MASSCHALLENGE IMPACT REPORT 2014 1 MISSION: TO CATALYZE A GLOBAL STARTUP RENAISSANCE. 2 TABLE OF CONTENTS LETTER FROM THE EXECUTIVE TEAM ALUMNI FUNDING & GROWTH COMMUNITY & MENTORSHIP ACCELORATOR PROGRAMMING & EVENTS GLOBAL EXPANSION BOARD OF ADVISORS & SPONSORS VISION 05 06 14 22 26 31 35 3 4 Five years ago, we issued a challenge to the startup community to help us identify, strengthen and promote the world’s highest-impact startups. The metrics gathered on the 617 startups we’ve accelerated over the last five years prove beyond all doubt that the community has delivered. With over 1,650 startup applicants from 50 countries and 40 U.S. states, the 2014 MassChallenge Accelerator was the most competitive yet, adding additional inspiration for us to expand and improve our support for the world’s highestimpact startups. With the help of Jamestown and the City of Boston, we created a new office space in the Innovation and Design Building, where entrepreneurs and the startup community can grow and collaborate. In 2014, we continued to form new international partnerships and announced our intention to launch our first European accelerator with an office in London while continuing to pursue other opportunities around the world. Established global partners -- Colombia, Mexico, Russia, Switzerland, Germany -- expanded their engagement with MassChallenge in 2014, and several have expressed strong interest to launch a MassChallenge locally, setting the stage for significant expansion in the coming years. Our 2014 growth in Boston has been fueled by an expanding network of partners. New supporters that joined our Boston Program this year include: Thomson Reuters, Henkel, Bose, Hult International Business School, Brandeis, Boehringer Ingelheim, Smith & Nephew, and the Robert Bosch Venture Group. With all of this excitement, existing collaborators have also expanded and refined their already bold commitments, including the Boston Foundation, Microsoft and WGBH. Every year we refer to the current startup accelerator as “our best yet”. Our ability to continue saying that without a hint of controversy is a testament to the increasing quality and engagement of our community. We’re incredibly grateful to the hundreds of expert mentors and judges who collaborate within the innovation community to provide the magnanimous and intensive support to help our entrepreneurs grow and succeed. MassChallenge could not exist or thrive without the support of our partner and mentor community. We are humbled by the support of our friends, family and supporters. Thank you for your time, engagement, and contributions. You are amazing. Sincerely, The MassChallenge Executive Team 5 ALUMNI FUNDING & GROWTH 6 By taking advantage of MassChallenge resources and mentorship, I was able to build a stronger foundation for 99Degrees Custom, widen our reach, and expand my own thinking to better position the company for growth and scale. The MassChallenge network and resources that helped us a year ago, continue to have an impact. I’m in regular contact with my mentor team and our seed round is largely attributed to connections made during MassChallenge.” BRENNA NAN SCHNEIDER 99Degrees Custom, 2013 MassChallenge Winner 7 ALUMNI FUNDING RAISED 8 ACTIVE COMPANIES COmpany status 4% ACQUIRED ACTIVE 528 86% ACTIVE 24 65 10% ACTIVE NO LONGER 9 $2.5+Billion Total Current Valuation of MassChallenge Alumni. 10 ALUMNI REVENUE GENERATED 11 4,802 Jobs Created Worldwide A vibrant innovation economy thrives on entrepreneurs creating economic opportunity for individuals across diverse backgrounds. MassChallenge works with organizations such as the Boston Foundation to connect entrepreneurs working in underserved communities in the inner city with top resources like mentorship and education. MassChallenge also launched a jobs board this year to in order to best connect startups with innovative talent. 12 ALUMNI JOBS CREATED 13 COMMUNITY & MENTORSHIP 14 MassChallenge entrepreneurs are supported by the most experienced Experts in the innovation community. These Mentors come from all disciplines and industries to accommodate the wide range of startups and founder backgrounds. Mentors are seasoned entrepreneurs, investors, philanthropists, lawyers, and senior executives from corporations. Complementary to the formal Mentorship Program are informal office hours, where startups gain invaluable insight from top Experts. 15 1,366 Office Hours appointments hosted at MassChallenge by the expert community 16 “Connecting with the MassChallenge mentor network felt like tapping into a well of expertise and knowledge. Our mentors connected us to their extended networks, which helped us establish and de-risk our Made in USA supply chain. These MassChallenge connections enabled us to scale our production and produce thousands of bags for customers all over the world.” BETSY NUNEZ Sword & Plough, 2013 MassChallenge Winner 17 “VerbalCare’s core advisory team formed at MassChallenge, our first investment was a direct result of our involvement with the accelerator, and as alumni of the healthcare concentration we have been given fantastic and exclusive opportunities like the chance to collaborate with the Healthcare Transformation Lab at the Massachusetts General Hospital Heart Center.” NICK DOUGHERTY VerbalCare, 2013 MassChallenge Finalist 18 On a scale of 0-10, how likely are you to recommend MassChalleng NET PROMOTER SCORE another early-stage startup? PROMOTERS (9 - 10) On a scale of 0-10, how likely are you to reccommend MassChallenge to another early stage startup? 