Massachusetts Biomedical Initiatives
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Location |
Worcester, MA |
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|---|---|---|
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Project Name |
MBI BOLT: Building BOLT on Executive Teams to Help Life Science Companies Sprint To Market |
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Award Amount |
Federal Share |
Local Match |
|
$252,201 |
$63,050 |
MBI BOLT is a two-tiered program to pair gifted entrepreneurs with the seasoned executives who can help advance products to patients. Phase I is an Entrepreneur in Residence program to help early-stage entrepreneurs chart a linear path to proof of concept. Phase II creates “bolt on” executive teams that will roll up their sleeves, tap their networks, and tactically support the company to fundable milestones on the way to market.
A key tenant of the program is that it is not limited to companies within its incubator. MBI plays a leading role in the economic development and entrepreneurial ecosystems in our region. In order to support more commercialization from ten colleges and universities, as well as to promote regional entrepreneurs, it’s essential that the Entrepreneur in Residence and BOLT initiatives be open to entrepreneurs from throughout the region. Early-stage companies can join the Entrepreneur in Residence program for initial mentoring. This pipeline will become a feeder system to the BOLT initiative and allow the EIR to evaluate opportunities that have the potential for further support.
Translating academic research to the market will be a key focus of the program. MBI will outreach to all ten area colleges and universities with particular attention to the University of Massachusetts Medical School and Worcester Polytechnic Institute that have expansive biomedical engineering programs. MBI will also outreach through its established entrepreneurial partners, such as the Venture Forum and Worcester Business Resource Alliance (WBRA). Acceptance will be based on commercial viability, the willingness of the entrepreneur to be part of a team, and the ability to find the right fit of executives to support their needs.