2011 01-31 mass challenge overview and metrics (1)

DRAFT

Overview and 2010 metrics

January 2010

MassChallenge overview and 2010

metrics

John Harthorne [email protected]

Akhil Nigam [email protected]

Karl Büttner [email protected]

January 2011

Copyright © 2011, MassChallenge, Inc. All Rights Reserved.

MassChallenge mission

To catalyze a

startup renaissance

2

MassChallenge is fostering innovation and growth via a global startup competition

MassChallenge startup competition

A global competition designed to

attract, strengthen, filter, and enable funding

for the best startups to launch immediately


The startup competition connects innovators with supporters and resources throughout

Annual $1M Startup Competition and Accelerator

• Anyone can enter, from anywhere, with any startup

• Everyone gets training and access to networks & resources

• Expert judges identify highest impact, most viable startups

• Finalists are matched with mentors and free resources

• Highest impact, most viable startups win awards

• Sponsors, partners, alumni are integrated into all stages

3

Acceleratefinalists

Prepare MassChallenge

Accept applications& prepare entrants

Engage all participants and alumni

2 rounds of judging

Jan 2011

March 8

April 11

May 24

Prepare finalistsfor accelerator

Final Judging

Final ceremonyOct 20

Oct 1

2011 Competition Dates

June 20


In year 1, MassChallenge was largest competition & accelerator ever: 446 entrants and 111 finalists

MassChallenge 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

4

5Copyright © 2011, MassChallenge, Inc. All Rights Reserved.

In first year, MassChallenge secured support from leaders in each area of MA innovation ecosystem

Universities

People Businesses &Foundations

Entrepreneurs Angels & VCs

Government

MassChallengeStartup Catalyst

• MA Governor Deval Patrick

• BOS Mayor Thomas Menino

• 40+ VC and Angel funds involved as mentors/judges

• 20 of top 100 VC funds

• Dozens of individual angels

• Microsoft, Blackstone, Verizon and 15+ more

• Desphande Foundation

• 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

• 250+ events including training and job fairs

• Media coverage on Fox Business, CNBC etc.

• Core Sponsors/Advisors:• Desh Deshpande• Josh Boger• Ken Morse

• 446 applications111 startups as finalists

Copyright © 2011, MassChallenge, Inc. All Rights Reserved. 6

MassChallenge Accelerator: 111 startups, 22K+ ft2 office space, 200+ mentors, $1M in grants

446 applications received

111 startups mentored

$1M awarded

Aug-OctAccelerator

Oct. 21Final Ceremony

• 22,000+ ft2 shared office space

• 330+ people in 111 startups

• 5,000+ hours of mentoring

• 200+ mentors

• 10+ new companies incorporated

• 300+ judges & mentors engaged

• $20M+ external funding secured by startups by Jan 31, 2011

• ~300 jobs created by startups by Jan 31, 2011

Updated metrics TBD

April 20116 month review


446 teams applied to enter MassChallenge, representing 26 countries and 24 states

446 startups = world’s largest Startup Competition

0

20

40

60

80

100%

Sector

General

Social

Impact

Energy and

Clean Tech

Life Science/

Healthcare

High tech

Headquarters

International

Other US

Other NE

MA

Gender

Female

Male

2010 MassChallenge applicants

446 Teams 1,427 Participants

Notes: All values self-reported based on “primary industry” and “current headquarters”. 7


Expert judges selected 111 finalists to participate in the 3 month MassChallenge accelerator program

111 startups = world’s largest Startup Accelerator

0

20

40

60

80

100%

Sector

Life Science/

Healthcare

High tech

Energy and

Clean Tech

General

Social

Impact

Headquarters

Other NE

MA

Other US

Gender

Male

Female

2010 MassChallenge applicants

111 Startups

International

330 Participants

8Notes: All values self-reported based on “primary industry” and “current headquarters”.


Feedback from startups very positive, with finalist satisfaction exceeding Apple customer enthusiasm

Notes: MassChallenge NPS calculated from data collected in Jan 2011 finalist surveyComparative NPS data from: http://www.netpromoter.com/np/compare.jsp

Net Promoter Score (NPS) US leaders (2010)

•USAA 81%

•Apple 78%

•Amazon 71%

•Trader Joe’s 68%

•Wegman’s

67%

0

20

40

60

80

100%

Finalists

Neutral

(7-8 )

Promoters

(9-10 )

Detractors

(0-6 )

78.3%

"How likely would you be to recommend MassChallenge to a friend?"

(10 = most likely)

Net Promoter Score = % promoters - % detractors

9

N=46


MassChallenge organized 250+ events in 2010, fostering connections and educating 5,000+ people

0

20

40

60

80

100%

Info

sessions

Office

hours

Training

255 5,085

0

2

4

6

8

10

Be

fore

Aft

er

Events Organized by MassChallenge

in 2010

How satisfied are you with your current ACCESS to each of the following? (10 most satisfied)

10

Notes: Before data from April 2010 (N=86),after data from November 2010 (N=49)


Finalists indicate improved access to key resources, especially to peers and funding sources

0

2

4

6

8

10

Be

fore

Aft

er

11


+16% +22%

+34% +32%

How satisfied are you with your current ACCESS to each of the following? (10 most satisfied)


Finalists credit MassChallenge with increasing their access, especially those that engaged actively

12

To what extent has MassChallenge improved your access to key resources? (10 being very significantly)


0

2

4

6

8

10

Did not engage

actively in

accelerator

6.4

All finalists

7.4

Engaged actively in

accelerator

8.2

~30% better improvement for engaged

teams

2011 01-31 mass challenge overview and metrics (1)

Documents

masschallenge nps

states446 startups

applicant startups

finalists credit masschallenge

masschallenge secured

global startup competition

judges mentors

current headquarters