70.7% NET PROMOTER SCORE NEUTRAL (7 - 8) DETRACTORS (<7) 19 The exceptional 2014 MassChallenge NPS score places the accelerator among the highest-rated brands in the world in terms of user satisfaction, ahead of brands such as Amazon, Netflix, and Trader Joe’s. 20 “The community at MassChallenge has an immense diversity of interests and age, and I love seeing this demographic spread mobilize together to execute their ideas.” SARAH HAIG Silverside Detectors, 2013 MassChallenge Winner 21 ACCELERATOR PROGRAMMING & EVENTS 22 The MassChallenge Accelerator program is tailored to provide entrepreneurs with a range of strategic and tactical insights from sales to hiring, from legal to financing, and from product design to manufacturing. Fidelity Investments is heavily involved in supporting entrepreneurs through education. During the MassChallenge Boot Camp, a week-long workshop designed to equip startups with the knowledge they need to run their businesses, startups spent a day at The Fidelity Center for Applied Technology (FCAT) where they learned key sales and fundraising strategies. Additionally, throughout the four month accelerator, dozens of Fidelity associates mentored MassChallenge teams and fostered connections to other strategic thought leaders. 23 MassChallenge events are a breeding ground for meaningful relationships. Events like the Women in MassChallenge Showcase and MassChallenge International Night gather the startup community to make connections and share ideas. Jamestown provides over 26,000 square feet of office space in Boston’s Innovation and Design Building to help cultivate growing communities for entrepreneurs to work, play, learn, and thrive. 112 Workshops held during the Accelerator 24 13,293 Event attendees 175 Events hosted 25 GLOBAL EXPANSION 26 Shared access to global resources is critical to entrepreneurs. With MassChallenge Israel and MassChallenge UK, MassChallenge’s international efforts enable access to global resources and markets by connecting top-tier global startups with the very best people and organizations around the world. As the first sponsor to all three MassChallenge programs, EMC has provided critical insight in MassChallenge’s efforts in global expansion. 27 “MassChallenge took us from being a local services company in Colombia, to a product-based tech startup playing in a global market. As an alumni, MC has been our passport to build partnerships with major tech companies, recruit the best talent and attract new customers.” AGUSTÍN PALAEZ Ubidots 2013 MassChallenge Finalist 28 APPLICANT GEOGRAPHY 2010-2014 4,188 938 45 states 74 Countries 29 50 Countries 41 States 1,657 2014 Startup applicants 35% Increase over 2013 30 BOARD OF ADVISORS & SPONSORS 31 BOARD OF ADVISORS JON ABBOTT PRESIDENT & CEO, WGBH DESH DESHPANDE SAM BASTIA TRUSTEE, DESHPANDE FOUNDATION, SERIAL ENTREPRENEUR, AVID MENTOR VICE PRESIDENT, STRATEGY AND INNOVATION, VERIZON COMMUNICATIONS LINDA PIZZUTI HENRY SEAN BELKA SENIOR VICE PRESIDENT, DIRECTOR OF FIDELITY CENTER FOR APPLIED TECHNOLOGY (FCAT) JAMES BERYLSON FOUNDER & MANAGING PARTNER, BERYLSON CAPITAL PARTNERS GREG BIALECKI MASSACHUSETTS SECRETARY OF HOUSING AND ECONOMIC DEVELOPMENT JOSHUA BOGER FOUNDER AND FORMER CEO OF VERTEX PHARMACEUTICAL 32 MANAGING DIRECTOR, BOSTON GLOBE MARY JO MEISNER VICE PRESIDENT FOR COMMUNICATIONS, COMMUNITY RELATIONS AND PUBLIC AFFAIRS, THE BOSTON FOUNDATION DUANE RATLIFF CHIEF OPERATING OFFICER & NASA LIAISON, CASIS CATHY WISSINK DIRECTOR OF TECHNOLOGY COMMUNITY ENGAGEMENT, MICROSOFT NEW ENGLAND SPONSORS DIAMOND PLATINUM GOLD SILVER Jamestown American Airlines Altus Dental Amazon Web Services Commonwealth Of Massachusetts Boehinger Ingelheim Autodesk Babson College Fidelity Investments Bose EMC Boston University Deshpande Foundation Henkel Foley & Lardner LLP Brandeis University Richard & Susan Massachusetts Life Sciences Center IBM CORT Massachusetts Tech Collaborative Joshua Boger Duane Morris LLP The Boston Foundation Microsoft Massachusetts Clean Energy Center First Republic Bank Verizon Pfizer Robert Bosch Venture Capital Fish & Richardson P.C. CASIS Smith & Nephew Sanofi Foley Hoag LLP Innpulsa Colombia Thomson Reuters School Of Management Fribourg Goodwin Procter LLP Skolkovo Foundation Turnstone Softlayer Hult International Business School WGBH The John W. Henry Family Foundation MassIT Smith Family Foundation Zapopan Northeastern University Perkins The Kraft Group UPS WPI 33 Entrepreneurs can provide efficient solutions to critical challenges facing urban spaces. The Microsoft Prize for Civic Engagement & Leadership helps identify and curate the startups that innovate and apply technology to address civic needs. In 2014, startups also had the opportunity to work with the Commonwealth of Massachusetts through the MassIT Government Innovation Competition $50K Prize. This new prize was created to accelerate the Commonwealth’s use of innovative technology solutions and to harness the wealth of entrepreneurial expertise available. With the support of Microsoft and MassIT, MassChallenge startups are helping cities and state government fully embrace the digital era. These prizes demonstrate the value that entrepreneurial teams from the private sector can bring to the public sector. 34 MASSCHALLENGE VISION 35 The Road Ahead Since day one, our mission has been to catalyze a global startup renaissance. The startup renaissance is a rebirth of the creative and inspired society that challenges old conventions and strives primarily to create new value, instead of obsessing over extracting from what already exists. It’s a world in which everyone recognizes that he or she can define the future, and is empowered to maximize impact. Modern entrepreneurship is a global endeavor and this renaissance spans geographical and cultural boundaries. In order to maximize impact and accelerate the renaissance, we’ve committed to launch MassChallenge accelerators in 10 new cities by 2019 -- bringing the MassChallenge model to every populated continent. Our offices in London and Tel Aviv are just the first steps toward reaching and empowering entrepreneurs all over the world. Visit masschallenge.org to find out how you can catalyze the startup renaissance. 36 37
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