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CONFIDENTIAL PRESENTATION | PAGE 1
What Makes Boston’s Start-Up
Scene Special?
Jeff Bussgang
General Partner, Flybridge Capital Partners
Senior Lecturer, Harvard Business School
Author, Entering StartUpLand and Mastering the VC
Game
Fall 2017
CONFIDENTIAL PRESENTATION | PAGE 2
 Intellectual Capital – academia, innovation,
diverse industries and ideas
 Advisors, Angels, Accelerators- seed $
 Venture Capital – scale $, mentorship
 Successful Companies – to partner, poach
and/or sell to
 Superior Quality of Life
Ingredients for a Vibrant Start-Up Ecosystem
CONFIDENTIAL PRESENTATION | PAGE 3
Historical Leadership
CONFIDENTIAL PRESENTATION | PAGE 4
33,600 companies
300 each year
Employs 3.3
million
Generates $2
trillion of sales
300+ patents each
year
MIT Factory of Innovation
CONFIDENTIAL PRESENTATION | PAGE 5
Harvard is No Slouch
CONFIDENTIAL PRESENTATION | PAGE 6
Recent HBS Grads Raising Money
for their Boston-Based Startups
CONFIDENTIAL PRESENTATION | PAGE 7
Other Colleges and Universities
CONFIDENTIAL PRESENTATION | PAGE 8
Innovation Economy Is Densely Concentrated
Population: 645K Boston, 4.6M Greater Boston Area
• MA named top “innovation economy, for the 4th year in a row,
• Roughly 38% of MA residents work in the innovation economy
CONFIDENTIAL PRESENTATION | PAGE 9
Geographic Clusters Benefits of High Concentration
495 Corridor
128 Corridor
Cambridge/Boston
CONFIDENTIAL PRESENTATION | PAGE 10
“Highest Density Cluster of Innovation on the Planet”
Kendall Square
CONFIDENTIAL PRESENTATION | PAGE 11
Boston’s Innovation District
CONFIDENTIAL PRESENTATION | PAGE 12
Next Up: Harvard - Allston
CONFIDENTIAL PRESENTATION | PAGE 13
VC Funding Has Become Even More
Concentrated Over Time: BOS, NY, SF
CONFIDENTIAL PRESENTATION | PAGE 14
Venture Capital: Regional Comparison
California:
$181.3B
New York:
$45.5B
Massachusetts:
$50.2B
VC Capital Under Management - 2016
Source: Pitchbook / NVCA 2017
Yearbook
80% of total VC $ in these 3 regions
CONFIDENTIAL PRESENTATION | PAGE 15
Venture Capital Under Management
Per Capita
California:
$4.6K/person
New York:
$2.3K/person
Massachusetts:
$7.7K/person
VC Capital Under Management Per Capita - 2016
Source: NVCA 2017 Yearbook, US Census
CONFIDENTIAL PRESENTATION | PAGE 16
StartedAfter
2009
Super Angels Micro VCs Seed VCs
Boston Seed
Companyon Capital
DataPoint Capital
Dorm Room
E14 Fund (MIT)
The Graduate Syndicate
Hyperplane
InTeahouse
Launch Capital
Mass Ave Capital
Material Impact
NextGen
OneWay Ventures
Procyon
Rough Draft Ventures
XFactor Ventures
BioInnovation Capital
Brain Robotics Capital
Converge Ventures
Engine
Flybridge Capital Partners
Founder Collective
G20
Glasswing
NextView Ventures
Pillar
Procyon Ventures
Romulus
Underscore.VC
Michael Baker
Kirstan Barnett
Joe Caruso
David Chang
Wayne Chang
Barbara Clarke
Michael Dornbrook
Diane Hessen
Joi Ito
John Landry
Jennifer Lum
Andy Palmer
Dharmesh Shah
Mike Volpe
Boston Angel Club
Golden Seeds
Launchpad
Super Angels: Make > 10 investments/year, typically listed on AngelList
Micro VCs: $0-50m fund, predominantly invest in seeds or pre-seeds
Seed VCs: $50-150m fund, predominantly invest in seeds
Pre-Seed / Seed Capital Is More Available Now
CONFIDENTIAL PRESENTATION | PAGE 17
Proximity to NYC: A Huge Plus
CONFIDENTIAL PRESENTATION | PAGE 18
National Institute of Health: State Rankings
