Mass High Tech - September 1, 2008

North Shore incubator closer to hatching with new grant
Mass High Tech

The nascent North Shore Life Science Accelerator Inc. (NSLSA), a nonprofit incubator spun out of the North Shore Technology Council, has advanced a major step toward going live. NSLSA has been awarded a $50,000 planning grant from the John Adams Innovation Institute, part of the Massachusetts Technology Collaborative.

The accelerator’s purpose is to provide very early-stage life sciences firms a leg up, with access to shared laboratory equipment, entrepreneurial mentoring and affordable rent in Northeastern Massachusetts. One of its main goals is to have companies stay in the North Shore area once they leave the proverbial nest.

The grant was given by the institute to perform a feasibility study to measure the regional stakeholders’ potential involvement in the project. A big part of the study, to be carried out by the University of Massachusetts Donahue Institute, will examine the best practices from other programs across New England.

According to NSLSA president Martha Farmer, the process will take up to four to six months, and the incubator will then submit a proposal for operating funds. Preliminary estimates put its initial financial needs at $2.5 million to $3 million. Only a limited number of firms will be selected by the NSLSA, but interest is growing quickly, Farmer said.

The accelerator’s offices and labs will be housed at the 2 million-square-foot Cummings Center in Beverly’s growing technology cluster. Out of the 125 tech firms housed at the center, 29 are life sciences companies.

Terrence Norchi, CEO of Cambridge-based Arch Therapeutics Inc., says that he is considering moving his company into the Beverly-based incubator. Norchi noted that in addition to the cost savings and investor networking opportunities, there are intangible benefits of working within earshot of other fellow life sciences entrepreneurs.

“It develops into a microcosm of mini brain trusts of sorts, within these types of incubators,” he said.