2011 01-31 mass challenge overview and metrics
DESCRIPTION
MassChallenge runs a $1M annual startup competition and accelerator to catalyze the launch and success of high-growth, high-impact new businesses. The competition is open to anyone in the world, with any new startup, in any industry. Every entrant receives training, feedback, PR and networking support via expert volunteers from partner organizations, and the highest-potential startups receive 3 months of intensive mentorship and free services in 22,000 sq ft of premium office space in Boston's Innovation District -- all free of charge, with no strings attached. In 2010, MassChallenge's inaugural year, MassChallenge received 450 applications from 26 countries and 24 states, and supported just over 330 entrepreneurs in their accelerator program. Since the start of the first accelerator in August 2010, MassChallenge teams have secured $20M+ in outside funding, representing leverage of more than 40x on the public grants provided by Governor Deval Patrick to help launch the pilot program in Massachusetts. The startups involved have already produced almost 300 direct jobs, representing less than $2,000 public funding per job created, and their highest-growth stages still lie ahead. New support from the Deshpande Foundation, the Blackstone Charitable Foundation, the Fallon Company, Johnson & Johnson’s Corporate Office of Science & Technology (COSAT), the Microsoft Corporation and others will enable MassChallenge to support 1,000+ entrepreneurs directly in 2011, and provide a platform for significant national expansion in 2012 and beyond. You can learn more at www.masschallenge.orgTRANSCRIPT
DRAFT
Overview and 2010 metrics
January 2010
MassChallenge overview and 2010 metrics
John Harthorne [email protected]
Akhil Nigam [email protected]
Karl Büttner [email protected]
January 2011
Copyright © 2011, MassChallenge, Inc. All Rights Reserved.
MassChallenge mission
To catalyze a
startup renaissance
1
MassChallenge is fostering innovation and growth via a global startup competition
MassChallenge startup competition
A global competition designed to
attract, strengthen, filter, and enable funding
for the best startups to launch immediately
Copyright © 2011, MassChallenge, Inc. All Rights Reserved.
The startup competition connects innovators with supporters and resources throughout
Annual $1M Startup Competition and Accelerator
• Anyone can enter, from anywhere, with any startup
• Everyone gets training and access to networks & resources
• Expert judges identify highest impact, most viable startups
• Finalists are matched with mentors and free resources
• Highest impact, most viable startups win awards
• Sponsors, partners, alumni are integrated into all stages
2
Accelerate finalists
Prepare MassChallenge
Accept applications & prepare entrants
Engage all participants and alumni
2 rounds of judging
Jan 2011
March 8
April 11
May 24 Prepare finalists for accelerator
Final Judging Final ceremony Oct 20
Oct 1
2011 Competition Dates
June 20
Copyright © 2011, MassChallenge, Inc. All Rights Reserved.
In year 1, MassChallenge was largest competition & accelerator ever: 446 entrants and 111 finalists
MassChallenge launch event with Governor Deval Patrick, Boston Mayor Thomas Menino, and passionate innovators.
• Largest-ever startup competition and accelerator • 446 applicant startups from 26 countries and 24 states • Over 250 different judges and mentors participated
• Concierge-like support for 111 startups • Office space, mentorship, press/media support and much more • Satisfaction rates among finalists higher than for Apple customers
• Millions of dollars in funding facilitated • $1M in cash prizes across 16 winners • Connections resulting in significant angel and VC financing
3
Copyright © 2011, MassChallenge, Inc. All Rights Reserved.
In first year, MassChallenge secured support from leaders in each area of MA innovation ecosystem
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Universities
People Businesses & Foundations
Entrepreneurs Angels & VCs
Government
MassChallenge Startup Catalyst
• MA Governor Deval Patrick • BOS Mayor Thomas Menino
• 40+ VC and Angel funds involved as mentors/judges • 20 of top 100 VC funds
• Dozens of individual angels
• Microsoft, Blackstone, Verizon and 15+ more
• Desphande Foundation
• Kauffman Foundation
• 30+ Universities engaged to provide funding, research, students and mentors
• Direct support from Presidents of Umass, MIT Babson, WPI, BU, Northeastern, and Tufts
• Strong support via entrepreneurship centers at Harvard, Dartmouth & many more
• 250+ events including training and job fairs
• Media coverage on Fox Business, CNBC etc.
• Core Sponsors/Advisors: • Desh Deshpande • Josh Boger • Ken Morse
• 446 applications 111 startups as finalists
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MassChallenge Accelerator: 111 startups, 22K+ ft2 office space, 200+ mentors, $1M in grants
446 applications received
111 startups mentored
$1M awarded
Aug-Oct Accelerator
Oct. 21 Final Ceremony
• 22,000+ ft2 shared office space
• 330+ people in 111 startups
• 5,000+ hours of mentoring
• 200+ mentors
• 10+ new companies incorporated
• 300+ judges & mentors engaged
• $20M+ external funding secured by startups by Jan 31, 2011
• ~300 jobs created by startups by Jan 31, 2011
Updated metrics TBD
April 2011 6 month review
Copyright © 2011, MassChallenge, Inc. All Rights Reserved.
446 teams applied to enter MassChallenge, representing 26 countries and 24 states
446 startups = world’s largest Startup Competition Notes: All values self-reported based on “primary industry” and “current headquarters”.
6
Copyright © 2011, MassChallenge, Inc. All Rights Reserved.
Expert judges selected 111 finalists to participate in the 3 month MassChallenge accelerator program
111 startups = world’s largest Startup Accelerator
7 Notes: All values self-reported based on “primary industry” and “current headquarters”.
Copyright © 2011, MassChallenge, Inc. All Rights Reserved.
Feedback from startups very positive, with finalist satisfaction exceeding Apple customer enthusiasm
Notes: MassChallenge NPS calculated from data collected in Jan 2011 finalist survey Comparative NPS data from: http://www.netpromoter.com/np/compare.jsp
Net Promoter Score (NPS) US leaders (2010)
• USAA 81%
• Apple 78%
• Amazon 71%
• Trader Joe’s 68%
• Wegman’s 67%
78.3%
"How likely would you be to recommend MassChallenge to a friend?"
(10 = most likely)
Net Promoter Score = % promoters - % detractors
8
N=46
Copyright © 2011, MassChallenge, Inc. All Rights Reserved.
MassChallenge organized 250+ events in 2010, fostering connections and educating 5,000+ people
Events Organized by MassChallenge
in 2010
How satisfied are you with your current ACCESS to each of the following? (10 most satisfied)
9 Notes: Before data from April 2010 (N=86), after data from November 2010 (N=49)
Copyright © 2011, MassChallenge, Inc. All Rights Reserved.
Finalists indicate improved access to key resources, especially to peers and funding sources
10 Notes: Before data from April 2010 (N=86), after data from November 2010 (N=49)
+16% +22% +34% +32%
How satisfied are you with your current ACCESS to each of the following? (10 most satisfied)
Copyright © 2011, MassChallenge, Inc. All Rights Reserved.
Finalists credit MassChallenge with increasing their access, especially those that engaged actively
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To what extent has MassChallenge improved your access to key resources? (10 being very significantly)
Notes: Before data from April 2010 (N=65), after data from November 2010 (N=48)
~30% better improvement for
engaged teams