Start-up Toolbox EntreTech Forum September 18, 2012
in cu ba tor noun \ˈiŋ-kyə-ˌbā-tər Definition 3: An organization or place that aids the development of new business ventures especially by providing low-cost commercial space, management assistance, or shared services THAT S WHAT WE DO!
How Do We Do That? Focus, First and Foremost - Provide administrative and facility support one bill so you can focus on your business objectives Get Good Guidance - Provide mentors, advisors and financing connections plus business skill seminars Conserve Capital Creatively - Provide shared space, equipment, pro bono and discounted sponsor services, MassBio discounts
Services Administrative Services IT Legal Public Relations Accounting Data Communications Human Resources Incubator office space Local/Regional Networks Mentoring Consulting Grants Finance Visibility within venture capital community Access to an array of loan programs Affiliations Sales/Marketing Pitch Coaching Lab Space and Equipment Emphasis on reducing start-up expenses to accelerate time to revenue
Facilities Laboratory space with shared equipment Labs for cleantech chemistry, pharmaceuticals and biologics Workshop space for device development and prototyping NSIV - not in the real estate business. Rates are subsidized. We are investing in you. Cummings Center Beverly, MA
But Is It an Investment? Consider Incubation an In-Kind Investment Subsidized well-equipped shared space Pro bono services from sponsors Experienced entrepreneurs as coaches, mentors & advisors Vetted vendors at discounted prices Strong investor network Money you don t have to spend is as good as OPM and it s non-dilutive Business Acceleration: Time = Money 9/20/2012 North Shore InnoVentures, Registered 501(c)3 Not-for Profit 6
Thank You 9/20/2012 North Shore InnoVentures, Registered 501(c)3 Not-for Profit 7
9/20/2012 North Shore InnoVentures, Registered 501(c)3 Not-for Profit 8
Objectives Finding - Identify promising innovative technologies and business concepts Guiding - Help early stage companies to achieve development and funding milestones rapidly and efficiently Thriving - Create sustainable success and high-value sustainable jobs
Our Process Discovery and Evaluation Mentoring, Advisory, Experimentation Intro to Resources (funding, marketing), Business Advancement Mentor Matchup Service Agreement and Occupancy Significant Progress against Objectives Presentation of Business Plan and Current State Formal Needs Analysis Graduation / Move-out and business expansion 9/20/2012 North Shore InnoVentures, Registered 501(c)3 Not-for Profit 10
Accelerators or Incubators can be alternative sources of support for earlystage companies They can be real estate plays, such as the elegant Science Hotel or the Cambridge Innovation Center (many shared spaces but no labs) Strategic investment opportunities, like the Biogen Idec incubator (highly selective) Or be non-profit with regional economic development goals, like MBI in Worcester, BioSquare, U Mass Boston Venture Development Center, M2D2 in Lowell, or the BIVC in Beverly 9/20/2012 North Shore InnoVentures, Registered 501(c)3 Not-for Profit 11
Who Subsidizes? Economic Development Agencies John Adams Innovation Inst., MLSC, Mass. CEC, Mass. Dept. of Workforce Dev, U.S. EDA Corporate Sponsors Cash donations plus pro-bono business support In-kind contributions from industry-leading organizations (IT, Real Estate Services, PR, Accounting, Legal ) Provides access to innovative growth companies in need of start-up support now, promising longer term relationships 9/20/2012 North Shore InnoVentures, Registered 501(c)3 Not-for Profit 12
9/20/2012 North Shore InnoVentures, Registered 501(c)3 Not-for Profit 13
Lots of FREE Support Available Small Business Development Centers Mass Technology Transfer Center Workforce Investment Boards Mentor organizations MLSC - intern program Congressional district offices Etc., Etc. Conserve Capital Creatively It s almost as good as OPM 9/20/2012 North Shore InnoVentures, Registered 501(c)3 Not-for Profit 14
Who benefits? Start-ups Early stage companies Sponsor companies & affiliate organizations Seasoned business professionals Communities in our region