MBI granted $150K from SBA accelerator program to grow startup efforts

PHOTO | Courtesy of Massachusetts Biomedical Initiatives Massachusetts Biomedical Initiatives' space on Briden Street in Worcester.

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By Isabel Tehan

Massachusetts Biomedical Initiatives in Worcester, a life science incubator, has been selected by the U.S. Small Business Administration as a stage two winner of its 2023 Growth Accelerator Fund Competition. The win comes with a $150,000 cash prize to support MBI’s efforts to help launch STEM-focused small businesses.

MBI will collaborate with the Venture Forum, a Worcester-based startup community, to lead a consortium for the therapeutic and industrial biomanufacturing market in Central Massachusetts, according to a Thursday press release from MBI.

“The collaboration between MBI and The Venture Forum will create an inclusive ecosystem for entrepreneurs and streamline the pathway to success for our regional startups,” Jon Weaver, president and CEO of MBI, said in the press release. “By joining forces, MBI and The Venture Forum intend to enhance the talent pool, mentoring, and ecosystem for biotech and bioindustrial startups.”

The program will develop mentorship opportunities for startup leaders to partner with those from established business and will help startups hone their pitches to garner investments.

MBI and Venture Forum previously won a stage one prize, accompanied by a $50,000 cash award.