How to be a standout MassChallenge Applicant
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Applying to MassChallenge? Here are some simple tips for entrepreneurs looking to make sure they have an application that is sure to raise eyebrows when applying to the most startup friendly accelerator on the planet.
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How to be a standout MassChallenge Applicant
- 1. BOSTON | ISRAEL | MEXICO | SWITZERLAND | UK HOW TO BE A STANDOUT MASSCHALLENGE APPLICANT Applications due March 28, 2017!
- 2. Copyright © 2017 MassChallenge, Inc. All Rights Reserved. 2 WE BELIEVE ENTREPRENEURS CAN CHANGE THE WORLD
- 3. Copyright © 2017 MassChallenge, Inc. All Rights Reserved. 3 IMPACT OVER EQUITY MASSCHALLENGE SUPPORT AND FUNDING COMES WITH NO EQUITY TAKEN • No-equity, not-for-profit • Impact across all industries • 100% focus on helping entrepreneurs win • $2M+ total cash awards
- 4. WHO CAN APPLY? Copyright © 2017 MassChallenge, Inc. All Rights Reserved. 4 • Open to all • Anywhere in the world • Any industry • Early stage • At least one founder engages in the program
- 5. TIMELINE: CYCLE 1 Copyright © 2017 MassChallenge, Inc. All Rights Reserved. 5 Boston | Israel | Switzerland JUDGING APRIL - MAY APPLICATIONS MARCH 1 EARLY BIRD MARCH 28 REGULAR Round 1: Short online application Round 2: In-person pitch Written feedback & scoring for all applicants in both judging rounds. ACCELERATOR JUNE - OCTOBER
- 6. WHO ARE THE JUDGES • ENTREPRENEURS • EXECUTIVES • INVESTORS • LAWYERS • SERVICE PROVIDERS Copyright © 2017 MassChallenge, Inc. All Rights Reserved. 6 MassChallenge Judges overlap with the mentor pool and represent many industries and perspectives.
- 7. JUDGING CRITERIA Copyright © 2017 MassChallenge, Inc. All Rights Reserved. 7 HIGH IMPACT WHY DOES YOUR STARTUP MATTER? The judges make an overall recommendation, seeking startup with a high potential to make an impact. HIGH POTENTIAL WHAT ARE YOUR CHANCES?
- 8. IMPACT ON A SPECTRUM Copyright © 2017 MassChallenge, Inc. All Rights Reserved. 8 Impact is up to the entrepreneurs to define. Often, impact isn’t black and white. IMPACT ECONOMIC IMPACT • Revenue • Funding • Jobs • Market Creation • Industry Disruption SOCIAL IMPACT • Solutions • Behavioral Change • Education/Research • Skill Transfer • People Helped
- 9. TIP #1: CHARACTER LIMITS • SHORTHAND & BULLETS • STRATEGIC REPETITION • STARTUP PROFILE • SIMPLE CITATIONS Copyright © 2017 MassChallenge, Inc. All Rights Reserved. 9 The 250 & 500 character limits are tricky – many entrepreneurs struggle to fit their answers.
- 10. TIP #2: BAD & LESS BAD ANSWERS • SHOW PROGRESS TO DATE • DEMONSTRATE NEXT STEPS • PROVE ABILITY TO SOLVE PROBLEMS Copyright © 2017 MassChallenge, Inc. All Rights Reserved. 10 No application is perfect. Great applications are honest and have a realistic view of the future.
- 11. TIP #3: COMPLICATED TECHNOLOGY • FEEDBACK FROM LAYPERSON • FEEDBACK FROM PEERS • SHOW KEY PROOF • LEVERAGE STARTUP PROFILE Copyright © 2017 MassChallenge, Inc. All Rights Reserved. 11 Many of the startups have complicated products that will be difficult to describe within the character limits
- 12. TIP #4: HIGHEST-IMPACT QUESTIONS 1. Customer Pain & Solution 2. Overall Impact 3. Customer Needs & Acquisition 4. Industry & Competitors 5. Business Model 6. Regulation & IP 7. Founding Team, Advisors & Investors 8. MassChallenge Copyright © 2017 MassChallenge, Inc. All Rights Reserved. 12 The application is essentially an executive summary. Start with the three first questions.
- 13. THANK YOU
Editor's Notes
- MassChallenge was founded on the belief that entrepreneurs are the true value creators for society – that entrepreneurs like you tackle huge opportunities and important opportunities. So when we created MassChallenge, we ensured that we would prioritize the needs of the entrepreneurs above all else.
- So what does it mean to be startup-friendly? We value impact over equity. MassChallenge support and funding comes with no strings attached. We are structured as a nonprofit to focus on your success. We award over $2M in cash awards, again, all with no equity taken.