“We expect companies to stay two or three years, but some have gone faster than that,” Farmer said.
Deb Moshinsky, president and chief executive of Cell Assay Technologies, a drug research start-up, said that the incubator provides good value.
“It has reasonable rates,” said Moshinsky, standing in the biotech lab at the Cummings Center. “It’s enabled us to stay on budget. . . . It’s really nice space.”
Moshinky’s firm is researching the effectiveness of potential new drug therapies on cancer cells. “Our mission is to help pharmaceutical firms bring better drugs to the public,” she said.
Companies may opt to take space in the incubator or participate virtually. Members that maintain operations elsewhere travel to Beverly for seminars, business counseling, and other special events. Membership also includes up to $10,000 of free advice from accountants, lawyers, marketing specialists, and other corporate sponsors.
They are also assigned a mentor, who helps guide and advise them on business issues.
“I got valuable feedback,” said Vandermeulen, who used the assistance to write a business plan. “That support is helpful and necessary when you are out there, by yourself, trying to start your company.”