05/01/2013 02:28 pm ET Updated Jul 01, 2013

MIT Launches Global Start Accelerator

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The global initiative -- the first of its kind in an academic setting -- comes as so-called accelerator programs such as TechStars in Cambridge or Y Combinator in Silicon Valley are cropping up around the country and becoming magnets for the brightest graduates -- and occasional dropouts -- from MIT and other prestigious schools who are trying to launch start-ups.

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