The ongoing effort to increase opportunities for entrepreneurs from diverse backgrounds is vital to the growth of the life sciences industry and the betterment of research and public health. To ensure we continue to shift the paradigm, the MLSC is proud of the continued impact of the Massachusetts Next Generation (MassNextGen) Initiative, a public-private partnership to support underrepresented entrepreneurs.
The program was recently recognized at two major convenings in recognition of its innovative vision to ensure a more equitable and stronger early-stage ecosystem. The Cambridge Chamber of Commerce selected MassNextGen to receive a 2024 Visionary Award at its Annual Visionary Awards & Gala. The Visionary Awards celebrate the spirit of discovery and innovation that makes Cambridge unique.
MassNextGen also received recognition for its commitment to diversity, equity and inclusion during Johnson & Johnson’s Massachusetts Innovation Day, which highlighted industry leaders and J&J’s longstanding footprint in the state and its key contributions to the local innovation ecosystem and economy.
Awardees of MassNextGen receive a year-long customized package of support, which includes non-dilutive grant funding and access to a network of seasoned professionals from the life sciences ecosystem helping them to refine their business strategies and effectively raise capital. The most recent round received a total of 46 applications.
The MLSC also partnered with MassChallenge this month to host the inaugural MassNextGen Showcase. Nine entrepreneurs from the program pitched to an audience of investors and other stakeholders. The afternoon included an intimate networking environment with digital poster sessions and the opportunity to build relationships with these innovative companies who are poised for growth.
In 2023, Takeda became MassNextGen’s Anchor Platinum Sponsor when the program expanded to serve a broader pool of underrepresented entrepreneurs. This leadership and built upon Takeda’s initial support in 2018 as the first private partner to invest in the program demonstrating an unwavering commitment for a more inclusive and diverse ecosystem.
Now with 31 companies in the MassNextGen portfolio, the MLSC funding combined with executive coaching and business mentorship have proven invaluable for these underrepresented entrepreneurs in building their teams and progressing forward with new opportunities. The program continues to see tremendous success from previous awardees, including:
- 17 companies have raised a seed or series A financing round
- Companies have raised nearly $365 million in follow-on funding
- Companies employ in total 115 additional people
- There’s been over 100 coaching sessions
- Sponsoring organizations have reviewed applications from over 120 early-stage women led companies with an opportunity for follow on discussion
