North Shore InnoVentures

By the end of 2022, there were 17 Biotech member companies and 23 graduates. Approximately 60 people were employed by the member companies and 307 by the graduates for a total of 367 jobs created. The biotech companies in the incubator also trained 11 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 six companies during the fiscal year. There were a total of seventeen graduates by year end. At the close of 2022, the cleantech companies in the incubator employed 47 people and the cleantech graduates employed 221 people for a total of 268 jobs created. The cleantech companies in the incubator trained six interns. Three 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 utilizes 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 to be completed in Q3 2021 has to resulted in increased memberships and space utilization. No grants were provided by NSIV.