MLSC opens capital funds for non-profit or government entities
The Massachusetts Life Sciences Center is pleased to announce the launch of an open solicitation for uncommitted capital dollars for a period of three years beginning in FY13. The Center is interested in investing in high potential economic development projects that promise to make a significant contribution to the state’s life sciences ecosystem. The Center has allocated up to $25 million in capital dollars for this open solicitation and we anticipate comparable levels of funding for further open solicitations in the next two years.
The Center intends to manage the award of uncommitted capital dollars through a two-phased approach:
Phase I: Submission of a short application and 2-page summary of the proposed project (see attached application). Applicants will have until 3:00 pm on April 29, 2011 to submit their completed application and “project summaries” electronically to: firstname.lastname@example.org. Once you have completed the application, please attach your 2-page summary and submit in .pdf format. The applications and project summaries will be vetted by the Center’s staff and Board of Directors and a short list of projects will be selected for further consideration.
Phase II: If selected, applicants will be asked to submit a full proposal for evaluation.
An eligible applicant/project must meet the following criteria:
- Applicants must be not-for-profit entities or governmental instrumentalities. For profit entities are not eligible for capital funding.
- Entities that have already been designated within the Center’s authorizing statute for capital funding, regardless of whether they have already received their funding or not, will not be eligible. A University, for example, that has already received capital funding for a particular campus or school will not be eligible to apply on behalf of a different campus or school within that University system. Similarly, municipalities that have received targeted funding under the statute will not be eligible to apply for further funding.
- Entities that have not been designated for capital funding within the Center’s authorizing statute, but have received $5 million or more in capital funding from the Center will not be eligible.
- Projects proposed for funding must be a minimum of $5 million.
- Projects must be ready for funding beginning in FY13 (July 1, 2012) and completion of the project must not extend beyond FY15 (June 30, 2015). Applicants may request single or multi-year funding.
- Applicants must be ready to use awarded funds in the year for which they are awarded. This means that the Center will carefully review the project’s status and spending schedule to determine if they are realistic.
- Applicants generally need to demonstrate at least a 1:1 match of funds from partners such as industry sponsors, other governmental funding organizations, etc.
The Center will be evaluating proposals in both phases of the process according to the following criteria:
- Capacity of the project to create and/or retain jobs in Massachusetts
- Contributions to the Massachusetts life sciences ecosystem and its “culture of innovation”
- Promotion of significant economic development in Massachusetts
- Realistic funding schedule and milestones
- Potential for the Center’s funding to make a difference in whether the Project goes forward or not (the “but for” criterion).
For more information, and to apply, please visit www.masslifesciences.com. If you have questions about the program after you have reviewed the materials on the website, e-mail email@example.com or call Pamela Norton at 781-373-7716.