History

In 1985, MBI's Worcester Board of Trustees made the decision to fully develop the potential of Massachusetts Biomedical Initiatives as a public/private partnership for accelerating commercial development. In doing so, they were building on the potential of the academic base in Central Massachusetts, as well as the promise of the Massachusetts Biotechnology Research Park.

To date, MBI and its former venture capital creation, Commonwealth BioVentures Inc. (CBI), have invested over $8 million of public funding and over $50 million of private money in new technology driven companies, have developed two major new Incubator Centers and have helped to create over 50 companies. Companies receiving support from the MBI/CBI alliance employ over 2,000 people, 1,500 located in central Massachusetts. These companies now have over $50 million a year in payroll and they have raised $600 million of additional financing which has fueled the economic growth of the region.

MBI has served as a national model for leveraging public sector funds with private sector investments to fuel economic development.

Collectively, these public and private funds have made it possible for MBI to:

• Establish fully functioning Incubator Centers in Worcester which create unique Life Sciences Commercialization Centers.