MassChallenge: Helping Entrepreneurs Win

Article Courtesy of:  BostInnovation.com

MassChallenge is the world’s largest startup competition and accelerator program that bridges the gap between entrepreneurs and the resources they need to succeed.

The competition powers the accelerator program by creating urgency in identifying high quality startups and aggregating the right resources that will be most beneficial to the entrepreneurs admitted into the program. More than 100 finalists will gain free office space and mentorship in a concierge-like support system. At the conclusion of the accelerator, MassChallenge will award $1 million in cash prizes to 10 – 20 teams. MassChallenge exists solely to help entrepreneurs: it takes NO equity and NO strings are attached!

Competition:

The competition spans six months and includes three concrete rounds:

1. Open Applications: Round 1 any early-stage startup, in any industry, from anywhere in the world. MassChallenge defines early-stage as less than $500,000 of equity-based investment and less than $1M of annual revenue. Idea-stage entries are welcome.

1. Semifinalists Judges identify the 300 most promising startups and invite the founders to come into the MassChallenge offices and give in-person pitches (or Skype pitches) to an expert panel of judges.

1. Finalists: Panels of expert judges identify more than 100 of the highest-impact startups to participate in the accelerator program and compete for the cash prizes at the conclusion of the accelerator

The Accelerator Program:

Our three month accelerator program provides entrepreneurs with an award winning curriculum that connects them to every resource they need to succeed, whether they need to meet successful entrepreneurs, investors, lawyers.

• The accelerator kicks off with a two-week “Bootcamp” phase that gives MassChallenge finalists access to intensive workshops for an introductory crash course on all the aspects of starting and fostering high-growth companies

• After Bootcamp, the curriculum shifts into customized workshops for individual demands.

• MassChallenge also connects finalists to the right group of mentors to help them achieve their next milestones.

In 2010 more than 300 experts came into the MassChallenge space as mentors and speakers to help our finalists reach the next level. MassChallenge hosted over 250 events during the accelerator—an average of eight per day!

Go to the MassChallenge website for an in-depth description of the full accelerator program and benefits.

Impact

MassChallenge proves that startups are a crucial part of the equation in solving today’s economic crisis. The Class of 2010 has already exemplified our ability to give entrepreneurs an edge on success: the 111 teams that went through the program raised more than $30 million in external funds and have created over 300 jobs in just over 6 months after starting the accelerator program.

So how is MassChallenge #winning? We aren’t winning; we are only here to help entrepreneurs win. We raise enough money each year to give away the $1 million in cash prizes and to cover operational expenses. By providing entrepreneurs with $50,000 – $100,000 to launch businesses with no strings attached, access to amazing mentors and a competitive process, we strive to catalyze a global startup renaissance to transform whole industries and define the next generation of economic growth engines.

To see more extensive coverage on MassChallenge, click here.