Press Release via Somernova Tenant, Greentown Labs
Comprehensive report chronicles the economic and environmental impacts of Greentown Labs and its member companies since the incubator’s founding in 2011. View report here.
Somerville, Mass., December 12, 2019 — Greentown Labs, the largest cleantech startup incubator in North America, today released its first-ever Impact and Growth Report. The report celebrates the work of the Greentown Labs community and its larger impact toward climate action, while telling the story of Greentown Labs from the incubator’s start in 2011 to its path forward.
Greentown Labs underwent a comprehensive data analysis process for the report. The incubator worked with The Massachusetts Manufacturing Extension Partnership to determine the incubator’s economic impact and conducted a thorough internal review of historical member data.
Major data findings include:
- The Greentown Labs community has created a $1.56 billion cumulative economic impact;
- More than 230 companies have incubated at Greentown Labs since 2011;
- The incubator proudly boasts an 88 percent survival rate among all startup member companies;
- Greentown Labs’ startup member companies have cumulatively raised $750 million in funding; and
- Greentown Labs’ startup member companies have created more than 6,500 jobs.
“This report is a summary of our community’s collective accomplishments since our founding and proof that when a group of passionate entrepreneurs join forces, they can make a tremendous impact!” said Emily Reichert, CEO of Greentown Labs. “I’m incredibly proud of our community—our resident startups, our corporate partners, and our enthusiastic cleantech champions—who make a difference every day at Greentown Labs and are committed to addressing our climate challenge.”
The data shows that Greentown Labs member companies have a significant local and regional impact: 84 percent are based in Greater Boston. The Boston area actively supports these companies, as demonstrated by the more than $11 million The Massachusetts Clean Energy Center (MassCEC) has provided the incubator’s startups. MassCEC, a pillar of the Massachusetts cleantech ecosystem, supports 89 percent of Greentown Labs’ members in some capacity.
“In order for Massachusetts to meet its aggressive climate goals, we will need rapid innovation to develop the next generation of disruptive clean energy technologies,” said Stephen Pike, CEO of MassCEC. “Greentown Labs is a cornerstone in the Commonwealth’s innovation economy, as well as a critical partner in our effort to mitigate the impacts of climate change, and MassCEC looks forward to building upon our support of Greentown Labs and its community of startups, entrepreneurs, and corporate partners for many years to come.”
Greentown Labs has grown rapidly in the eight years since its founding. What began as a group of four cleantech startups has become a 100,000-square-foot campus in Somerville, Mass.—complete with a prototyping lab, wet lab, office space, and event space—that’s home to more than 100 member companies.
“Since moving to Somerville, Greentown Labs has made a tremendous impact on our community as a whole, and I am truly inspired by the work of Greentown as well as the incredible work of the entrepreneurs it supports,” said Somerville Mayor Joseph A. Curtatone. “Somerville is honored to be home to the largest cleantech incubator in the nation and to be a partner in addressing climate change and our goal of carbon neutrality.”