MIT Faculty Founder Initiative announces three winners of entrepreneurship awards

 Twelve finalists engaged in the initiative and the 2023-24 MIT-Royalty Pharma Prize Competition, aimed at championing female pioneers in the biotech field.

The recent awards ceremony of the 2023-24 MIT-Royalty Pharma Prize Competition heralded promising prospects for patients grappling with intractable cancers, chronic pain, and reliance on battery-powered medical implants. Among the distinguished winners were researchers and biotech entrepreneurs Anne Carpenter, Frederike Petzschner, and Betar Gallant ’08, SM ’10, PhD ’13.

Kit Hickey MBA ’13, the Executive Director of the MIT Faculty Founder Initiative, commended the dedication and perseverance of the awardees and other finalists in bridging the gap between laboratory research and its clinical application, particularly in the realm of biotech. Hickey lauded their courage in venturing into entrepreneurship despite the demanding nature of their work, emphasizing their shared goal of enhancing patient outcomes.

Carpenter, serving as the senior director of the Imaging Platform at the Broad Institute of MIT and Harvard, clinched the coveted $250,000 2023-24 MIT-Royalty Pharma Faculty Founder Prize Competition Grand Prize. Carpenter's expertise lies in leveraging microscopy imaging and computational methodologies, such as machine learning, to expedite the discovery of chemical compounds with therapeutic potential, notably in shrinking tumors. Her startup, SyzOnc, launched in April, benefiting from the support provided by the MIT Faculty Founder Initiative, which offers mentorship, stipends, and guidance in various aspects of entrepreneurship.

Petzschner, an assistant professor at the Carney Institute for Brain Science at Brown University, secured the $100,000 2023-24 MIT-Royalty Pharma Faculty Founder Prize Competition Runner-Up Prize for her SOMA startup's innovative digital pain management system. Her venture focuses on personalized cognitive interventions tailored to individual patients' needs, aiming to provide precision care for chronic pain sufferers. Petzschner emphasized the invaluable assistance received from the Faculty Finder Initiative in advancing her startup's journey toward commercialization.

Gallant, an associate professor of mechanical engineering at MIT, earned the $100,000 2023-24 MIT-Royalty Pharma Faculty Founder Prize Competition Breakthrough Prize for her pioneering work with the startup Halogen. Gallant's expertise in advanced battery technologies has led to the development of high-density battery storage solutions, enhancing the longevity and performance of medical devices like pacemakers. Her innovation promises to improve patient quality of life by extending the intervals between invasive replacement surgeries.

Jim Reddoch, the Executive Vice President and Chief Scientific Officer of sponsor Royalty Pharma, expressed enthusiasm for supporting female entrepreneurs and accelerating life sciences innovation. The MIT Faculty Founder Initiative, spearheaded by prominent faculty members like Sangeeta Bhatia and Susan Hockfield, aims to address the underrepresentation of women in biotech startups and unleash the potential of high-impact technologies developed in female labs.

Through collaborations with institutions like Brown University, MIT seeks to share its entrepreneurial expertise and foster a supportive ecosystem for academic entrepreneurship. As co-founder Hockfield noted, MIT's leadership in entrepreneurship entails sharing knowledge and resources to empower academic innovators worldwide.

Hickey urged the audience to join the movement in supporting female faculty members and becoming a vital part of the network crucial for translating groundbreaking technologies into impactful healthcare solutions.