MIT launches new venture for world-changing entrepreneurs

Does anyone know if something similar exists at other universities (specifically curious about Stanford)?

Well Harvard iLab is a University-wide incubator that has its own building. They offer advising and limited resource support (e.g., a small lab filled with hardware hacking tools), but no funding as far as I'm aware.

StartX seems closest to what they describe.

I believe Stanford also has funds for even earlier stage / younger teams, as well as domain specific programs like the one at the tomkat center for sustainable energy.

Faculty at most universities sign the rights to their inventions over to their host institution as part of their employment agreement. I believe MIT is the same way. Universities generally have a technology transfer office (at MIT, it's called the Technology Licensing Office) that manages all of the intellectual property created there, with the hope of commercializing some of it.

From what little I can read, The Engine is a separate entity from MIT, which gives them freedom to work with entrepreneurs without the restrictions in faculty contracts.

Some technologies invented at MIT(1) will be licensed by companies(2) that will leverage The Engine(3) to accelerate their development, with the expectation that the development will take place over a longer-than-usual time scale (10-20 years).

Maybe I'm optimistic, but I'm guessing that this is less about the return on the money for MIT, and more about bringing impactful technologies to market that previously have not fit well in the existing funding ecosystem (and inspiring others to do the same).

Is this filling a void in the current venture space...?