Most NIH awards
Source: Boston Business Journal, March 18th, 2016
Most NIH funding (millions)
Location Awards
California 7,765
Massachusetts 4,914
New York 4,880
Pennsylvania 3,380
Maryland 2,542
Texas 2,524
North Carolina 2,193
Illinois 1,920
Ohio 1,657
Location Funding
California $3,553
Massachusetts $2,507
New York $2,097
Maryland $1,735
Pennsylvania $1,535
North Carolina $1,148
Texas $1,040
Washington $916
Illinois $753
CONFIDENTIAL PRESENTATION | PAGE 19
Leading Clusters: Life Sciences Leadership
CONFIDENTIAL PRESENTATION | PAGE 20
Leading Clusters: Boston’s Energy/AgTech
Sector
CONFIDENTIAL PRESENTATION | PAGE 21
E-Commerce
Cloud
Ed Tech
Cybersecurity
Marketing Tech
Health IT
Machine Learning
Mobile
Robotics
Boston Technology MicroClusters
CONFIDENTIAL PRESENTATION | PAGE 22
*Platform companies – large, anchor companies you can partner with, poach from, sell to and from, typically . $2B market cap, which many other companies will s
Boston-Based Platform Companies*
CONFIDENTIAL PRESENTATION | PAGE 23
And We Also Have Our Unicorns
Public Private
+
+
* Founded since 2001 and worth >$1B +Acquired
*
+
CONFIDENTIAL PRESENTATION | PAGE 24
And We Also Have Our Unicorns
Public Private
+
+
* Founded since 2001 and worth >$1B +Acquired
*
+
CONFIDENTIAL PRESENTATION | PAGE 25
Expansion of Major Tech Companies
CONFIDENTIAL PRESENTATION | PAGE 26
Quality of life: Exciting and Comfortable
• Boston ranked 8th best city in the world to live in, top US city
• Best purchasing power in the US
Small town feels with all the perks of city
life
CONFIDENTIAL PRESENTATION | PAGE 27
Strong Community of Women Tech Leaders
#2 “Top Cities for Female Entrepreneurs” - Forbes
Zoe Barry
ZappRx
Cynthia Brezeal
Jibo
Sasha Hoffman
Piaggio Fast Forward
Abbie Celniker
Eleven Bio
Michelle Dipp
Ovascience
Helen Greiner
CyPhy/iRobot
Bettina Hein
Pixability
Sheila Marcelo
Care.com
Mary Puma
Axcelis
Reshma Shetty
Ginkgo Bioworks
CONFIDENTIAL PRESENTATION | PAGE 28
Boston VC Funds Led By Women
* Not a fund but rather a trade association of VCs
*
CONFIDENTIAL PRESENTATION | PAGE 29
Start-Up Resources
Skills /
Educational
Industry
Organizations
Co-Working
Spaces
CONFIDENTIAL PRESENTATION | PAGE 30
Start-Up Resources
News
Outlets
Accelerators
/ Incubators
For
Students
CONFIDENTIAL PRESENTATION | PAGE 31
Investors and Entrepreneurs to Follow
Investors Blog URL Twitter
Rob Go / Next View medium.com/@robgo @robgo
Maia Heymann/ Converge medium.com/@MaiaHeymann_3619
1
@maiaheymann
Eric Paley / FC medium.com/@epaley @epaley
David Skok / Matrix forentrepreneurs.com @bostonvc
Bijan Sabet / Spark Capital bijansabet.com @bijan
Sarah Hodges / Pillar medium.com/@sarahhodges @hodges
Mike Troiano / G20 medium.com/@miketrap @miketrap
Entrepreneurs Blog URL Twitter
David Cancel / Drift medium.com/@dcancel @dcancel
David Chang / ex-PayPal medium.com/@davidgchang @changds
Alexandra Drane / Eliza @adrane
Paul English / Lola paulenglish.com @englishpaulm
Linda Henry / HubWeek @linda_pizzuti
Dharmesh Shah / Hubspot medium.com/@dharmesh @dharmesh
Mike Volpe / CyberReason medium.com/@mvolpe @mvolpe
CONFIDENTIAL PRESENTATION | PAGE 32
Conclusion: Top Ranked Innovation City
It’s All Here Waiting For You
#1 Boston
www.massitsallhere.com

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What Makes Boston's Startup Scene Special - fall 2017

