Grants & Non-Dilutive Funding

April 18, 2023 | 7:00 pm - 8:30 pm ET | CIC, One Broadway, Cambridge, MA

Speaker Slides

Grants as Non-dilutive Funding

Laura M. Hales Ph.D., cofounder and Chief Business Officer of Extend Biosciences, Inc.

Using non-dilutive funding to attract investors

Stacy Swider, VP Investments, MassVentures

Funding Your Startup Without VC or Angel Investors

John Toomey, Business Advisor/Coach/Fractional Management @

A recording of this webinar is available for ENET members only at Learn how to become a member here!



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Attendees will have the option to join us in-person at the Cambridge Innovation Center (CIC) in Kendall Square, Cambridge, MA or online via Zoom.

Are you trying to launch or grow a startup business?

Do you need money but just can’t find it?

Not ready for angels or VC investors? Or already turned down?

Need to build your company and need money to do it – but how to do that?

This panel will address these questions and help you understand:

  • How to build your company from nothing to something.
  • How to do it without VC or angel money.
  • How to get non-investor first funding and further cash equivalents
  • What are SBIR grants?  How they can help …how to get them?
  • Other sources of non-dilutive funding

This panel will focus on getting initial money from non-traditional sources when VCs and angels will not help, and friends and family are tapped out.   A key advantage of this funding for the founder is that unlike VC or angel funding, you don’t give away any of your stock – there is no dilution of your founder’s stock position.  The panelists will speak from experience to show you non-dilutive sources of finding including SBIRs and governmental grants, strategic partnering and customer-funded development, and venture debt.

Another key advantage of this non-dilutive funding is that it may make it easier to later get a seed or A-round of VC or angel funding.  Investors want to see something before they invest.  Validation that comes from an SBIR grant or money already invested from non-dilutive sources is a pleasing thing for investors to see.

Yet it takes money to make your company into something to interest investors. It is a catch-22. This panel offers techniques to show you how to break out of that conundrum – to take your company from nothing to something, and to do so without VC or angel funding, using grants and non-dilutive funding.

Venue Sponsor

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CIC believes in the entrepreneur. We recognize that invention propels innovation, density spurs collaboration, and a shared purpose drives a thriving community. CIC provides a home from which to work, allowing innovators to easily access resources and create substantive, positive global impact. Request to chat with a workspace expert about CIC’s flexible workspace offering, or try out a complimentary, one-time day of coworking.

Event Schedule

April 18, 2023
6:00 pm ET
In-person Registration
In-person registration and networking
7:00 pm ET
ENET Chairperson's announcements
7:10 pm ET
eMinute Pitch
Up to 3 Startup pitches
7:25 pm ET
Expert Panel
4 expert speakers on the night’s topic
8:10 pm ET
Q & A
Moderator and Audience Q & A with the speakers
8:30 pm ET
Panelists will be available afterward for responses to individual questions.


Swider Stacy

Stacy Swider

VP Investments, MassVentures

MassVentures is one of the oldest ventures firms in the US. It’s fund targets early-stage deep-tech startups based in MA. Beyond venture capital, MassVentures also manages several grant programs and a revenue-based loan program.

Previous to working at MassVentures, Stacy served as the Director of the SBIR Center of Excellence at the UMass Lowell Research Institute. Prior to that, she had a career in materials science and applied physics focused crystalline materials for semiconductors, optics, and sensors. She was also a startup co-founder, and worked in various roles in industry. She has a BS in Materials Science from MIT.


Hales Laura

Laura M. Hales

Ph.D. is a cofounder and Chief Business Officer of Extend Biosciences, Inc.

Extend Biosciences, Inc. is a clinical stage biotechnology company that is developing a novel drug delivery platform technology that improves the pharmacokinetic properties of peptides and proteins.

At Extend Biosciences, Dr. Hales manages all of the outsourcing, operational, business development and clinical activities for the company. She has also been instrumental in obtaining the $14M+ in SBIR grants and other non-dilutive funding the company has received from multiple state and federal agencies.

Dr. Hales is also the Founder and Principal at The Isis Group, where her primary focus is to assist life science entrepreneurs in new business formation and non-dilutive funding efforts. Dr. Hales received her Ph.D. at the University of Illinois at Urbana-Champaign and was a postdoctoral fellow at Columbia University. She worked in the biotech industry for 9 years before co-founding Extend Biosciences.

Toomey John

John Toomey, Business Advisor/Coach/Fractional Management @  John is a Factional Senior Executive or Advisor at various Technology Based and Healthcare Provider Companies. He works with senior management teams in financial and operational areas.  He has supported several Seed Round fundings over the past two years. Having been a CEO, COO and CFO John can fill in the gaps on most any management team.  John is also a Business and Management Coach and currently works with senior executives and key managers at companies like LinkedIn, Gilead Sciences, Inc, Altira, Delta-v Capital and others. He focuses on company strategy and career growth. He brings fresh eyes to companies and helps ensure their success.


Moderator & Organizer

Adelson Rob

Robert A. Adelson

Principal, Business and Tax attorney @ Adelson & Associates, LLC. Chair Emeritus @ Boston Entrepreneurs’ Network (ENET)

Rob has been an attorney for over 30 years specialized in business, tax, stock and options, employment, contracts, financing, trademarks and intellectual property.  Rob began as an associate at major New York City law firms before returning home to Boston in 1985 where he has since been a partner in small and medium sized firms before joining Engel & Schultz LLP where he was a partner from 2004 to 2019. When the senior partners retired, he moved his law practice to his own firm, effective 1/1/2020. Rob represents entrepreneurs, start-ups and small companies, independent contractors and employees and executives. Rob is a frequent speaker on business law topics and author of numerous articles published in Boston Business Journal, Mass High Tech and other publications, plus more than thirty articles since 2016 on executive employment topics published by CEOWorld magazine. He has been named among the “Top 20 Boston Startup Lawyers” by, a website that provides tools for entrepreneurs. Rob has been on the ENET Board since 2002, was Vice Chair 2005-2009, and ENET Chairman 2009-2019.  He was also a Co-Founder and Board member of the 128 Innovation Capital Group (2004 -2015). In 2016, he received the IEEE USA Professional Achievement award for “extreme dedication to the entrepreneurship community.” He holds degrees from Boston University, B.A., summa cum laude, Northwestern University (Chicago), J.D., Law Review, and New York University, LL.M. in Taxation.

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