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The Engine is an accelerator built by the Massachusetts Institute of Technology (MIT). To fuel The Engine, MIT is seeking to attract hundreds of millions of dollars of support and to provide hundreds of thousands of square feet of space for entrepreneurs in Kendall Square and nearby communities -- starting with 26,000 square feet in its Central Square headquarters. To start, the group is raising $150 million for a first fund, with $25 million coming from MIT as a limited partner. The Engine is focused on accelerating two vital stages in the life of a startup: The early 'proof of product' stage, when entrepreneurs initially bring their novel idea to life; and the stage when they begin to scale up to commercial production. The Engine will eventually support up to 60 locally based startups concurrently; these companies will participate in the accelerator for up to 12 months. The Engine is targeted (but not exclusively) towards sectors like biotech, medical devices, manufacturing, clean energy, robotics, and Internet of Things (IoT). The Engine will make meaningful investments that will allow participating startups to get off the ground quickly and operate long enough to prove their concepts' viability. It will also provide business planning, legal, and administrative support.
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