MassChallenge Finalists Announced today - Press Release from event

 
MassChallenge Announces Competition Finalists
110 entrepreneurs enter the final stretch of the world’s largest global startup competition, vying for their share of a $1 million prize pool for the most innovative, high-growth startups
 

Boston, MA – July 22, 2010 – Today, Massachusetts Secretary of Housing and Economic Development Gregory Bialecki joined John Harthorne, David Constantine and Akhil Nigam, the founders of MassChallenge, and MassChallenge sponsor Ken Morse, Founding Managing Director, MIT Entrepreneurship Center, to announce the 110 finalists in the world's largest global startup competition. The competition was designed to accelerate the development and success of high-growth, high-impact new businesses, while stimulating job creation across the Commonwealth and beyond. These finalists now enter the accelerator phase of the competition and in mid-October an expert panel will identify the winners of $1 million in prize money.

"We're thrilled to be reaching this critical stage of our pilot competition," said John Harthorne, CEO and founder of MassChallenge and a 2007 MIT $100K Business Plan Competition winner. "MassChallenge is a collaborative effort involving dozens of organizations all committed to igniting a global, startup renaissance and helping entrepreneurs win. The results of our competition will be immediate and far-reaching."
An initial group of 440 entrants from 26 countries and 24 states began the competition in April. An initial round of judging reduced the group to 300 semi-finalists, who recently completed in-person pitches to a large group of professional judges. This pool of semi-finalists, from which the 110 were chosen, are some of the brightest entrepreneurs in the world, working on an incredibly diverse spectrum of fascinating and innovative business ideas. These range from technology and media to life sciences, manufacturing and environmental efforts. The MassChallenge winners have the potential to go on to become some of the most exciting new companies the business world will ever see.

"What's exciting about MassChallenge is that it has attracted some of the most talented, exciting and innovative entrepreneurs to Boston," said Mayor Menino. "With the Innovation District we are creating a modern hub of knowledge, creativity and inspiration along Boston's Waterfront; a place where businesses can bring their most inventive new ideas to develop and thrive."
Of the 110 finalists announced today, 108 are from the US, one is from Russia and one is from Israel. 78% of the finalists are from Massachusetts, 84% are from New England, with others from various states across the country. 14.6% are in the Energy and Clean Technology industries, 46.4% are High Tech, 19.1% are in Life Sciences and Healthcare, 8.2% are Social Impact companies, with the final 11.8% from general business categories.

The final group of entrepreneur teams will work from ONE Marina Park Drive at Fan Pier on Boston's new waterfront to maximize networking and mentorship opportunities during the intensive three-month accelerator phase of the competition. During this phase, MassChallenge sponsors, partners and supporters will provide one-on-one mentoring and free resources, strategic advice, and targeted introductions to potential customers and funding sources as the finalists work towards winning the competition. Ultimately, between 10 and 20 winners will receive cash awards of $50,000 to $100,000 toward launching their high-impact businesses. These MassChallenge grants will be awarded to winners in October 2010.

With Fan Pier’s proximity to downtown Boston, Cambridge and the surrounding communities that are home to local innovation and corporate visionaries, it was a natural fit for MassChallenge to have their home base at Fan Pier. "Our new office building - ONE Marina Park Drive - is the perfect backdrop to host this global program and our amenities at Fan Pier will benefit everyone during their experience with MassChallenge," said Joe Fallon, President and CEO of The Fallon Company. "The elements that foster entrepreneurship are definitely all right here."

The State of Massachusetts pledged $500,000 through the collaboration of various aligned quasi-governmental organizations dedicated to bolstering entrepreneurship and innovation to help launch MassChallenge and keep the competition local, while helping to extend its reach world-wide. Additional funding and support was secured from multiple sponsors including Microsoft, the Winvest Group, the Deshpande Foundation, Mass Tech Collaborative, The Fallon Company and The Blackstone Charitable Foundation.

“These MassChallenge finalists further demonstrate the Commonwealth’s ability to ignite and excite the entrepreneurial spirit at an international level,  said Massachusetts Secretary of Housing and Economic Development Greg Bialecki. “This competition will further ignite entrepreneurial activity in Massachusetts, create long term, sustainable jobs, and move the state’s innovation economy forward.”