched are inventive enough to potentially shape the future of travel, the main focus of MEMSI isn’t to act as yet another startup challenge and incubator.

      “What we’re really focusing on is giving students the ability to learn entrepreneurial thinking,” explains Marina Chan, senior director and head of education at the Node. “It’s the dynamic experience in a highly connected environment that makes being in Hong Kong truly unique. When students can adapt and apply theory to an international context, it builds deeper cultural competency.”

      From an aerial view, the boot camp produced many entrepreneurs in the making and lasting friendships, and respect for other cultural backgrounds and operating environments.

      “I learned the overarching process of how to make a startup pitch, all the way from idea generation, market research, and making business models, to the pitch itself and the presentation,” says Arun Wongprommoon, a senior double majoring in computer science and engineering and linguistics.  “It was all a black box to me before I came into the program.”

      He said he gained tremendous respect for the startup world and the pure hard work and collaboration required to get ahead.

      Spearheaded by the Node, MEMSI is a collaboration among the MIT Innovation Initiative, the Martin Trust Center for Entrepreneurship, the MIT International Science and Technology Initiatives, and Project Manus. Learn more about applying to MEMSI. More

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      in Data Management & Statistics

      Reducing food waste to increase access to affordable foods

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      About a third of the world’s food supply never gets eaten. That means the water, labor, energy, and fertilizer that went into growing, processing, and distributing the food is wasted.

      On the other end of the supply chain are cash-strapped consumers, who have been further distressed in recent years by factors like the Covid-19 pandemic and inflation.

      Spoiler Alert, a company founded by two MIT alumni, is helping companies bridge the gap between food waste and food insecurity with a platform connecting major food and beverage brands with discount grocers, retailers, and nonprofits. The platform helps brands discount or donate excess and short-dated inventory days, weeks, and months before it expires.

      “There is a tremendous amount of underutilized data that exists in the manufacturing and distribution space that results in good food going to waste,” says Ricky Ashenfelter MBA ’15, who co-founded the company with Emily Malina MBA ’15.

      Spoiler Alert helps brands manage distressed inventory data, create offers for potential buyers, and review and accept bids. The platform is designed to work with companies’ existing inventory and fulfillment systems, using automation and pricing intelligence to further streamline sales.

      “At a high level, we’re a waste-prevention software built for sales and supply-chain teams,” Ashenfelter says. “You can think of it as a private [business-to-business] eBay of sorts.”

      Spoiler Alert is working with global companies like Nestle, Kraft Heinz, and Danone, as well as discount grocers like the United Grocery Outlet and Misfits Market. Those brands are already using the platform to reduce food waste and get more food on people’s tables.

      “Project Drawdown [a nonprofit working on climate solutions] has identified food waste as the number one priority to address the global climate crisis, so these types of corporate initiatives can be really powerful from an environmental standpoint,” Ashenfelter says, noting the nonprofit estimates food waste accounts for 8 percent of global greenhouse gas emissions. “Contrast that with growing levels of food insecurity and folks not being able to access affordable nutrition, and you start to see how tackling supply-chain inefficiency can have a dramatic impact from both an environmental and a social lens. That’s what motivates us.”

      Untapped data for change

      Ashenfelter came to MIT’s Sloan School of Management after several years in sustainability software and management consulting within the retail and consumer products industries.

      “I was really attracted to transitioning into something much more entrepreneurial, and to leverage not only Sloan’s focus on entrepreneurship, but also the broader MIT ecosystem’s focus on technology, entrepreneurship, clean tech innovation, and other themes along that front,” he says.

      Ashenfelter met Malina at one of Sloan’s admitted students events in 2013, and the founders soon set out to use data to decrease food waste.

      “For us, the idea was clear: How do we better leverage data to manage excess and short-dated inventory?” Ashenfelter says. “How we go about that has evolved over the last six years, but it’s all rooted in solving an enormous climate problem, solving a major food insecurity problem, and from a capitalistic standpoint, helping businesses cut costs and generate revenue from otherwise wasted products.”

      The founders spent many hours in the Martin Trust Center for MIT Entrepreneurship with support from the Sloan Sustainability Initiative, and used Spoiler Alert as a case study in nearly every class they took, thinking through product development, sales, marketing, pricing, and more through their coursework.

      “We brought our idea into just about every action learning class that we could at Sloan and MIT,” Ashenfelter says.

      They also participated in the MIT $100K Entrepreneurship Competition and received support from the Venture Mentoring Service and the IDEAS Global Challenge program.

      Upon graduation, the founders initially began building a platform to facilitate donations of excess inventory, but soon learned big companies’ processes for discounting that inventory were also highly manual. Today, more than 90 percent of Spoiler Alert’s transaction volume is discounted, with the remainder donated.

      Different teams within an organization can upload excess inventory reports to Spoiler Alert’s system, eliminating the need to manually aggregate datasets and preparing what the industry refers to as “blowout lists” to sell. Spoiler Alert uses machine-learning-based tools to help both parties with pricing and negotiations to close deals more quickly.

      “Companies are taking pretty manual and slow approaches to deciding [what to do with excess inventory],” Ashenfelter says. “And when you have slow decision-making, you’re losing days or even weeks of shelf life on that product. That can be the difference between selling product versus donating, and donating versus dumping.”

      Once a deal has been made, Spoiler Alert automatically generates the forms and workflows needed by fulfillment teams to get the product out the door. The relationships companies build on the platform are also a major driver for cutting down waste.

      “We’re providing suppliers with the ability to control where their discounted and donated product ends up,” Ashenfelter says. “That’s really powerful because it allows these CPG brands to ensure that this product is, in many cases, getting to affordable nutrition outlets in underserved communities.”

      Ashenfelter says the majority of inventory goes to regional and national discount grocers, supplemented with extensive purchasing from local and nonprofit grocery chains.

      “Everything we do is oriented around helping sell as much product as possible to a reputable set of buyers at the most fair, equitable prices possible,” Ashenfelter says.

      Scaling for impact

      The pandemic has disrupted many aspects of the food supply chains. But Ashenfelter says it has also accelerated the adoption of digital solutions that can better manage such volatility.

      When Campbell began using Spoiler Alert’s system in 2019, for instance, it achieved a 36 percent increase in discount sales and a 27 percent increase in donations over the first five months.

      Ashenfelter says the results have proven that companies’ sustainability targets can go hand in hand with initiatives that boost their bottom lines. In fact, because Spoiler Alert focuses so much on the untapped revenue associated with food waste, many customers don’t even realize Spoiler Alert is a sustainability company until after they’ve signed on.

      “What’s neat about this program is that it becomes an incredibly powerful case study internally for how sustainability and operational outcomes aren’t in conflict and can drive both business results as well as overall environmental impact,” Ashenfelter says.

      Going forward, Spoiler Alert will continue building out algorithmic solutions that could further cut down on waste internationally and across a wider array of products.

      “At every step in our process, we’re collecting a tremendous amount of data in terms of what is and isn’t selling, at what price point, to which buyers, out of which geographies, and with how much remaining shelf life,” Ashenfelter explains. “We are only starting to scratch the surface in terms of bringing our recommendations engine to life for our suppliers and buyers. Ultimately our goal is to power the waste-free economy, and rooted in that is making better decisions faster, in collaboration with a growing ecosystem of supply chain partners, and with as little manual intervention as possible.” More