Tag Archives: business plan competition

Startups have a chance to share $1 Million in prizes in MassChallenge, world’s largest competition

Image representing MassChallenge as depicted i...

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Last year I had the opportunity to participate as a judge and mentor in the inaugural competition, MassChallenge. This is a serious business competition that has shown it can attract top quality concrete job creating ideas from round the world. Over 450 entries applied and 110 finalists were incubated for 3 months including free office space, introductions to VC, funders, customers and team resources.  Sixteen finalists split $1 Million including $100,000 for the top finisher. Seeding Labs, profiled elsewhere on my blog, won $50,000 as the Social Impact finalist and also was offered free office space for another nine months.

If you have a venture and are looking to make it to the next level I strongly encourage you to apply to the 2011 accelerator. If you have any questions please reach out to the organizers at contact@masschallenge.org or apply online at www.masschallenge.org/enter. Continue reading

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World’s largest Business plan competition looks to help social entrepreneurs

To help jumpstart job growth in Massachusetts, a unique public/private partnership, Masschallenge.org, was launched earlier this year. By unveiling what it claims is the world’s largest business plan competition; the folks at MassChallenge are hoping to attract hundreds if not thousands of interested entrepreneurs. While most business plan competitions have been university based in the past, MassChallenge intends to go mainstream with entries accepted from all quarters. With the intent of raising serious money – a target of $25 Million for the first year – it hopes to change the way plans are run by providing the winning teams with $1 million in seed funding. It hopes to run six parallel competitions in the following areas:

  • Healthcare, and Life Sciences
  • IT, Software, and Gaming
  • Clean Technology and Energy
  • Social Development and Non-profit
  • Open Category, Seed Stage
  • Open Category, Expansion Stage

The one on Social Development and Non-profit caught my eye as it is along the lines of what we have been discussing on this blog. As I had said in some of my earlier posts, early stage social innovators sorely need a jumpstart as they face a tougher time raising funds than a for-profit. More importantly, Massachusetts has grown to be a focal point for social innovation attracting the best and brightest to the exciting programs offered in all the leading universities. Coupled with the incentives from MassChallenge and the Massachusetts Government, we have the opportunity to create a new growth cluster in the state. We have an opportunity to retain the top talent attracted to the programs in the area and to channel them to building the next generation of innovative social enterprises here in Boston.

I recently wrote a more detailed article for the MassChallenge.org blog that outlines this and am excerpting it below. Continue reading