BEVERLY — In 2008, when the economy plunged into recession, North Shore InnoVentures launched a business technology incubator to stimulate growth in the emerging life sciences and clean technology sectors.
It was a risky move. Biotech and clean energy firms require big dollars and brain capital. Banks are reluctant to lend money to start-ups without a proven track record of sales. With biotech incubators popping up in Boston and Cambridge, competition was intense to lure enterprising scientists and engineers.