Massachusetts has no shortage of highly educated and skilled people working in the sciences, and many of them have exciting ideas that could be turned into new businesses. Unfortunately, many of these would-be entrepreneurs of science are unable to bring their ideas to fruition because they don't have the cash to get their ideas off the ground.
The good news is that there are grants and other funding sources available. Recently, the Massachusetts Life Sciences Center announced a new seed fund that aims to provide up to $250,000 in investment for new businesses working in areas such as medical devices, diagnostics and therapeutics. For now, the program focuses on Amherst, Lowell, Springfield and Worcester.
The Life Sciences Center has a total of $1 million available in the first year of the fund. It intends for the fund to be self-sustaining, as successful startups pay back the money it has invested in them.
There are a lot of things to worry about when you are starting a new business, even when you have the investment you need. It's understandable if entrepreneurs have their minds on their business plans more than anything else. That said, part of a good business plan is getting the legal fundamentals right.
A lawyer with experience in business formation can help entrepreneurs make sure their new business has the structure it needs to grow and sustain the challenges that the future will surely bring. Whether it's a small partnership, an LLC or a corporation, the right business type can protect the individuals involved and put the company in the right shape to succeed.