BBJ: MassBio has a five-year plan to add $1B to state’s GDP

Oct 07, 2024

By Hannah Green, Life Sciences Reporter, Boston Business Journal

The following is an excerpt from a Boston Business Journal article that originally published on October 2, 2024:

The state’s life sciences trade group has come out with a five-year plan to add up to $1 billion to Massachusetts’ GDP by the start of 2030 and create hundreds more biopharma and life sciences jobs.

MassBio unveiled the plan, called “Vision 2030,” on Wednesday. The report focused on four so-called “roadmap catalysts” that MassBio believes can drive new investments, job creation and infrastructure in the state’s life sciences industry.

Starting with early-stage biotechs, MassBio wants to see greater support for young companies looking to scale in Massachusetts. Vision 2030 includes a plan to support early-stage companies, including programs coordinated by MassBio. One example proposed by MassBio is building a “startup in a box” for founders and developing a fully operational seed fund investment vehicle for alumni of the MassBioDrive program, an accelerator run by the organization.

The next key area of focus for MassBio is investment. The trade group wants to create additional ways to connect startups to non-traditional investors, bridge funding gaps for seed and early-stage biotechs and help prospective investors learn about the industry. The report also includes calls to “certify ‘BioReady’ investors based on their understanding of biotech and adherence to relevant investment guardrails.” MassBio also wants to expand its MassBio Align Summit to bring in more international investors.

Read the full story in the Boston Business Journal.

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