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What Makes Boston’s Start-Up 
Scene Special? 
Jeff Bussgang 
General Partner, Flybridge Capital Partners 
Senior Lecturer, Harvard Business School 
Fall 2014 
1--Confidential
 Intellectual Capital – academia, innovation, 
diverse industries and ideas 
 Advisors, Angels, Accelerators- seed $ 
 Venture Capital – scale $, mentorship 
 Successful Companies – to partner, poach 
2--Confidential 
and/or sell to 
Ingredients for a Vibrant 
Start-Up Ecosystem
3--Confidential 
Historical Leadership
4--Confidential 
MIT – Factory of Innovation
5--Confidential 
Harvard Is No Slouch
Other Colleges and Universities 
6--Confidential
Innovation Leadership: Patents 
7--Confidential 
6,000 
5,000 
4,000 
3,000 
2,000 
1,000 
- 
Patents Issued Per Capita (M) - 2011 
2011 
Source: US Patent and Trademark Office
Innovation Leadership: #1 NIH Funding 
8--Confidential 
Source: NIH and Boston Redevelopment Authority (2013)
Innovation Economy is Densely Concentrated 
Population: 640k Boston, 4.5m Greater Boston Area 
9--Confidential
10--Confidential 
Geographic Clusters 
Benefits of High Concentration 
495 Corridor 
128 Corridor 
Cambridge/Boston
11--Confidential 
Kendall Square 
“Highest Density Cluster of Innovation on the Planet”
12--Confidential 
Boston’s Innovation District
13--Confidential 
Next Up: Harvard - Allston
Venture Capital: Regional Comparison 
14--Confidential 
California: 
$94B 
Massachusetts: 
$33B 
New York: 
$20B 
Total VC Capital Under Management 
Source: NVCA 2014 Yearbook 
76% of total VC $ in these 3 regions
VC Capital Under Management Per Capita 2013 
15--Confidential 
Venture Capital Per Capita 
California: 
$2.5k/person 
Massachusetts: 
$4.9k/person 
New York: 
$1.0k/person 
Source: NVCA 2014 Yearbook, US Census
Proximity to NYC: A Huge Plus 
16--Confidential
Leading Clusters: Life Sciences Leadership 
17--Confidential
Leading Clusters: Boston’s Energy Sector 
18--Confidential
High Technology MicroClusters: 
For Example, Strength in Mobile 
• Hundreds of iPhone developers in MA 
• Over 50 VC-backed mobile start-ups 
• Seven 9-figure exits: 
• Crashlytics (Twitter) 
• Enpocket (Nokia) 
• Jumptap (Millenial Media) 
• M-Qube (Verisign) 
• Quattro (Apple) 
• Third Screen (AOL) 
• Where (PayPal) 
• Other mobile leaders 
• Adelphic Mobile 
• Drizly 
• Fiksu 
• RunKeeper 
• SavingStar 
• SessionM 
19--Confidential 
iPhone developers using location API
20--Confidential 
Other MicroClusters 
Cloud Computing 
Online 
Video 
Health IT 
Marketing 
Tech 
Education
Strong Community of Women Tech Leaders 
21--Confidential 
Gail Goodman 
Constant Contact 
Abbie Celniker 
Eleven 
Biotherapeutics 
Nicole Stata 
Boston Seed 
Michelle Dipp 
Ovascience 
C.A. Webb 
N.E.V.C.A 
Katie Rae 
Project II 
Helen Greiner 
CyPhy
IPOs (17) 
BioTech Tech 
Market caps as of 9/16/2014 
22--Confidential 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$276M 
$309M 
TBD 
TBD 
 
 
 
$139M 
$27M 
$370M 
$312M 
$241M 
$426M 
$207M 
$336M 
$340M 
$80M 
$188M 
$739M 
$448M 
Boston-Based IPOs in 2014
Recent Boston-Based Liquidity 
M&A >$500M (5) 
 
$1.8B 
 
$1.1B 
 
$775M 
 
$700M 
 
$500M 
23--Confidential Market caps as of 09/5/2013
Boston-Based Platform Companies 
Market caps as of 9/16/2014 
24--Confidential 
$60B 
$38B 
$15B 
$14B 
$11B 
$5B 
$5B 
 
 
 
 
Market Capitalization 
 
 
 
$77B 
$49B 
$22B 
$9B 
$5B 
$3B 
 
 
 
 
 

Expansion of Major Tech Companies 
25--Confidential
26--Confidential 
Start-up Resources
Investors and Entrepreneurs to Follow 
Investors Blog URL Twitter 
Rob Go / Next View robgo.org @robgo 
Chip Hazard / Flybridge hazard.typepad.com @chazard 
Antonio Rodriguez/Matrix an.ton.io @antrod 
Bijan Sabet / Spark bijansabet.com @bijan 
David Skok / Matrix forentrepreneurs.com @bostonvc 
Michael Skok/Northbridge mjskok.com @mjskok 
Entrepreneurs Blog URL Twitter 
David Cancel/Hubspot davidcancel.com @dcancel 
Wayne Chang/Crashlytics waynechang.com @wayne 
Diane Hessan/Commun. @CommunispaceCEO 
Jules Pieri/DailyGrommet jules.thegrommit.com @julespieri 
Dharmesh Shah onstartups.com @dharmesh 
Mike Troiano/Actifio medium.com/@miketrap @miketrap 
27--Confidential
28--Confidential 
Harvard Start-up Resources 
HBS EIRs 
2014 
Ajay Agarwal 
Marla Malcolm Black 
Stephen Bonner 
Sam Clemens 
Chuck Davis 
David Hornik 
Janet Kraus 
Eric Paley 
Jules Pieri 
Ruben Pinchanksi 
Diego Rodriguez 
Rudina Seseri 
Jim Sharpe 
Steven Sinofsky 
Jim Southern 
Russ Wilcox 
Campus Resources 
NYC STARTUP TREK
Conclusion: Boston Ranked #1 
City of Global Innovation Economy 
29--Confidential 
#1 Boston 
www.massitsallhere.com

