mass challenge 2013 impact report
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8/12/2019 Mass Challenge 2013 Impact Report
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MASSCHALLENG
201
IMPACT REPOR
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MISSION: TO CATALYZE A GLOBAL STARTUP RENAISSANCE.
TABLE OF C
LETTER FROM THE EXECUTIVE TEAM
ALUMNI FUNDING & GROWTH
COMMUNITY & MENTORSHIP
ACCELERATOR PROGRAMMING & EVENTS
GLOBAL EXPANSION
BOARD OF ADVISORS & SPONSORS
VISION
2
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Left to Right: Karl Büttner, John Harthorne, Akhil Nigam
In a world brimming with great ideas, entrepreneurs too often lack the resources requtheir visions. To craft a world-changing idea takes dedication and perseverance, company also requires a committed team, expert advice, often some money, and a fair a
Since our launch in 2010, we have celebrated these daring entrepreneurs and with partners, provided greater access to all the resources startups need to succeed.
In 2013, new international partnerships dramatically expanded that access to betteenormous range of entrepreneurs who enter our accelerator. We launched our first intein Tel Aviv and solidify partnerships i n Colombia, Russia and Mexico to exchange eresources across multiple ecosystems. Thanks to these partners, the 2013 applicaccelerator class were the most geographically diverse pools of entrepreneurs in Mhistory.
Local support of MassChallenge has also expanded. New funders with bold comstartups joined our cause, including the Center for the Advancement of Science in SThe Kraft Group, and the Richard and Susan Smith Family Foundation. Several corfoundations also signed on to help entrepreneurs succeed through sharing expertresources: Autodesk, the Boston Foundation, EMC, the National Science FoundatioPfizer.
The support of these new funders and the continued efforts of the returning suppormightily to the quality of the startup accelerator. The advice and hard work of of volunteer mentors and judges, the collaboration with other top entrepreneur leadership from the Commonwealth of Massachusetts and the City of Boston, aengagement from the general public are invaluable to our organization.
We couldn’t be more grateful for the friends and supporters who have rallied arouover the last three years, and we couldn’t be more excited to connect these suppoworld’s highest-impact entrepreneurs.
Thank you for your time, engagement, and contributions.
Sincerely,
JOHN HARTHORNE AKHIL NIGAM KARL Founder & President
MassChallenge Team: (top row, left to right) Ayla Walker, Akhil Nigam, Roman Kern, Erica Rife, Robby Bitting, John Harthorne(middle row, left to right) Kara Shurmantine, Veronica del Rosario, Fhi wa Ndou, Karl Büttner, Andrew Farrell(bottom row, left to right) Joanna Meiseles, Scott Bailey, Ryan Walsh, Amir Eldad(missing)Victoria Agbey, Cory Bolotsky, Jibran Malek, Matt Murphy
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“At MassChallenge, everybody is working hard. The simp
surrounding yourself with like-minded, focused, competitive peo
everyone to work towards a common goal of growing big and
ARIAN R
2012 MassChallen
(PHOTO: CoachUp) The always-expanding CoachUp (2012 Winner) team nearby their new headquaI
& GROWTH
ALUMNI FUNDING
(left to right) Sean Petterson of Strong Arm Technologies (2012 Winner and 2013 Alumni-in-Residence), Ashok Chander of Cellanyx Di agnostics (2012 Winnerand 2013 Alumni-in-Residence), Jacqueline Thong of Ubiqi Health (2012 Winner and 2013 Alumni-in-Residence), and Kyle Clark of Prime Student Loan(2012 Finalist and 2013 Alumni-in-Residence) speaking at MassChallenge sharing insights on fundraising with the 2013 Global Finalists.6
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Infographic Designed by Analogue Studio
ALUMNI FUNDING RAISED TYPES OF FUNDING
The MassChallenge 2013 Global Finalist
cohort has raised 1.75x the funding
the class of 2010 had raised upon its
completion of the accelerator program.
