Last night at Nutter, McClennen and Fish, Jerry Bird, President of MTDC, announced a new name and commitment for the organization. MassVentures, a more appropriate name that well describes its mission; to support the formation and fuel the growth of innovative technology-driven companies in Massachusetts, has a new $14M in capital to fill the gaps underserved by the private sector.
Bird identified the gaps as(1) emerging market segments (2) first-time entrepreneurs, and (3) companies transitioning from seed to Series A funding. MassVentures expects to invest in four to seven new companies each year.
The $14M comes from a $5M fund from MassDevelopment, $6M for a recently announced initiative to support the commercialization of SBIR-backed companies and $3M from recent portfolio exits. Secretary Greg Bialecki, secretary of housing and economic development and chairman of the board for MassVentures also spoke and backed the plan to further extend the Patrick-Murray administration’s support of the innovation economy.
The event was well attended and an attestation to the various entities working together to create cutting-edge companies to help grow and create jobs in the Commonwealth.