Printer FriendlyOur goals are to provide a valuable educational opportunity to our students while creating new jobs and economic development for the region. We accomplish these goals by helping early-stage companies succeed and grow. Since our opening in 1998, we have helped nearly a dozen companies get off the ground and into the market, with $80 million in investment from mostly institutional investors (venture capital).
We offer mentoring (provided by the Entrepreneur-in-Residence), guidance to the many resources of the University, seed equity investment, and organized meetings with professional service providers, all within a shared-services facility. Companies that join the incubator become “members” of the incubator portfolio. Click here to read a profile of the type of early stage company that we are best suited to serve and the requirements for becoming a member.
The Services
The Services
We find that most early stage companies benefit from objective review of their business plans. Often they have yet to conduct marketing programs that would serve as compelling backup to the revenue projections. Even if they have a network, their network may be missing a few essential contacts. Our mentoring program provides members with a virtual member of the leadership team – an experienced entrepreneur who contributes expertise and counsel.
The Incubator is staffed with a receptionist and a offers (limited) IT support.
For members looking to partner with the University, whether it be for access to specialized equipment and facilities or looking to partner for a grant opportunity, the staff of the incubator assist with identifying in-university contacts and setting up the introductions.
For members looking for student and faculty to help with the business, the incubator staff serve as the conduit.
The Investment
The Investment
The University will evaluate opportunities to invest in member companies. Our investments are typically provided as in-kind facilities and services, including fees related to the facility as well as student and faculty labor. Our investments are not meant to provide operating cash or income to the founders.
The amount of our investment is at the sole discretion of the University. Because valuation for an early stage company is more art than science, our investments typically include a component of risk management for both parties. For example, if the valuation that is accepted as the basis for the investment is later found to be well below the value determined by an institutional investor, the member company has the opportunity, under terms to be negotiated, to buy back the University’s investment.
The Facility
The Facility
The business incubator is located on the fourth floor of the Wannalancit Mill, a renovated 1850’s textile mill complex in near the main campus of the University. Our facility includes private offices and open cubicle space, as well as meeting rooms, a kitchen/eating area and a casual lounge area. Each member company enters into its own contract with our communications company (Conversent Communications) for phone service (phones and office furniture are provided as part of the facility).
There are many restaurants and sandwich shops within walking distance, as well as a restaurant (the Brewhouse Cafe & Grill) and cafeteria within the mill complex. The complex also offers an exercise room (treadmills, climbing stair machines, weights, etc.) and parking.
We have convenient access to Lowell’s downtown and the picturesque River Walk.
The Wannalancit mill is 4 miles off of Interstate 495, and less then 1 mile away from the end of the Lowell Connector. Click here for directions.