Last year the tenants of a single glass-and-steel building in Cambridge, Mass., raised $201 million in seed stage venture capital funding, more than the entire Swiss life-science and biotech industry. The building houses LabCentral, an incubator for biotech startups that opened in November 2013, renting space to would-be entrepreneurs. LabCentral was the brainchild of a venture capitalist named Peter Parker, but he owes its existence to Massachusetts taxpayers, who fronted $5 million for the project. “That was most of the buildout and the big sunk cost that no investor would have ever put up,” he says.
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