CLASS
OF 2010
CLASS
OF 2011
CLASS
OF 2012
CLASS
OF 2013
$17M
$36M
$100M
$30M
$40M
$75M
$262M
$23M
$25M
$34M
$64M
$116M
$104M
$197M
$228M$236M
$248M
$126M
$49M
OCTOBER
2010
APRIL
2011
APRIL
2010
OCTOBER
2011
APRIL
2012
OCTOBER
2012
APRIL
2013
OCTOBER
2013
$383M
$472M
$327M
F U N D I
N G R
A I S E D
37%
30% ANGEL
CAPITA
16% GOVERNMENTGRANTS
5% FRIENDS &
FAMILY
5% FOUNDATION
GRANTS
7% OTHER
FUNDING
$174M
$142M
$74M
$22M
$24M
$35M
$472MFUNDING RAISED
8
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$4M $11M
$17M
$3
$11M
$11M
$11M
$9
$8M
$71M
$2
$4
$13M
$56M
$9M$61M
$29M
$69M
$21M$12M
OCTOBER
2010
APRIL
2011
APRIL
2010
OCTOBER
2011
APRIL
2012
OCTOBER
2012
APRIL
2013
OCTOBER
2013
$128M
$194M
$83M
R E V E N U E G
E N E R A T E D
(left to right) Dan Levin, AJ Jaggi, Vitor Petrone, and Marcos Rocha of ViralGains (2013 Global Finalist) accepting the 2013superlative award for “Best All-Around Team.” ViralGains is on track to earn $1M+ in revenue in its first year.
Tomer Binyamin, Greenvolved, at the 2013 Startup Showcase Infographic designed by
$2+ billionTOTAL CURRENTVALUATION OF
MASSCHALLENGEALUMNI
ALUMNI REVENUE GEN
10
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Studies show that startups are responsible for virtually all net job growth in the United
States. The RICHARD AND SUSAN SMITH FAMILY FOUNDATION is a supporter of
economic mobility in Greater Boston and joined MassChallenge as a funder in 2013.
The MassChallenge 2013 Hiring Fair gathered nearly 400 job seekers with MassChallenge
finalists and alumni.
292
419
625
529
842
841979
1.100 1,068
674
733
720
811
989
840
739
1,024 9761,098 1,031
2,539
1,5811,154
J O B
S C R E A T E D
OCTOBER
2010
APRIL
2011
APRIL
2010
OCTOBER
2011
APRIL
2012
OCTOBER
2012
APRIL
2013
OCTOBER
2013
3,7293,928
2,688
Marie Duggan of Technology for Autism Now (2013 Global Finalist) speaking to a job-seeker at the 2013 MassChallengeHiring Fair.
Infographic designed by
2,503JOBS CREATED
IN MASSACHUSETTS
ALUMNI JOB CR
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“Our MassChallenge experience was like a startup buffet - we a
the resources we needed in front of us. Being part of such an
community allowed us to pick the brains of industry experts
entrepreneurs on a reg
MARI
Global Research Innovation & Technolo
2012 MassChallen
(PHOTO: GRIT) Tish Scolnick, CEO of GRIT (2012 Winner), introducing a man to the LeveragRenato Skerlj of Noliva Therapeutics (2013 Global Finalist) at peer-to-peer pitch practice in the MassChallenge Green Community
& MENTORSHIP
COMMUNITY
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“We reached out to Brian Kalma at a MassChallenge mentor matching
event hoping to learn from his background in user experience with Zappos
and others. Not only were his skills a fit, but also Brian’s personality and
values align with ours. When Brian joined our team full time after the
accelerator, the process of bringing him on couldn’t have been easier.”
KIT HICKEY
Ministry of Supply,
2012 MassChallenge Winner
(PHOTO: Ministry of Supply) Ministry of Supply (2012 Winner) founders (left to right) Kit Hickey, Gihan Amarasiriwardena, andAman Advani take their performance professional apparel for a bike ride in Boston’s Innovation District
The active participation of hundreds of expert Ma
mentors equates to a rich breadth and depth of startu
and experiences for the diverse class of en
MassChallenge mentors come from all disciplines an
and include entrepreneurs, investors, lawyers, ma
other corporate executives. Informal office hours co
formal mentorship program, allowing entrepreneurs
experts from companies like VERIZON, whose execu
invaluable insights to dozens of MassChallenge en
759OFFICE HOUR
SESSIONS HELD
Sam Bastia of Verizon speaking during the16
ALUMNI COMPANY
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526JUDGES INVOLVED
IN SELECTING2013 WINNERS
3.6AVERAGE NUMBER
OF MENTORSPER STARTUP
351ACTIVE MENTORS
IN 2013
Jessica McClear of Launchpad Venture Group at a 2013 Mentor Matching Event
NO LONGER
ACTIVE
ACQUIRED
ACTIVE
10
42
437
ACTIVE
ALUMNI COMPANY
18
NET PROMOTER SCORE
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NET PROMOTER SCORE
Diane Hessan of Communispace speaking a
The exceptional 2013 Mass
NPS score places the a
among the very high
brands in the world in term
satisfaction, ahead of bra
as Amazon, Apple, and Tra
78.1%NET PROMOTER
SCORE
DETRACTORS (<7)
NEUTRAL (7 - 8)
PROMOTERS(9 - 10)
On a scaleof 0-10, how
likely are youto recommendMassChallengeto anotherearly-stagestartup?