  • 1. CONFIDENTIAL PRESENTATION | PAGE 1 What Makes Boston’s Start-Up Scene Special? Jeff Bussgang General Partner, Flybridge Capital Partners Senior Lecturer, Harvard Business School Author, Entering StartUpLand and Mastering the VC Game Fall 2017
  • 2. CONFIDENTIAL PRESENTATION | PAGE 2  Intellectual Capital – academia, innovation, diverse industries and ideas  Advisors, Angels, Accelerators- seed $  Venture Capital – scale $, mentorship  Successful Companies – to partner, poach and/or sell to  Superior Quality of Life Ingredients for a Vibrant Start-Up Ecosystem
  • 3. CONFIDENTIAL PRESENTATION | PAGE 3 Historical Leadership
  • 4. CONFIDENTIAL PRESENTATION | PAGE 4 33,600 companies 300 each year Employs 3.3 million Generates $2 trillion of sales 300+ patents each year MIT Factory of Innovation
  • 5. CONFIDENTIAL PRESENTATION | PAGE 5 Harvard is No Slouch
  • 6. CONFIDENTIAL PRESENTATION | PAGE 6 Recent HBS Grads Raising Money for their Boston-Based Startups
  • 7. CONFIDENTIAL PRESENTATION | PAGE 7 Other Colleges and Universities
  • 8. CONFIDENTIAL PRESENTATION | PAGE 8 Innovation Economy Is Densely Concentrated Population: 645K Boston, 4.6M Greater Boston Area • MA named top “innovation economy, for the 4th year in a row, • Roughly 38% of MA residents work in the innovation economy
  • 9. CONFIDENTIAL PRESENTATION | PAGE 9 Geographic Clusters Benefits of High Concentration 495 Corridor 128 Corridor Cambridge/Boston
  • 10. CONFIDENTIAL PRESENTATION | PAGE 10 “Highest Density Cluster of Innovation on the Planet” Kendall Square
  • 11. CONFIDENTIAL PRESENTATION | PAGE 11 Boston’s Innovation District
  • 12. CONFIDENTIAL PRESENTATION | PAGE 12 Next Up: Harvard - Allston
  • 13. CONFIDENTIAL PRESENTATION | PAGE 13 VC Funding Has Become Even More Concentrated Over Time: BOS, NY, SF
  • 14. CONFIDENTIAL PRESENTATION | PAGE 14 Venture Capital: Regional Comparison California: $181.3B New York: $45.5B Massachusetts: $50.2B VC Capital Under Management - 2016 Source: Pitchbook / NVCA 2017 Yearbook 80% of total VC $ in these 3 regions
  • 15. CONFIDENTIAL PRESENTATION | PAGE 15 Venture Capital Under Management Per Capita California: $4.6K/person New York: $2.3K/person Massachusetts: $7.7K/person VC Capital Under Management Per Capita - 2016 Source: NVCA 2017 Yearbook, US Census
  • 16. CONFIDENTIAL PRESENTATION | PAGE 16 StartedAfter 2009 Super Angels Micro VCs Seed VCs Boston Seed Companyon Capital DataPoint Capital Dorm Room E14 Fund (MIT) The Graduate Syndicate Hyperplane InTeahouse Launch Capital Mass Ave Capital Material Impact NextGen OneWay Ventures Procyon Rough Draft Ventures XFactor Ventures BioInnovation Capital Brain Robotics Capital Converge Ventures Engine Flybridge Capital Partners Founder Collective G20 Glasswing NextView Ventures Pillar Procyon Ventures Romulus Underscore.VC Michael Baker Kirstan Barnett Joe Caruso David Chang Wayne Chang Barbara Clarke Michael Dornbrook Diane Hessen Joi Ito John Landry Jennifer Lum Andy Palmer Dharmesh Shah Mike Volpe Boston Angel Club Golden Seeds Launchpad Super Angels: Make > 10 investments/year, typically listed on AngelList Micro VCs: $0-50m fund, predominantly invest in seeds or pre-seeds Seed VCs: $50-150m fund, predominantly invest in seeds Pre-Seed / Seed Capital Is More Available Now
  • 17. CONFIDENTIAL PRESENTATION | PAGE 17 Proximity to NYC: A Huge Plus
