Audit of the MassVentures Overview of Audited Entity

This section describes the makeup and responsibilities of the MassVentures.

Overview

Chapter 497 of the Acts of 1978 established the Massachusetts Technology Development Corporation, now MassVentures (MV), as a quasi-public corporation to provide financial assistance to startup companies in Massachusetts, with the primary purpose of increasing employment in the state.

According to MV’s website, “MassVentures was established . . . to address the capital gap for startup companies and to encourage the growth of early-stage technology firms.”

MV’s website also states, “The mission of MassVentures is to support the innovation economy and the economic growth initiatives of the Commonwealth by transferring research and early-stage innovations to viable businesses and jobs.”

Funding of MV from its inception through June 30, 2023 came from grants awarded by the US Department of Commerce, totaling $3,472,000, and appropriations from the Commonwealth, totaling $33,700,000. MV is governed by an 11-member board of directors. Eight of these members are appointed from the private sector by the Governor, and three are public officials.

MV is located at 1075 Main Street in Waltham. According to its organizational chart, as of June 30, 2023, MV had five full-time employees and one part-time employee.

During the audit period (fiscal years 2022 and 2023), MV’s financial position, as reported by its independent accounting firm, included the following data.

	Reported on June 30, 2022	Reported on June 30, 2023
Total Assets	$34,020,510	$58,760,286
Total Liabilities	($2,443,104)	($2,372,460)
Total Fund Balance	$31,577,406	$56,387,826

The Total Assets category above includes investments of $16,321,211 for fiscal year 2022 and $24,151,984 for fiscal year 2023, including unrealized net gains on investments of $5,979,741 and $11,956,953 for fiscal years 2022 and 2023, respectively. 

Investments

The map below shows investees’ locations in economic target areas.¹ The map below displays the number of companies in which MV invested during the audit period, by city or town.

Map of MV Investees—Fiscal Years 2022 and 2023

Annual Reports

Section 6 of Chapter 40G of the General Laws requires MV to submit an annual report to the clerks of the Massachusetts House of Representatives and Senate so that the Legislature can review and provide oversight of MV’s activities.

MV is required to report annually on the additional jobs created and the number of people hired because of the activities of MV investees. Specifically, Section 6 of Chapter 40G of the General Laws requires MV to report on investees with “benefits” for veterans, emergency aid programs for older adults and people with disabilities, and “benefits” for parents with dependent children.

The “benefit” types, as defined in the General Laws, are as follows:

• Chapter 115 of the General Laws states that veteran benefits include “‘state aid’, ‘military aid’, ‘soldiers’ relief’, ‘soldiers’ burial’, or any words or phrases connoting the same.”
• Chapter 117A of the General Laws states that emergency aid programs for older adults and people with disabilities include public welfare programs for providing emergency aid to older adults and people with disabilities.
• Chapter 118 of the General Laws states that aid to parents with dependent children includes “money payments with respect to families with a dependent child or children.”

Additionally, Section 6 of Chapter 40G of the General Laws requires the annual report to “detail the corporation’s experience over the previous year in meeting the requirements of clause (2) of the fifth paragraph of Section 4 [of Chapter 40G of the General Laws].” The referenced clause requires the following:

At least 50 percent of all [MV] investments shall be made in enterprises that will: (a) locate in, or provide substantial employment to residents of, economic target areas designated pursuant to section 3G of chapter 23A [of the General Laws] or municipalities that satisfy the criteria for economic target areas.

Strategic Plan

Strategic plans document an organization’s goals and the manner in which they will be achieved. As described in more detail below, strategic plans typically contain the following elements:

1. a vision statement;
2. a mission statement;
3. goals;
4. core values;
5. action items;
6. strength, weakness, opportunity, and threat analyses; and
7. key performance indicators.

1.    Section 3G of Chapter 23A of the General Laws defines an economic target area as an area of Massachusetts that could benefit from economic development based on the area’s unemployment rate, median income, and/or economic need. (See Section 3G of Chapter 23A of the General Laws for more information.)

Date published:	June 17, 2025