Kevin O'Sullivan of Mass. Biomedical Initiatives explains how to make Worcester biomedical-friendly.
Life Science Business Incubation: A Burgeoning Growth of the Biomedical Industry within the Central Massachusetts Region
MBI Biomedical Incubator facilities in Worcester are an integral part of the Commonwealth’s emphasis on the implementation of a statewide strategy to compete within the life sciences global economy and, in particular, against other states and regions throughout the country.Several key goals have been embraced by this statewide economic development effort with MBI as a support agent: Create a higher profile for Worcester and Central Massachusetts as a place to establish and grow the medical industry business; establish a lifeline with venture capital funds in order to match prospective companies with specific angel and VC fund opportunities; promote the function of technology transfer and licensing in order to create more opportunities for the commercialization of science; work to create more affordable science-related incubator lab, office, and light manufacturing space in order to meet this growing real estate need; market attractive and diverse financial and real estate packages to grow and attract biomedical companies by assembling grant, loan guarantee, tax incentive, and real estate resources; and, establish educational networking forums to highlight Biotechnology, Medical Device and Informatics business, academic, and science related activity in the region.
All the while this aggressive promotion of these bio-science related opportunities continues to create increased growth within this entire field all across Massachusetts.
Given our vast array of leading health care, academic and science resources, Massachusetts will continue to capture new technology and move it into the market place using a unified “teamwork” approach to commercialization.
Promoting and delivering all of this technology based entrepreneurial spirit and activity will create and attract new business and jobs and a stronger, more diverse economy especially within our region. MBI looks forward to building upon these alliances and by continuing to work together, we elevate the importance of our life sciences and health care industry strengths and their relationship to our state’s future economic vitality and success!
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About the author: Kevin is the President and CEO of Massachusetts Biomedical Initiatives, a private economic development organization that promotes the growth and expansion of the Biotechnology, Medical Device and Bioinformatics industry. MBI operates two life science incubator facilities in Worcester – currently home to eighteen companies and over 80 employees, providing cost effective laboratory space and high quality business development services. He previously served as Vice President and Director of Marketing at the Worcester Regional Chamber of Commerce and the City of Worcester. From 1986 to 1994 he was a member of the Massachusetts House of Representatives. He is on the Worcester Business Development Corporation and is a member of the City of Worcester’s License Commission. Kevin, who lives in Worcester with his wife Linda and two children, Kylle and Trevor, is also active in many civic and community activities.
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