Press Release

U.S. EDA Supports Massachusetts North Shore Technology Incubator Network

August 9, 2011
Contact: John Atwood, (202) 482-4085

WASHINGTON - The U.S. Commerce Department's Economic Development Administration (EDA) today announced a $211,500 grant to North Shore InnoVentures, Inc., of Beverly, Mass., to provide professional support to both the Beverly Clean Tech Incubator and the Lynn Bio Tech Incubator.

"Business incubators provide critical support services and affordable office space that help startup companies succeed and join the ranks of America's job creators," said U.S. Assistant Secretary of Commerce for Economic Development John Fernandez. "This EDA investment will provide needed operational support to grow startup businesses and create jobs in Massachusetts' clean tech and bio tech industries."

"The EDA Grant for North Shore InnoVentures will support operations and leverage a broad array of mentoring support," said Dr. Martha Farmer, President of North Shore InnoVentures. "Small businesses development on the North Shore will ultimately lead to job growth."

This EDA investment will help the incubators manage and facilitate an array of pro bono services offered by local mentors and sponsors. Support will include oversight of program offerings, recruitment of sponsors, arrangement of sponsor support services and operations, and maintenance of incubator facilities.

About the U.S. Economic Development Administration:

The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation and accelerate long-term sustainable economic growth.