News Summary

The Massachusetts Executive Office of Economic Development has partnered with MassVentures to distribute $4.5 million across 26 companies through the START Grant Program. This initiative aims to help startups convert federally funded research into viable businesses. The funding, which ranges from $100,000 to $500,000, supports activities such as marketing and business development, particularly targeting sectors like cleantech and biotech. Since its inception, the program has awarded over $41 million, generating thousands of jobs and reinforcing Massachusetts as a national leader in innovation.

Boston, Massachusetts – The Massachusetts Executive Office of Economic Development, in partnership with MassVentures, has announced the allocation of $4.5 million in grant funding to 26 companies through the START Grant Program. This initiative is designed to help startups transform federally funded research into viable businesses and job opportunities.

The START Grant Program is part of MassVentures’ broader SBIR Targeted Technologies initiative, which was established in 2012. Its primary goal is to assist entrepreneurs in converting Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) contracts into feasible business models. As a result of its recent funding, the program has seen an increase in grants awarded, rising from 17 to 25 companies with an additional $1.5 million in funding allocated for 2025.

START grants provide non-dilutive funding ranging from $100,000 to $500,000 to companies that have successfully attained Phase 2 SBIR or STTR awards. This financial support is targeted at essential business growth activities that typically fall outside the scope of federal research grants, such as marketing, business development, and intellectual property (IP) strategy.

The companies benefiting from this funding are primarily in key sectors such as cleantech, biotech, advanced materials, and quantum computing. The initiative aims not only to bolster the local economy but also to foster innovation across various cutting-edge technological fields.

Since its inception, the START program has awarded a total of $41.7 million to 141 companies, which have collectively generated over 3,300 jobs. These businesses have successfully leveraged more than $5 billion in private capital, showcasing the program’s impact on the private sector. Notably, approximately 65% of the awarded companies are located outside of Boston and Cambridge, reflecting a broad geographic distribution across more than 40 locations throughout Massachusetts.

Massachusetts has established itself as a national leader in securing SBIR awards, having received more than $4 billion in federal SBIR/STTR grants since 2012. This funding has allowed numerous startups to thrive, and the START program functions as a critical catalyst for these enterprises, enabling them to build successful businesses based on federal research funding.

Ashley Stolba, the Massachusetts Interim Economic Development Secretary, has underscored the administration’s dedication to supporting businesses of all sizes across the state. This investment not only enhances job creation but also ensures that Massachusetts remains a competitive player in the innovation landscape. Meanwhile, Charlie Hipwood, President and CEO of MassVentures, highlighted the program’s vision, which aids founders in preparing to raise private capital and ultimately create new employment opportunities.

With this latest round of START grants, Massachusetts continues to lay the groundwork for a robust economic future, reinforcing its status as a hub for technology and innovation while stimulating local economies and promoting job growth across diverse sectors.