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Boston Startup Scene Presentation fall 2014 final

  • 1. What Makes Boston’s Start-Up Scene Special? Jeff Bussgang General Partner, Flybridge Capital Partners Senior Lecturer, Harvard Business School Fall 2014 1--Confidential
  • 2.  Intellectual Capital – academia, innovation, diverse industries and ideas  Advisors, Angels, Accelerators- seed $  Venture Capital – scale $, mentorship  Successful Companies – to partner, poach 2--Confidential and/or sell to Ingredients for a Vibrant Start-Up Ecosystem
  • 4. 4--Confidential MIT – Factory of Innovation
  • 6. Other Colleges and Universities 6--Confidential
  • 7. Innovation Leadership: Patents 7--Confidential 6,000 5,000 4,000 3,000 2,000 1,000 - Patents Issued Per Capita (M) - 2011 2011 Source: US Patent and Trademark Office
  • 8. Innovation Leadership: #1 NIH Funding 8--Confidential Source: NIH and Boston Redevelopment Authority (2013)
  • 9. Innovation Economy is Densely Concentrated Population: 640k Boston, 4.5m Greater Boston Area 9--Confidential
  • 10. 10--Confidential Geographic Clusters Benefits of High Concentration 495 Corridor 128 Corridor Cambridge/Boston
  • 11. 11--Confidential Kendall Square “Highest Density Cluster of Innovation on the Planet”
  • 13. 13--Confidential Next Up: Harvard - Allston
  • 14. Venture Capital: Regional Comparison 14--Confidential California: $94B Massachusetts: $33B New York: $20B Total VC Capital Under Management Source: NVCA 2014 Yearbook 76% of total VC $ in these 3 regions
  • 15. VC Capital Under Management Per Capita 2013 15--Confidential Venture Capital Per Capita California: $2.5k/person Massachusetts: $4.9k/person New York: $1.0k/person Source: NVCA 2014 Yearbook, US Census
  • 16. Proximity to NYC: A Huge Plus 16--Confidential
  • 17. Leading Clusters: Life Sciences Leadership 17--Confidential
  • 18. Leading Clusters: Boston’s Energy Sector 18--Confidential
  • 19. High Technology MicroClusters: For Example, Strength in Mobile • Hundreds of iPhone developers in MA • Over 50 VC-backed mobile start-ups • Seven 9-figure exits: • Crashlytics (Twitter) • Enpocket (Nokia) • Jumptap (Millenial Media) • M-Qube (Verisign) • Quattro (Apple) • Third Screen (AOL) • Where (PayPal) • Other mobile leaders • Adelphic Mobile • Drizly • Fiksu • RunKeeper • SavingStar • SessionM 19--Confidential iPhone developers using location API
  • 20. 20--Confidential Other MicroClusters Cloud Computing Online Video Health IT Marketing Tech Education
  • 21. Strong Community of Women Tech Leaders 21--Confidential Gail Goodman Constant Contact Abbie Celniker Eleven Biotherapeutics Nicole Stata Boston Seed Michelle Dipp Ovascience C.A. Webb N.E.V.C.A Katie Rae Project II Helen Greiner CyPhy
  • 22. IPOs (17) BioTech Tech Market caps as of 9/16/2014 22--Confidential               $276M $309M TBD TBD    $139M $27M $370M $312M $241M $426M $207M $336M $340M $80M $188M $739M $448M Boston-Based IPOs in 2014
  • 23. Recent Boston-Based Liquidity M&A >$500M (5)  $1.8B  $1.1B  $775M  $700M  $500M 23--Confidential Market caps as of 09/5/2013
  • 24. Boston-Based Platform Companies Market caps as of 9/16/2014 24--Confidential $60B $38B $15B $14B $11B $5B $5B     Market Capitalization    $77B $49B $22B $9B $5B $3B      
  • 25. Expansion of Major Tech Companies 25--Confidential
  • 27. Investors and Entrepreneurs to Follow Investors Blog URL Twitter Rob Go / Next View robgo.org @robgo Chip Hazard / Flybridge hazard.typepad.com @chazard Antonio Rodriguez/Matrix an.ton.io @antrod Bijan Sabet / Spark bijansabet.com @bijan David Skok / Matrix forentrepreneurs.com @bostonvc Michael Skok/Northbridge mjskok.com @mjskok Entrepreneurs Blog URL Twitter David Cancel/Hubspot davidcancel.com @dcancel Wayne Chang/Crashlytics waynechang.com @wayne Diane Hessan/Commun. @CommunispaceCEO Jules Pieri/DailyGrommet jules.thegrommit.com @julespieri Dharmesh Shah onstartups.com @dharmesh Mike Troiano/Actifio medium.com/@miketrap @miketrap 27--Confidential
  • 28. 28--Confidential Harvard Start-up Resources HBS EIRs 2014 Ajay Agarwal Marla Malcolm Black Stephen Bonner Sam Clemens Chuck Davis David Hornik Janet Kraus Eric Paley Jules Pieri Ruben Pinchanksi Diego Rodriguez Rudina Seseri Jim Sharpe Steven Sinofsky Jim Southern Russ Wilcox Campus Resources NYC STARTUP TREK
  • 29. Conclusion: Boston Ranked #1 City of Global Innovation Economy 29--Confidential #1 Boston www.massitsallhere.com