Massachusetts has unveiled a significant investment in its burgeoning deep tech sector, highlighting the state’s relentless pursuit of innovation and economic growth. The Massachusetts Executive Office of Economic Development and MassVentures have allocated a substantial $4.5 million in grant funding to support 26 innovative startups across the state. This initiative is carried out through MassVentures’ Small Business Innovation Research Targeted Technologies (START) Grant Program, which was first launched back in 2012. The START program is fundamentally designed to assist companies in converting research developed under the federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs into commercially successful ventures. In a remarkable expansion for this year, the program has increased the number of grants awarded from 17 to 26, alongside an additional $1.5 million boost in overall funding. This year’s announcement marks another step in Massachusetts’ ongoing efforts to be a hub for technological advancement.
Expanding Opportunities and Fostering Innovation
The expanded funding under the START program underscores Massachusetts’ intent to incubate young companies capable of transforming ideas into impactful results. By focusing on deep tech startups, the state aims to accelerate breakthroughs across diverse fields, including cleantech, biotech, advanced materials, and quantum computing. The funding is particularly directed toward filling gaps left by federal research grants, covering essential, unfunded business activities like marketing, strategizing for intellectual property, and business development. The program essentially removes significant financial barriers that could otherwise impede startup growth. Massachusetts Interim Economic Development Secretary Ashley Stolba stressed the administration’s commitment to nurturing these startups, bridging them to private capital, and creating job opportunities. Through strategic support, the state envisions an ecosystem where startups are empowered to expand their operations, ultimately contributing to regional economic sustainability. The START program’s supporting framework serves as a model for other states interested in leveraging federal research outcomes toward local economic benefits.
Strategic Intent and Long-term Impact
The START program exemplifies Massachusetts’ strategic intent to harness innovation and technology for economic transformation. MassVentures President and CEO Charlie Hipwood noted that the program’s enduring vision supports companies at the cutting edge of scientific discoveries and engineering breakthroughs, addressing significant societal issues. Since 2012, MassVentures has significantly impacted the state’s economic landscape, having distributed over $41.7 million to 141 different companies that collectively bolster nearly 3,300 jobs. Moreover, recipient companies have managed to attract over $5 billion in private capital, displaying strong investor confidence in their potential. A notable aspect of the program is its reach throughout Massachusetts, with 65 percent of funded businesses situated outside Boston and Cambridge, underlining a commitment to distribute opportunities beyond major urban centers. By nurturing innovation across more than 40 locations statewide, the initiative is successful in decentralizing economic growth, positioning these startups for future expansion and sustainability.
Diverse Range of Startup Successes
Highlighting the diversity within the START program, award recipients span a wide array of technologies and industries. Stage III awardees, who receive $500,000, include companies like Electrified Thermal Solutions from Medford, which specializes in transforming intermittent renewable electricity into continuous industrial-grade heat using its innovative Joule Hive thermal battery. Another recipient, Gel4Med, Inc. from Lowell, focuses on tissue repair and regeneration, using proprietary peptide biomaterials designed for chronic wound healing. Osmoses, based in Cambridge, works on creating molecular filters with high selectivity for sustainable chemical separations aiding a low-carbon future. Stage II company highlights, which receive $200,000, include Bloomer Tech from Boston, which aims to revolutionize cardiovascular care for women through its wearable bra that generates unique digital biomarkers. Emvolon from Woburn is developing technology to convert greenhouse gas emissions into carbon-negative fuels, while Eyebot from Boston pioneers rapid vision test solutions. These innovative companies illustrate the scope of technological frontiers the grants support, showcasing Massachusetts as a fertile ground for cutting-edge development.
A Vision for Continued Growth and Expansion
As Massachusetts continues to foster its innovation ecosystem, the future potential of the START program looks promising. MassVentures Vice President Stacy Swider, who oversees the initiative, reiterates the state’s leadership in securing SBIR awards, noting Massachusetts companies have collectively garnered billions in federal grants. The START grants act as crucial catalysts, enabling emerging companies to leverage these funds to build successful business models. The future envisages expansion beyond its current scope, potentially doubling down on emerging sectors that promise high growth returns and societal impact through technology. With a clear strategy in place, Massachusetts aims to continually position itself as an advantageous location for entrepreneurs and innovators around the world. The START program’s evidenced success demonstrates a strategic approach to supporting tech-based entrepreneurship, ensuring a focused yet expansive path towards societal advancement and economic development.
Looking Ahead, Ensuring a Sustainable Future
Massachusetts has announced a major investment in its emerging deep tech sector, underscoring the state’s relentless ambition for innovation and economic growth. The state’s Executive Office of Economic Development, in partnership with MassVentures, has dedicated an impressive $4.5 million in grants to support 26 pioneering startups throughout the region. This initiative is part of MassVentures’ Small Business Innovation Research Targeted Technologies (START) Grant Program, initiated in 2012, aimed at helping companies transform research from the federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs into viable commercial enterprises. This year, the program has notably expanded, increasing the number of grants from 17 to 26, with an additional $1.5 million in funding. This announcement reflects yet another stride in Massachusetts’ efforts to establish itself as a leader in technology and innovation, setting the stage for sustained growth and opportunity in the sector.
