2016.12.01 MassVentures START Program
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The START program is designed to support the commercialization of technologies developed under Phase II SBIR contracts in Massachusetts, with a total funding of $12 million over three years. It provides financial assistance in three stages, rewarding selected companies with grants based on their progress, and focuses on creating a thriving innovation economy within the state. Since its inception, the program has funded 50 SBIR projects, resulted in over $278 million in additional capital raised by companies, and created a network of over 200 related entities.
2016.12.01 MassVentures START Program
- 1. SBIR Targeted Technologies START Program
- 2. START Program Overview Overview: • $12 million to support the commercialization of technologies developed under Phase II SBIR contracts Goals: • Taking technologies developed under SBIR and priming them for commercialization – Generate patents – Build prototypes – Perform market research – Write fundable business plans • Create fast growing MA companies by providing funding as well as coaching, business planning and introductions to potential investors 2
- 3. Supporting the Innovation Economy 3 • START is focused on activities essential to successful commercialization, to help support promising MA companies looking to grow and stay here in the Commonwealth • State support of the innovation ecosystem • Leveraging federal dollars into high growth companies moving towards the private sector
- 4. The Importance of SBIRs to the State Massachusetts has long been a national leader in SBIR grants and dollars received • 2nd in the nation in dollars received • 1st in dollars received per capita • $3.8 billion in commercial sales of SBIR technologies generated to date • MA has consistently been awarded nearly 12% of all SBIRs 4
- 5. START Program Details • 3 Stages over 3 years • $100,000 each to 10 Massachusetts applicants that have won Phase II SBIR contracts • Based on progress demonstrated over the first year, an additional Stage II grant of $200,000 will be awarded to the five most promising companies • At the end of the second year, two companies will be chosen for a $500,000 investment based on their potential for growth and profitability • This process is renewed yearly! 5
- 6. START Program Details 6 3 Stages over 3 years Stage 1: Ten companies receive $100,000 each Stage 2: Five companies receive $200,000 each Stage 3: Two companies receive $500,000 investment each $1 Million$1 Million$1 Million$1 Million $1 Million $1 Million $1 Million $1 Million $1 Million 2012 2013 2014 2015 Stage 3 Stage 2 Stage 1
- 7. Eligibility • Massachusetts based companies that have received Phase II funding within the last 3 years • The company must demonstrate a significant, addressable market for its technology • Well planned use of proceeds that will take company to commercialization • Life sciences will not be considered under START as other Massachusetts programs support them. 7
- 8. Selection Process – Stage 1 Streamlined and User-friendly process • A two-page executive summary and Quad Chart • 80 reviewers evaluate the plans • Top 15 – 20 present to panel of judges – 10 Minute presentation, 5 minute Q&A • 10 are selected for $100k grant subject to due diligence and contract 8
- 9. Qualified Reviewers 9 • 110 experts in their fields • Evenly divided among: – Scientists – Engineers – Managers of technology companies – Investors • Each proposal reviewed by minimum of 7 individuals
- 10. Results 10 • In just five years, START has provided $12 million funding to 50 SBIR projects • START companies have raised additional capital of $278+ million. • START companies current combined annual revenue is $82+ million
- 11. Results • START companies have seen 30% employee growth. • START companies employ over 1000 people • Through the START program, MassVentures has created an ecosystem of more than 200 companies, reviewers, service providers and advisors. 11
- 12. Key Dates for 2017 Announcement / RFP • TBD; typically March-April Applications Due • TBD; typically April-May Presentations and tentative decision • TBD; typically May-June Winners announced • TBD; typically June-July 12
- 13. Summary • The State and MassVentures are committed to fueling the innovation economy in the Commonwealth • MassVentures has a strong track record of helping companies grow and achieve profitability • A unique program to address Massachusetts’ unique situation 13