The Faculty Founder Initiative of the Massachusetts Institute of Technology (MIT) has unveiled the selection of two Indian-origin professors, Ritu Raman and Deblina Sarkar, as finalists for the 2023-24 MIT-Royalty Pharma prize competition. This initiative aims to empower female faculty entrepreneurs in biotechnology, offering resources to propel their ideas toward commercialization.
Ritu Raman, the Brit (1961) and Alex (1949) d’Arbeloff Career development professor in engineering design, is focused on designing adaptive living materials powered by assemblies of living cells. Her work spans applications from medicine to machines, currently concentrating on creating living neuromuscular tissues for medical advancements. Deblina Sarkar, the AT&T career development professor in media arts and sciences, and founder of the Nano-Cybernetic Biotrek research group, conducts transdisciplinary research merging engineering, applied physics, and biology.
Throughout the academic year, finalists benefit from support through events, workshops, and programs covering entrepreneurship, intellectual property, and fundraising strategy. Over 50 executives, investors, and advisors provide mentorship, culminating in a pitch to a selection committee. The grand prize winner receives $250,000, with additional awards for breakthrough science and runner-up.
The MIT Faculty Founder Initiative, launched in 2020, collaborates with the Martin Trust Center for MIT Entrepreneurship. The 2023-2024 MIT-Royalty Pharma Prize Competition is supported by Royalty Pharma, whose founder and CEO, Pablo Legorreta, expresses excitement in backing the cohort of 12 researchers and their potential to offer transformative solutions in the biotech space. The winners will be announced at a showcase event on May 2, with participants receiving a stipend of $10,000 for their competition involvement. Anantha Chandrakasan, the dean of the School of Engineering, lauds the invaluable guidance provided by the initiative, emphasizing its significant impact on female entrepreneurs in biotech.
