On September 1, 2016, North Shore InnoVentures (NSIV), a nonprofit technology business incubator located in Beverly, MA, won the highly coveted US Small Business Administration’s $50,000 Growth Accelerator grant.
The US SBA runs a Growth Fund Competition every year to continue aiding startups in their entrepreneurial endeavors and to ensure economic growth through job creation. This competition particularly focuses on increasing the effectiveness of accelerators so that their services help startups become capable of creating high quality jobs quicker.
According to NSIV’s press release, the company focuses on the biotech and cleantech industries, two of the strongest technology clusters in Massachusetts.
“NSIV seeks to ignite innovation by nurturing early stage companies that demonstrate the potential to positively impact lives through their technology.”
Since its inception in 2009, NSIV has positively impacted its community. “NSIV companies have raised $173 million in grant and equity funding, generated some 270 jobs, provided at least 100 internships for local high school and college students, and filed more than 100 U.S. and foreign patents,” according to Martha Farmer, co-founder and CEO of NSIV.
NSIV provides valuable tools and methodologies to its companies that range over 60+ life sciences and cleantech businesses. While providing many economic opportunities to its community, NSIV contributes to the economic growth of Massachusetts.
More information about the Growth Fund Competition and NSIV can be found here.