20
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PROGRAMMING & EVE
ACCELERAT
Scott Griffith, Former Chairman & CEO of Zipcar, speaking at 2013 MassChaPHOTO: Bounce Imaging
“The MassChallenge network advised us in patenting, engineering talent,financing strategy and manufacturing. We still work closely with many of
those connections, including the team at Lightspeed, who provide amazing
resources for hardware startups. The MassChallenge community helped
us progress from a team with an idea to a company ready to launch.”
FRANCISCO AGUILAR
Bounce Imaging,
2012 MassChallenge Winner
(left to right) Francisco Aguilar and David Young of Bounce Imaging (2012 Winner) with their awards and prototype22
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The MassChallenge accelerator program is designed to
provide entrepreneurs with a range of strategic and tactical
insights, covering everything from sales to hiring, from legal
to financing, and from product design to manufacturing.
FIDELITY INVESTMENTS has made an impressive impact
on the program content, which features its Design Thinking
group to lead workshops on pitching and user testing.
The Fidelity Investments Design Thinking Group giving its “Start With Why” talk during the 2013 accelerator The MassChallenge IdeaPaint™ wall calendar, loaded w
142WORKSHOPS
HELD DURING 2013ACCELERATOR
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Early-stage startups and large corporations have enormous opportunit
ideas and expertise to achieve mutual goals. Some of the most effective M
startup-corporate relationships are born out of events. MICROSOFT is
ongoing supporter of MassChallenge’s growth, and actively engaged in many
including the Launch Ceremony and the 60-second pi tch competition, Minu
Global Finalists at the MassChallenge 2013 All-Industry Mentor Matching event Victor Bartash and Lily Ricci of Cape Commons Brewing Co. (2013 Global Finalist) giving their winning onthe 2013 Minut
283TOTAL
EVENTS HOSTEDANNUALLY AT
MASSCHALLENGE
12,732EVENT ATTENDEES
ANNUALLY
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Shared access to global resources is
modern entrepreneurs. In partnership wit
COLOMBIA, MassChallenge runs inte
camps for Colombian entrepreneurs annu
judges accepted five Colombian startu
MassChallenge
“Thanks to MassChallenge, we
access to an organized community
investors and resources that we
would not have found in
JO
2013 MassChallen
(left to right) Horacio Reyes of Wedubox, Carlos Alberto Santana of Acsendo, Agustin Pelaez of UbidFinalists), and Jorge Soto of Keraderm (2013 Winner) all entered MassChallenge via Diamond Sponsor I
EXPANSION
GLOBAL
(left to right) Bill Schnoor of Goodwin Proctor LLP, Husni Abu Samrah of Mobistine (2013 Global Finalist from the PalestinianAuthority via MC Israel), and Aviv Gidot of Pixtr (2013 Global Finalist via MC Israel) converse at a MC Israel cookout in Boston28
APPLICANT GEOGRAPHY
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>250
50 - 249
25 - 49
10 - 24
<10
50INTERNAT
APPLIC
FRO
58COUNT
Infographic designed by Analogue Studio
3,040UNITED STATES
APPLICANTS
FROM
41STATES
Vagan Martirosyan of Dressformer (2013 Global Finalist, referred via the Russian Venture Cto Annie Ryu of Global Village Fruits and Lifeguard Games (2013 Global Finalists) during 30
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MASSCHALLENGE ISRAEL launched in 2013 as the first official MassChallenge
program outside of Boston. The mission of MassChallenge Israel is to enable top-tier
Israeli startups to access global markets by connecting them with the very best people
and organizations in the Boston entrepreneurial ecosystem.
