I’ve written enthusiastically about the Deshpande Center for Technological Innovation at MIT in the past. I think it’s an awesome example of a university program that funds novel, early-stage research, connects innovators with the business creation infrastructure – including VCs and entrepreneurs – and actively helps new startups to be created out of fundamental early stage research.
As the Deshpande Center enters their fourth grant cycle, they just released the data on what happened with research teams that they have funded to date.
- 44 teams have been funded since 2002
- $4.9m of grant money has been awarded
- 9 companies have been formed
- $23m of angel and first round VC funding has occurred
- 7 other teams are forming new companies and actively raising money
This is an incredible hit rate – 20% of the teams have already started companies and 36% of the teams that received grants have either started or are starting companies. Congrats to all these teams, Charles Cooney (MIT Professor) and Krisztina Holly (Deshpande Center Executive Director), and Desh and Jaishree Deshpande who underwrote the program.
As an added bonus, if you want a quick trip through my blog archives, take a look at a reason why scientists and engineers end up on the wrong side of the value equation. The Deshpande Center is working hard to modify the outcome of this equation.