Beverly business incubator receives federal grant

By Justin A. Rice, Town Correspondent

Beverly’s Biotech InnoVenture Center received a grant from the U.S. Economic Development Administration this week to support the expansion of its startup and entrepreneur mentoring program. The technology business incubator will share the grant with Cleantech InnoVenture Center in Lynn, which is also run by the nonprofit North Shore InnoVentures,

“With this additional aid we can continue to offer facilities and services to early stage companies that need a leg up to succeed," North Shore InnVentures President Martha Farmer said in a statement. "As most entrepreneurs understand, it is hard enough just to survive in this economy, never mind thrive.  With this EDA grant, we will be able to offer expanded facilities and services to accelerate the growth of the start-ups in the North Shore InnoVentures program.”  
 
The $211,500 grant allows the incubators to continue mentoring young companies as well as support operation of the incubation facilities. The nonprofit recently got a $75,000 grant from the state's Department of Workforce Development,

North Shore InnoVentures also announced four new sponsors, including the Boston firms Nelson Mullins, LLP, and Foley and Lardner, LLP and Rubin & Rudman. North Shore Community College of Danvers is also a sponsor.  
 
Each company in the incubator currently valued at $8,500 and growing will also receive pro bono legal, marketing and financial services.  

“Combined with our high-level and well-respected mentors, NSIV companies have a greater shot at success than they would have going it alone,” Farmer said.

Congressman John Tierney, who helped secure the grant, said NSIV is filling a critical role in the community by nurturing cleantech and biotech businesses from launch to self-sustaining entities.

“With this federal grant, NSIV will be able to continue to provide the training and networking opportunities that entrepreneurs need to succeed,” Tierney said in a statement.


Justin A. Rice can be reached at jrice.globe@gmail.com.