Program Assists Startup Companies, Creates Jobs
UMass Lowell has been awarded $4 million by the Massachusetts Life Sciences Center to create the Big Company/Little Company Innovation Hub. Announced recently by Gov. Deval Patrick, the grant will support the University’s Massachusetts Medical Device Development Center (M2D2) in its efforts to help medical-device and bio-tech startup companies succeed.
M2D2 is a joint initiative of UMass Lowell and UMass Worcester and provides medical-device entrepreneurs with easy, affordable and coordinated access to world-class researchers and resources.
The success of companies participating in M2D2 has attracted the attention of investors and larger medical-device companies. However, M2D2’s incubator is now operating at physical capacity and cannot accommodate additional startup clients.
The new grant will allow M2D2 to dedicate 11,000 square feet of additional incubator space for startup companies.
“This funding will allow M2D2 to expand the much-in-demand services it provides to startups in an industry that is not only important to the Commonwealth’s economy, but also to the health and well-being of its citizens,” says UMass Lowell Chancellor Marty Meehan.
“We are grateful to Gov. Patrick and the Massachusetts Life Sciences Center for recognizing how M2D2 helps entrepreneurs turn innovative ideas into real products.” The Massachusetts Life Sciences Center is an investment agency that supports life sciences innovation, research, development and commercialization and is charged with implementing a 10-year, $1 billion, state-funded investment initiative to create jobs and support advances that improve health and well-being.