2011 01-31 mass challenge overview and metrics

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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.org

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2011 01-31 mass challenge overview and metrics

  1. 1. Overview and 2010 metrics MassChallenge overview and 2010 metrics John Harthorne john@masschallenge.org Akhil Nigam akhil@masschallenge.org Karl Büttner karl@masschallenge.orgDRAFT January 2011 January 2010
  2. 2. MassChallenge is fostering innovation and growth via a global startup competition MassChallenge mission To catalyze a startup renaissance 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. 1
  3. 3. The startup competition connects innovatorswith supporters and resources throughout 2011 Competition Dates Annual $1M StartupJan 2011 Competition and Accelerator Prepare MassChallengeMarch 8 •  Anyone can enter, from Accept applications anywhere, with any startup & prepare entrantsApril 11 •  Everyone gets training and 2 rounds of judging access to networks & resourcesMay 24 Prepare finalists •  Expert judges identify highest for accelerator impact, most viable startupsJune 20 •  Finalists are matched with Accelerate mentors and free resources finalists Oct 1 •  Highest impact, most viable Final Judging startups win awards Oct 20 Final ceremony •  Sponsors, partners, alumni are integrated into all stages Engage all participants and alumni Copyright © 2011, MassChallenge, Inc. All Rights Reserved. 2
  4. 4. In year 1, MassChallenge was largest competition& accelerator ever: 446 entrants and 111 finalistsMassChallenge 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 Copyright © 2011, MassChallenge, Inc. All Rights Reserved. 3
  5. 5. In first year, MassChallenge secured support from leaders in each area of MA innovation ecosystem • MA Governor Deval Patrick • BOS Mayor Thomas Menino• Core Sponsors/Advisors: • Desh Deshpande Government • 40+ VC and Angel funds • Josh Boger involved as mentors/judges • Ken Morse Entrepreneurs Angels & VCs • 20 of top 100 VC funds• 446 applications • Dozens of individual angels 111 startups as finalists MassChallenge Startup Catalyst• 250+ events including Businesses & • Microsoft, Blackstone, People training and job fairs Foundations Verizon and 15+ more• Media coverage on • Desphande Foundation Universities Fox Business, CNBC etc. • 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 Copyright © 2011, MassChallenge, Inc. All Rights Reserved. 4
  6. 6. MassChallenge Accelerator: 111 startups, 22K+ ft2office space, 200+ mentors, $1M in grants 446 applications received Aug-Oct •  22,000+ ft2 shared office space Accelerator •  330+ people in 111 startups 111 startups mentored •  5,000+ hours of mentoring Oct. 21 •  200+ mentors Final Ceremony •  10+ new companies incorporated $1M awarded •  300+ judges & mentors engaged April 2011 •  $20M+ external funding secured 6 month review by startups by Jan 31, 2011 Updated metrics TBD •  ~300 jobs created by startups by Jan 31, 2011 Copyright © 2011, MassChallenge, Inc. All Rights Reserved. 5
  7. 7. 446 teams applied to enter MassChallenge,representing 26 countries and 24 states 446 startups = world’s largest Startup CompetitionNotes: All values self-reported based on “primary industry” and “current headquarters”. Copyright © 2011, MassChallenge, Inc. All Rights Reserved. 6
  8. 8. Expert judges selected 111 finalists to participate inthe 3 month MassChallenge accelerator program 111 startups = world’s largest Startup AcceleratorNotes: All values self-reported based on “primary industry” and “current headquarters”. Copyright © 2011, MassChallenge, Inc. All Rights Reserved. 7
  9. 9. Feedback from startups very positive, with finalist satisfaction exceeding Apple customer enthusiasm Net Promoter Score = % promoters - % detractors"How likely would you be to recommend Net Promoter Score (NPS) MassChallenge to a friend?" US leaders (2010) (10 = most likely) N=46 •  USAA 81% 78.3% •  Apple 78% •  Amazon 71% •  Trader Joe’s 68% •  Wegman’s 67% Notes: MassChallenge NPS calculated from data collected in Jan 2011 finalist survey Comparative NPS data from: http://www.netpromoter.com/np/compare.jsp Copyright © 2011, MassChallenge, Inc. All Rights Reserved. 8
  10. 10. MassChallenge organized 250+ events in 2010,fostering connections and educating 5,000+ people Events Organized How satisfied are you with by MassChallenge your current ACCESS to each of in 2010 the following? (10 most satisfied)Notes: Before data from April 2010 (N=86),after data from November 2010 (N=49) Copyright © 2011, MassChallenge, Inc. All Rights Reserved. 9
  11. 11. Finalists indicate improved access to keyresources, especially to peers and funding sources How satisfied are you with your current ACCESS to each of the following? (10 most satisfied) +32% +34% +16% +22%Notes: Before data from April 2010 (N=86),after data from November 2010 (N=49) Copyright © 2011, MassChallenge, Inc. All Rights Reserved. 10
  12. 12. Finalists credit MassChallenge with increasing theiraccess, especially those that engaged activelyTo what extent has MassChallengeimproved your access to key resources? ~30% better(10 being very significantly) improvement for engaged teamsNotes: Before data from April 2010 (N=65),after data from November 2010 (N=48) Copyright © 2011, MassChallenge, Inc. All Rights Reserved. 11
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