MassChallenge

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MassChallenge
MassChallenge Logo.jpg
Formation2009
Type501(c)(3)
HeadquartersBoston, Massachusetts
Location
Websitemasschallenge.org

MassChallenge is a global, zero-equity startup accelerator, founded in Boston, Massachusetts in 2009.[1] As of 2019, MassChallenge has accelerated more than 1,900 startups that have raised more than $4.3 billion in funding and generated $2.5 billion in revenue.[2]

MassChallenge is headquartered in Boston's Seaport District in the Innovation and Design Building.[3]

History[]

MassChallenge co-founders John Harthorne and Akhil Nigam were working as strategy consultants at Bain & Company during the global financial crisis in 2008. It was at this time that John and Akhil developed the concept for MassChallenge, a not-for-profit startup competition that would help jumpstart the global economy by supporting entrepreneurs around the world.[4] MassChallenge secured early support from successful entrepreneurs like Desh Deshpande and Joe Fallon, the public sector including Thomas Menino the then-Mayor of Boston and the Commonwealth of Massachusetts, and large organizations like The Blackstone Charitable Foundation and Microsoft.[5]

During its first Boston-based cohort in 2010, MassChallenge accelerated 111 startups.[6] In 2018, MassChallenge accelerated 449 startups from 54 countries across its eight accelerators worldwide.[7] MassChallenge accepts less than 10% of all applicants.

Structure[]

MassChallenge runs one accelerator program in each of its locations and in each of its verticals each year. MassChallenge does not take equity from its startups, and in turn, provides $3M in non-dilutive cash prizes globally to the top startups at the end of the program.[8]

Accelerators[]

In MassChallenge's accelerators (Boston, Israel, Mexico, Switzerland, Texas), selected startups are early-stage (<$1M in funding) and participate in a four-month, industry-agnostic program where they receive mentorship, entrepreneurship and industry training, free co-working space, and the opportunity to win non-dilutive cash prizes.[9]

Vertical Programs[]

In MassChallenge's vertical accelerators (HealthTech and FinTech), selected startups are later stage (<$10M in funding) and participate in a six month long program where they partner with a top business, institution, or organization to solve key challenges related to their industry.[1]

Corporate Partnerships[]

As a not-for-profit, MassChallenge is primarily supported by corporate partnerships. Top partners include The Boston Foundation, Buhler, CASIS, Facebook, General Electric, MassMutual, Microsoft, Nestle, Southwest Airlines, and Vertex.[10]

In June 2019, MassMutual announced that it would donate an entire floor of its new $240 million office building at 10 Fan Pier Boulevard in the Boston Seaport district to MassChallenge for five years rent-free starting in 2021 when the building opens.[11]

Notable alumni[]

  • Ksplice, an open-source extension of the Linux kernel that allows security patches to be applied to a running kernel without the need for reboots
  • RelayRides, a peer-to-peer carsharing marketplace[citation needed]
  • JoyTunes, a music app producer[12]
  • Thinx, maker of period-proof underwear[13]
  • Sproxil, a producer of app-based anticounterfeiting measures[14]
  • Drync, a wine mobile app for iOS platforms[15]
  • Her Campus, an online newsmagazine for college women[16]
  • Global Research Innovation & Technology, manufacturer of the Leveraged Freedom Chair[17]
  • LiquiGlide, a plant-based liquid-impregnated surface coating
  • RallyPoint, a professional network for US military members[18]
  • Ministry of Supply, a business wear men's fashion brand[19]
  • Moneythink, a non-profit organization that places college volunteers in high school classrooms to teach courses in financial literacy and entrepreneurship[20]

References[]

  1. ^ "About". masschallenge.org. Retrieved 2019-02-14.
  2. ^ "'Impact Report 2018' by MassChallenge | Readymag". Impact Report 2018. Retrieved 2019-02-14.
  3. ^ Delaney, Erin. "MassChallenge Opens New Home for Innovation". MassChallenge.org. MassChallenge. Retrieved 17 June 2014.
  4. ^ "MassChallenge's John Harthorne Explains How Startups Can Fix The World". TechCrunch. Retrieved 2019-02-14.
  5. ^ Colao, JJ (13 March 2012). "MassChallenge: A Colossal Startup Accelerator That's 100% Free". Forbes.
  6. ^ Kirsner, Scott (24 May 2011). "MassChallenge start-up competition picks 125 finalists for 2011". Boston.com. Retrieved 12 November 2012.
  7. ^ "'Impact Report 2018' by MassChallenge | Readymag". Impact Report 2018. Retrieved 2019-02-14.
  8. ^ "'Impact Report 2018' by MassChallenge | Readymag". Impact Report 2018. Retrieved 2019-02-14.
  9. ^ "MassChallenge - More Than Just an Accelerator". masschallenge.org. Retrieved 2019-02-14.
  10. ^ "Partners". masschallenge.org. Retrieved 2019-02-14.
  11. ^ Tempera, Jacqueline (2019-06-04). "From a fax to a $240 million building: How MassMutual's Boston project went from idea to reality". masslive.com. Retrieved 2019-06-18.
  12. ^ Empson, Rip. "JoyTunes Wants To Teach You To Play Real Instruments With Interactive Video Games". TechCrunch. Retrieved 12 November 2012.
  13. ^ "Thinx". MassChallenge.org. Retrieved 14 January 2018.
  14. ^ "Sproxil". MassChallenge.org. Retrieved 18 June 2014.
  15. ^ "Drync". MassChallenge.org. Retrieved 18 June 2014.
  16. ^ Alspach, Kyle. "Her Campus Media gets trademark for term 'collegiette'". Boston Business Journal. Retrieved 12 November 2012.
  17. ^ "GRIT". MassChallenge.org. Retrieved 18 June 2014.
  18. ^ "Rallypoint". MassChallenge.org. Retrieved 18 June 2014.
  19. ^ Alspach, Kyle. "Ministry of Supply breaks Kickstarter fashion record with $300K+ raised". Boston Business Journal. Retrieved 12 November 2012.
  20. ^ "Moneythink". MassChallenge.org. Retrieved 2014-06-18.

External links[]

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