What makes incubation at North Shore InnoVentures so valuable to our members? Besides the many advantages of this coastal area north of Boston, studies show that incubated companies are twice as likely to survive beyond five years compared to those that don’t. North Shore InnoVentures helps startups succeed here by providing five basic areas of support.
1. Sponsored Services
North Shore InnoVentures has the generous backing of several sponsors that offer our members as much as $10,000 of pro bono legal, accounting, marketing, and other business services. This support gives our members the start they need to organize their business systems, Intellectual Property portfolio, marketing strategy, and business support systems. Our sponsors are committed to helping startups succeed.
2. Mentoring and Advising
Having a strong team is essential to creating a business. Diverse teams with valuable experts are difficult to build on shoestring budgets. North Shore InnoVentures’ network of mentors and advisors helps companies hone strategies, define markets, and execute business plans.
3. Educational Program
No entrepreneur knows everything about starting a company. North Shore InnoVentures has an ongoing education program with a curriculum focused on key issues for the newly minted entrepreneur. Topics include general business skills, such as pitching to investors, team building, and new trends in regulatory and patent law.
North Shore InnoVentures provides access to valuable workspaces that offer a place to perform technology development work and meet with partners, customers, and other entrepreneurs. This includes 5,000 sq. ft. of office space with furnished offices and cubicles. There is also a reception area, a shared conference room for up to 12 people, and a small conference area for up to 5 people.
Companies also have access to five shared laboratories of approximately 1,000 sq. ft. each with access to shared equipment.
All of this is located in the Cummings Center, which offers numerous services for child/pet/elder care, fitness, on-site restaurants and post office.
5. Access to Capital/Funding
Member companies gain access to funding sources through valuable introductions to angels, VCs, and other sources of capital. North Shore InnoVentures also aids companies in finding and applying for government and private grants.