Governor, MLSC Expands Initiative to Support Diverse Entrepreneurs
CAMBRIDGE, Mass. — Governor Maura Healey and Lieutenant Governor Kim Driscoll joined Economic Development Secretary Yvonne Hao, Massachusetts Life Sciences Center (MLSC) President and CEO Kenn Turner, and President of Takeda's U.S. Business Unit and U.S. Country Head Julie Kim, to formally launch the expansion of the Massachusetts Next Generation (MassNextGen) Initiative, a public-private partnership to support underrepresented entrepreneurs in the Massachusetts life sciences ecosystem.
"MassNextGen is an important tool to make sure that Massachusetts remains a global leader in the life sciences while also breaking down barriers to entry and opening the industry to those who have been historically left out. We are excited to be expanding the program to support more women entrepreneurs as well as people of color, the LGBTQ+ community, individuals with disabilities, veterans and others," said Governor Healey. "In Massachusetts, we know that our greatest resource is our people, and through the collaboration of public-private partnerships, we will harness our full potential and drive equitable growth in the innovation economy."
The launch event was hosted by Takeda, who has signed on as the Anchor Platinum Sponsor of the expanded MassNextGen initiative. The new iteration of MassNextGen will increase funding to $100,000 per awardee, double the cohort size to 10 entrepreneurs, and expand entrepreneurs' access and network to raise further funding by providing year-round networking sessions with the venture capital community. The MLSC and its sponsors will also hold a "pitch" event for awardees to highlight their company to sponsors, awardees, and representatives of venture capital firms.
"Our industry plays an important role in transforming people's lives, but to truly make a lasting impact, we must create equitable opportunities for entrepreneurs working in the earliest stages of innovative science," said Julie Kim, President of Takeda's U.S. Business Unit and U.S. Country Head. "Takeda is proud of our long-term commitment to this extraordinary program, and we are thrilled that its expansion will help women and entrepreneurs from other underrepresented communities expand their networks, increase visibility and help direct investment into their ventures."
MassNextGen industry sponsors also include Bristol Myers Squibb, Johnson & Johnson Innovation, Mintz, Berkshire Innovation Center, North Shore InnoVentures, Massachusetts Biomedical Initiatives, M2D2, and Mansfield Bio-Incubator. The MLSC and its sponsors are launching the next five years of MassNextGen to support all entrepreneurs that identify as: Female; Black, African American, or Afro Caribbean; Hispanic, Hispanic American, or Latinx/Latin; Indigenous, Native American, or First Nation; Asian American, Pacific Islander, or Native Hawaiian; Transgender, Queer/Non Binary, Nonconforming/Agender; Living with apparent or non-apparent disability, or Neurodiverse; and Veteran and others.
"We need to do all we can to support startups and entrepreneurs all across the Commonwealth, from Boston to the Berkshires," said Economic Development Secretary Hao, who serves as co-chair of the MLSC's Board of Directors. "By expanding the scope of MassNextGen and growing the diversity of successful life science entrepreneurs in Massachusetts, we're investing in the next generation of leaders taking on some of the most important science and R&D challenges of our time."
The MLSC launched the MassNextGen Initiative in 2018 as a five-year, more than $2 million commitment to ensure greater gender parity in the next generation of life science entrepreneurs. Awardees of the program received a year-long customized package of support, which included non-dilutive grant funding and access to a network of seasoned professionals from the life sciences ecosystem helping them to refine their business strategies and effectively raise capital. In addition, the program fostered an organic community of entrepreneurs where awardees could collaborate with like-minded leaders sharing experiences, ideas, and a sense of belonging.
With 26 companies in the MassNextGen portfolio, the MLSC funding combined with executive coaching and business mentorship proved to be invaluable for women entrepreneurs in building their teams and progressing forward with new opportunities. The program continues to see tremendous success from previous awardees, including 12 companies raising a seed or series A financing round and companies combined raising nearly $134 million in follow-on funding.
Tags: entrepreneurs,
