Mass Challenge 2013 Impact Report

8/12/2019 Mass Challenge 2013 Impact Report

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MASSCHALLENG

201

IMPACT REPOR



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



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

4



“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



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



$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



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

12



“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

14



“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



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



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



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



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

24



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

26



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



>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



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



& 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



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



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



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

40



Documents

Mass Challenge 2013 Impact Report