InnoVenture Labs

By the end of 2023, there were 13 Biotech member companies and 23 graduates. Approximately 67 people were employed by the member companies and 310 by the graduates for a total of 377 jobs created. The biotech companies in the incubator also trained 10 interns in the past year. Reduced operations and space reductions by member companies due to COVID along with the costs related to the buildout in FY 2017 such as increased rent, utilities, insurance, depreciation and debt service caused expenses to grow along with revenues resulting in a continued operating loss. Cash flow is more favorable as depreciation represents a large part of the operating loss. An increase in lab space completed in 3Q 2021 has resulted in increased memberships which are expected to offset the increased expenses going forward. No grants were provided by NSIV.

The Cleantech Incubation Program supported seven companies during the fiscal year. There were a total of fourteen graduates by year end. At the close of 2023, the cleantech companies in the incubator employed 47 people and the cleantech graduates employed 253 people for a total of 300 jobs created. The cleantech companies in the incubator trained five interns. Four of the cleantech companies in the program used office and lab space in the incubator routinely; the three others are in the virtual incubation program and utilize our sponsored services and mentoring sessions. Corporate sponsors and a grant from the Mass Clean Energy Center were especially important to helping keep revenues in balance with expenses. The increased lab space completed in Q3 2021 has resulted in increased memberships and space utilization. No grants were provided by NSIV.