  • 18. CONFIDENTIAL PRESENTATION | PAGE 18 National Institute of Health: State Rankings Most NIH awards Source: Boston Business Journal, March 18th, 2016 Most NIH funding (millions) Location Awards California 7,765 Massachusetts 4,914 New York 4,880 Pennsylvania 3,380 Maryland 2,542 Texas 2,524 North Carolina 2,193 Illinois 1,920 Ohio 1,657 Location Funding California $3,553 Massachusetts $2,507 New York $2,097 Maryland $1,735 Pennsylvania $1,535 North Carolina $1,148 Texas $1,040 Washington $916 Illinois $753
  • 19. CONFIDENTIAL PRESENTATION | PAGE 19 Leading Clusters: Life Sciences Leadership
  • 20. CONFIDENTIAL PRESENTATION | PAGE 20 Leading Clusters: Boston’s Energy/AgTech Sector
  • 21. CONFIDENTIAL PRESENTATION | PAGE 21 E-Commerce Cloud Ed Tech Cybersecurity Marketing Tech Health IT Machine Learning Mobile Robotics Boston Technology MicroClusters
  • 22. CONFIDENTIAL PRESENTATION | PAGE 22 *Platform companies – large, anchor companies you can partner with, poach from, sell to and from, typically . $2B market cap, which many other companies will s Boston-Based Platform Companies*
  • 23. CONFIDENTIAL PRESENTATION | PAGE 23 And We Also Have Our Unicorns Public Private + + * Founded since 2001 and worth >$1B +Acquired * +
  • 24. CONFIDENTIAL PRESENTATION | PAGE 24 And We Also Have Our Unicorns Public Private + + * Founded since 2001 and worth >$1B +Acquired * +
  • 25. CONFIDENTIAL PRESENTATION | PAGE 25 Expansion of Major Tech Companies
  • 26. CONFIDENTIAL PRESENTATION | PAGE 26 Quality of life: Exciting and Comfortable • Boston ranked 8th best city in the world to live in, top US city • Best purchasing power in the US Small town feels with all the perks of city life
  • 27. CONFIDENTIAL PRESENTATION | PAGE 27 Strong Community of Women Tech Leaders #2 “Top Cities for Female Entrepreneurs” - Forbes Zoe Barry ZappRx Cynthia Brezeal Jibo Sasha Hoffman Piaggio Fast Forward Abbie Celniker Eleven Bio Michelle Dipp Ovascience Helen Greiner CyPhy/iRobot Bettina Hein Pixability Sheila Marcelo Care.com Mary Puma Axcelis Reshma Shetty Ginkgo Bioworks
  • 28. CONFIDENTIAL PRESENTATION | PAGE 28 Boston VC Funds Led By Women * Not a fund but rather a trade association of VCs *
  • 29. CONFIDENTIAL PRESENTATION | PAGE 29 Start-Up Resources Skills / Educational Industry Organizations Co-Working Spaces
  • 30. CONFIDENTIAL PRESENTATION | PAGE 30 Start-Up Resources News Outlets Accelerators / Incubators For Students
  • 31. CONFIDENTIAL PRESENTATION | PAGE 31 Investors and Entrepreneurs to Follow Investors Blog URL Twitter Rob Go / Next View medium.com/@robgo @robgo Maia Heymann/ Converge medium.com/@MaiaHeymann_3619 1 @maiaheymann Eric Paley / FC medium.com/@epaley @epaley David Skok / Matrix forentrepreneurs.com @bostonvc Bijan Sabet / Spark Capital bijansabet.com @bijan Sarah Hodges / Pillar medium.com/@sarahhodges @hodges Mike Troiano / G20 medium.com/@miketrap @miketrap Entrepreneurs Blog URL Twitter David Cancel / Drift medium.com/@dcancel @dcancel David Chang / ex-PayPal medium.com/@davidgchang @changds Alexandra Drane / Eliza @adrane Paul English / Lola paulenglish.com @englishpaulm Linda Henry / HubWeek @linda_pizzuti Dharmesh Shah / Hubspot medium.com/@dharmesh @dharmesh Mike Volpe / CyberReason medium.com/@mvolpe @mvolpe
  • 32. CONFIDENTIAL PRESENTATION | PAGE 32 Conclusion: Top Ranked Innovation City It’s All Here Waiting For You #1 Boston www.massitsallhere.com