How to be a standout MassChallenge Applicant
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MassChallenge is a global, no-equity accelerator program open to early-stage entrepreneurs across various industries, with applications due by March 28, 2017. The program emphasizes impact over equity, offering over $2 million in cash awards and features a multi-round judging process with feedback for all applicants. Key tips for applicants include concise communication, demonstrating progress, and focusing on high-impact questions.
How to be a standout MassChallenge Applicant
- 1. BOSTON | ISRAEL | MEXICO | SWITZERLAND | UK HOW TO BE A STANDOUT MASSCHALLENGE APPLICANT Applications due March 28, 2017!
- 2. Copyright © 2017 MassChallenge, Inc. All Rights Reserved. 2 WE BELIEVE ENTREPRENEURS CAN CHANGE THE WORLD
- 3. Copyright © 2017 MassChallenge, Inc. All Rights Reserved. 3 IMPACT OVER EQUITY MASSCHALLENGE SUPPORT AND FUNDING COMES WITH NO EQUITY TAKEN • No-equity, not-for-profit • Impact across all industries • 100% focus on helping entrepreneurs win • $2M+ total cash awards
- 4. WHO CAN APPLY? Copyright © 2017 MassChallenge, Inc. All Rights Reserved. 4 • Open to all • Anywhere in the world • Any industry • Early stage • At least one founder engages in the program
- 5. TIMELINE: CYCLE 1 Copyright © 2017 MassChallenge, Inc. All Rights Reserved. 5 Boston | Israel | Switzerland JUDGING APRIL - MAY APPLICATIONS MARCH 1 EARLY BIRD MARCH 28 REGULAR Round 1: Short online application Round 2: In-person pitch Written feedback & scoring for all applicants in both judging rounds. ACCELERATOR JUNE - OCTOBER
- 6. WHO ARE THE JUDGES • ENTREPRENEURS • EXECUTIVES • INVESTORS • LAWYERS • SERVICE PROVIDERS Copyright © 2017 MassChallenge, Inc. All Rights Reserved. 6 MassChallenge Judges overlap with the mentor pool and represent many industries and perspectives.
- 7. JUDGING CRITERIA Copyright © 2017 MassChallenge, Inc. All Rights Reserved. 7 HIGH IMPACT WHY DOES YOUR STARTUP MATTER? The judges make an overall recommendation, seeking startup with a high potential to make an impact. HIGH POTENTIAL WHAT ARE YOUR CHANCES?
- 8. IMPACT ON A SPECTRUM Copyright © 2017 MassChallenge, Inc. All Rights Reserved. 8 Impact is up to the entrepreneurs to define. Often, impact isn’t black and white. IMPACT ECONOMIC IMPACT • Revenue • Funding • Jobs • Market Creation • Industry Disruption SOCIAL IMPACT • Solutions • Behavioral Change • Education/Research • Skill Transfer • People Helped
- 9. TIP #1: CHARACTER LIMITS • SHORTHAND & BULLETS • STRATEGIC REPETITION • STARTUP PROFILE • SIMPLE CITATIONS Copyright © 2017 MassChallenge, Inc. All Rights Reserved. 9 The 250 & 500 character limits are tricky – many entrepreneurs struggle to fit their answers.
- 10. TIP #2: BAD & LESS BAD ANSWERS • SHOW PROGRESS TO DATE • DEMONSTRATE NEXT STEPS • PROVE ABILITY TO SOLVE PROBLEMS Copyright © 2017 MassChallenge, Inc. All Rights Reserved. 10 No application is perfect. Great applications are honest and have a realistic view of the future.
- 11. TIP #3: COMPLICATED TECHNOLOGY • FEEDBACK FROM LAYPERSON • FEEDBACK FROM PEERS • SHOW KEY PROOF • LEVERAGE STARTUP PROFILE Copyright © 2017 MassChallenge, Inc. All Rights Reserved. 11 Many of the startups have complicated products that will be difficult to describe within the character limits
- 12. TIP #4: HIGHEST-IMPACT QUESTIONS 1. Customer Pain & Solution 2. Overall Impact 3. Customer Needs & Acquisition 4. Industry & Competitors 5. Business Model 6. Regulation & IP 7. Founding Team, Advisors & Investors 8. MassChallenge Copyright © 2017 MassChallenge, Inc. All Rights Reserved. 12 The application is essentially an executive summary. Start with the three first questions.
- 13. THANK YOU
Editor's Notes
- #3: MassChallenge was founded on the belief that entrepreneurs are the true value creators for society – that entrepreneurs like you tackle huge opportunities and important opportunities. So when we created MassChallenge, we ensured that we would prioritize the needs of the entrepreneurs above all else.
- #4: So what does it mean to be startup-friendly? We value impact over equity. MassChallenge support and funding comes with no strings attached. We are structured as a nonprofit to focus on your success. We award over $2M in cash awards, again, all with no equity taken.