Issue link: https://nebusinessmedia.uberflip.com/i/1536308
10 Worcester Business Journal | June 16, 2025 | wbjournal.com Putting Conifer in MBI was a no-brainer, said Jon Weaver, the incubator's president and CEO. Although it's been awhile since MBI had a venture capital firm within its walls, it did have one back in the late 1980s and early 1990s, he said. roughout its history, MBI leadership has always believed access to capital is a key component to a startup's success. "It's a win-win for us: e more capital we can attract to Worcester, the faster the area will grow. It's a no- brainer in our minds," he said. "Not a traditional investor" Li and Qiu know what it's like to start a brand-new company. Qiu is stock split to avoid being delisted from the Nasdaq. In its 2024 annual report filed with the U.S. Securities and Exchange Commission, the company said it incurred significant losses since it was founded and anticipates it will continue to do so for the foreseeable future. "Our future growth and success depend on our ability to successfully develop, and, if approved, commercialize our product candidates, which we have yet to do," the company said in its filing with the SEC. Mustang Bio did not respond to a WBJ email requesting more information. It's hard to put a number on the percentage of startups that fail; a 2023 paper from the University of Pennsylvania found it's 75% for venture-backed entities, other sources Surviving the VALLEY OF DEATH BY LAURA FINALDI Special to WBJ I t's a tale as old as time in the startup world: A brilliant scientist comes up with an idea for a technology with world- altering implications, but lack of funding or the regulatory landscape causes things to fall apart. at's why the period before profitability in the startup cycle has earned the name Valley of Death. Central Massachusetts startups have navigated this perilous period with varying levels of success. Mustang Bio, which develops immunotherapies and gene therapies for diseases including cancer, had to terminate its lease at 377 Plantation St. in Worcester, move to Waltham, and complete a reverse say it's closer to 90%. But at the Massachusetts Biomedical Initiatives incubator in Worcester, the success rate for its 200-plus graduating companies is 80%. MBI, which has been in business for more than 40 years, uses the it-takes-a- village approach favored by startup incubators across the commonwealth. New to MBI is investment firm Conifer Life Sciences Group, the second-ever venture capital company to set up shop within the incubator. Founded in 2023 by wife- and-husband team Jean Qiu and Peter Li, Conifer has already invested in three startup companies, all of which are located within MBI. e firm provides seed funding and business support for startups in the life sciences tools industry. Worcester's oldest incubator has brought on an in- house investment firm for the first time in 30 years PHOTOS | MATT WRIGHT MBI, by the numbers Jobs created ................. More than 1,860 Graduate startup success rate .................................... 80% Percentage of companies that remained in Massachusetts .... 75% Funding raised by MBI graduates ................. $2.6 billion Source: MBI 40th anniversary Impact Report, 2024 Peter Li, co-founder of Conifer Life Sciences Group Jean Qiu, co-founder of Conifer Life Sciences Group Highspin Biosystems is one of the three MBI companies who have partnered with Conifer Life Sciences Group. Pictured from Highspin (from left) are Max Li, software development engineer; Osman Bilsel, co-founder and chief science officer; and Leo Chan, co-founder and chief technology officer.