In 2012, MassVentures launched the SBIR Targeted Technologies program- START- to ensure growing Massachusetts-based companies would be able to commercialize technologies developed under SBIR and STTR contracts. Recognizing that innovation, invention, and disruption take time, the START program provides up to three additional years of funding for SBIR/STTR projects.
In just five years, START has provided $12 million in grant funding to 50 deserving SBIR projects. START companies have leveraged that state investment and gone on to raise $278 million in additional capital, proof of these companies’ potential for future growth and success. START companies generate $82 million in annual revenue and employ more than 1000 people.
“The START program is a unique feeder system to MassVentures and the venture community that fosters growth of companies and readies them for venture funding,” said Jerry Bird, President, MassVentures. “MassVentures helps companies like Ginkgo BioWorks capitalize on their SBIR funds and arm them with the capital, experience, mentoring and network they need to transition to high-growth companies.”
“The START Program help companies bridge the gap between innovation and commercialization, supporting research, development, and manufacturing jobs in Massachusetts,” said Housing and Economic Development Secretary Jay Ash. “Investments in revolutionary companies and products supports the continued growth of the Commonwealth’s creative and innovative sectors, and will help us maintain our position as a world leader in new technology.”