Erez Livneh of Vecoy Nanomedicines (2013 Global Finalist via MC Israel) pitching at 2013 MassChallenge Israel Judging inTel Aviv
TOMER
Gr
2013 MassChallen
Tomer Binyamin of Greenvolved (2013 Global Finalist via MC Israel) at the 2013 32
BOARD OF ADV
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& SPONSORS
BOARD OF ADVISORS
BOARD OF ADV
SAGLOBAL INNOVATION & ST
VERIZON ENTE
SEASENIOR VICE PRES
FIDELITY CENTER FOR APPLIED TE
JAMES BFOUNDER & M
BERYLSON
GREGMASSACHUSE
HOUSING & ECONO
JOSFOUNDER & FORMER CEO, VERTEX
DESH DECO-CHAIR, NATIONAL ADVISORY COUNAND ENTREPRENEURSHIP FOR PRESIDE
LINDA PIZZUDIRECTOR, THE JOHN W. HENRY FA
DUANCHIEF O
CENTER FOR THE ADVANCEMENT O
SARA S
MICROSRESEARCH & DEVELOPME
Sara Spalding, Desh Deshpande, Sean Belka, and Linda Pizzuti Henry at a 2013 board meeting Josh Boger, Chair of the MassChallenge Board of Directors, at a 2034
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DIAMONDFIDELITY
JAMESTOWN
VERIZON
RICHARD AND SUSAN SMITH FAMILY FOUNDATION
CASIS
THE DESHPANDE FOUNDATION
INNPULSA COLOMBIA
FAN PIER
PLATINUM
AMERICAN AIRLINES
MASSACHUSETTS LIFE SCIENCES CENTER
MICROSOFT
RUSSIAN VENTURE COMPANY
RETO ZAPOPAN
GOLDAUTODESK
THE BOSTON FOUNDATIONEMCFOLEY & LARDNER LLPTHE JOHN W. HENRY FAMILY FOUNDATIONJOSHUA BOGERTHE KRAFT GROUPMASSACHUSETTS CLEAN ENERGY CENTERMASSACHUSETTS TECHNOLOGY COLLABORATIVETHE NATIONAL SCIENCE FOUNDATIONORACLEPFIZER
Quad Technologies at 2013 CASIS Sidecar Prize Judging
THE CENTER FOR THE ADVANCEMENT OIN SPACE (CASIS) and MassChallenge for
of-a-kind partnership to push the bo
entrepreneurial research. MassChallenge
helped entrepreneurs out of the prove
and into a buzzing community of entrep
supporters. CASIS wants to help take st
higher and enable entrepreneurs to conduc
the International Space Station U.S. Nationa
In 2013, CASIS provided an additional $400money and the opportunity to use the IS
ultimate research or technology developme
This represents an unparalleled opportuni
stage entrepreneurs to utilize the unique
environment and vantage point of the ISS N
intellectual property or applications that provi
benefit to U.S. citizens in the areas of life scien
and physical sciences, or earth observation
sensing t
SILVERBABSON COLLEGE
BOSTON UNIVERSITYD’AMORE-MCKIM SCHOOL OF BUSINESS
AT NORTHEASTERN UNIVERSITY
DELOITTEDUANE MORRIS LLPFOLEY HOAG LLPFISH & RICHARDSON LLPGOODWIN PROCTER LLPIBMPERKINS SCHOOL FOR THE BLINDSOFTLAYER
Brian Plouffe of Quad Technologies LLC (2013 Global Finalist) pitching for a 2013 CA
SPONSORS*
*As of October 24, 201336
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VISION
MASSCHALLENGE
Mayor Thomas M. Menino announcing MassChallenge will move to the new Innovation & Design Building in 2014United States Senators Elizabeth Warren and Ed Markey speak with Sarah Biller of Capital Market Exchan
during their visit to MassChalle38
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Modern entrepreneurship is a globa
At MassChallenge, we have always
a global startup renaissance - a reb
inspired, creative innovators who striv
to create new value instead of
over extracting from what alrea
We are committed to further this gloof collaboration and impact while also
to improve access for entreprene
vanguard in Boston. This starts with
transition to our new headquarters as
tenant in the Innovation and Desig
in Boston’s Innovation District, and
as we further activate partnerships
ecosystem of startup supporters to
entrepreneu
Jamestown Properties’ conceptual drawing of the Innovation and Design Building A peek inside the new MassChallenge Headquarters, located at 21 Drydock Avenue in Boston’s I
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