MASSACHUSETTS A COLLABORATIVE SPACE FOR EVERY IDEA Accelerators, Incubators & More
Start your Company in THE Innovation State Massachusetts is ranked best in class by multiple surveys for R&D intensity, productivity, high-tech density, concentration of STEM employment science and engineering degrees, and patent activity. Massachusetts--#1 in Milken s Annual S&T Index every year since 2002. Bloomberg s 2016 U.S. Innovation Index ranks Massachusetts as the Most Innovative State. 2
Strong Innovation & Startup Ecosystem DOMINANT CLUSTERS Over 350+ Digital Health Companies (source: MassTLC) 500+ Big Data/ Data Analytics Companies (source: MassTech) 550+ Biopharma companies and 400+ Medical device makers (source: MLSC) Over (?) companies in the Robotics Cluster/Internet of things (source: ABI Research) TALENT & WORKFORCE #1 in Overall Quality of K-12 Education Systems (source: Education Week) #1 in Top Relocation Destination for College-Educated Adults (source: Census) Highest Percentage (46.1%) of Adults in US with a Bachelor s Degree or Higher (source: Census) Most STEM Degrees per million residents (source: NCES) RESEARCH & DEVELOPMENT 13 Leading University/Non-Profit Research Centers in Massachusetts #1 R&D State as a percentage of GDP in Updated this (source: NSF) #1 State for NIH Research Funding per $1 Million GDP (source: NIH) 6,777 Patents Granted to Universities and Firms (source: USPTO) SOURCES OF CAPITAL 700+ VC Professionals from 80+ Firms (source: NEVCA) 5.8B in Total VC Investments (source: PWC) 2.6B in VC Early Stage Funding (source: PWC) 115 Collaborative Workspaces 3
Collaborative Workspaces: Anchoring and Fueling the Eco-system 4
Workspace for All A Culture of Sharing, Community and Connections. Collaborative Workspaces provide shared infrastructure and administrative support systems to let entrepreneurs focus on their business. 5
Across the Commonwealth Massachusetts offers a dense network of accelerators, incubators, co-working spaces and makerspaces. By the numbers*: Incubators: 31 Accelerators: 17 Makerspaces: 25 Co-Working Spaces: 42 *Defined as available workspace for entrepreneurs and start up firms working in technology and innovation. 6
Which Space is Right for Your Business? INCUBATOR Model Physical Space Programming/Support Lease Terms Examples Type of Entity Mostly shared space; open floor plan; often with mix of office and specialized equipment Explicit mission focus; integrates business support & TA; emphasize collaboration, community Curated application; typ. 2-3 year timeline; rent terms vary Greentown Labs, UMass Dartmouth CIE, BOLT Typically not-forprofit Some Take Firm Equity in exchange for Capital. ACCELERATOR May or may not include physical space Focused specifically on jump starting a business; typically formal curriculum; space/ program often free; emphasize collaboration, mentoring, knowledge-sharing. Competitive/curated; typ. time-restricted to @ 6 months or less MassChallenge, EforAll, Smarter in the City, Cleantech Open Mix of for-profit and non-for-profit. Some offer Competitive Cash Prizes MAKERSPACE Mostly shared space; open floor plan for creative industries; equipped w/specialty tools Mostly arts & tech focused; limited formal business support, but lots of classes, skill-sharing, focus on collaboration Hourly, monthly, annual membership; no specific time constraints AS 220, Artisans Asylum, TechShop Typically not-forprofit CO-WORKING Mostly shared space; open floor plan; often focused on specific industries Emphasizes collaborative work environment; on-site staff offers events, trainings, org, gatherings and general admin. Membership-based; Flexible terms-hourly, monthly Work Bar, Space with a Soul, Click, Cambridge Innovation Center, Impact HUB, Running Start Typically for-profit 7
Incubators: Grow your Business 8
Incubators Incubators are more likely to admit startups on a rolling basis, and are often less timeline-driven than accelerators. Amenities Offered Business planning Financial management Access to capital Legal/organizational structure Marketing, procurement, and sales Mentoring & coaching Networking Entrepreneurship educational events Access to equipment & facilities 9
Incubator Spotlights Greentown Labs serves the needs of cleantech entrepreneurs by offering customized 33,000 sq. ft. facility that offers co-located office space and prototyping lab space. Since 2011 startups at Greentown Labs have collectively raised more than $200 Million in funding. NSIV enables success by working with businesses and entrepreneurs to bring ideas to reality. Operating a 10,000 sq. ft. technology business incubator focusing on clean tech and life science sectors. Since 2008 at NSIV more than $168M in investments, awards, and grants has been raised by startups. 10
Incubator Spotlights (Con t) Hack/Reduce is the epicenter of the Big Data community in Boston by working with top-tier companies and talent to help them build the relationships they need to found or join the next great technology companies. Using the power of the AngelList platform, when a lead finds a company they want to invest in, hack/secure backs that lead s investment with up to $250,000 of additional investment capital. TechSpring Launched in 2014 by Baystate Health, TechSpring provides technology companies access to a real, live health system using a proven process and platform to test and validate digital health solutions. 12,000+ employees work across a region-wide integrated delivery network, five hospitals and 1000 beds, including a flagship teaching hospital and 90+ medical practices. 11
Incubator Programs Name/Location Description Website Greater Boston Region Greentown Labs/Somerville A 33,000 square foot facility for green / energy tech startups. In addition to office space, Greentown provides a well-equipped machine shop for prototyping, and hosts many events that give member companies opportunities to connect with press, partners, investors, and talent. http://greentownlabs.com/ Cogo Labs/Cambridge Cogo Labs was originally founded in 2005 as Adverplex and has incubated some of the Boston area s fastest-growing web companies. They combine entrepreneurial business leadership with a unique platform of proprietary technologies for algorithmic marketing, data mining, and quantitative business analytics. http://cogolabs.com/ Hack/Reduce /Cambridge Focused on big data, this incubator has a unique co-creation model, pairing founding teams with ideas from hack/reduce advisors. Companies formed in this way are their own, independent companies, with access to the hack/reduce space and partners for up to a year. http://hackreduce.org Health Innovators/Somerville Quincy Center for Innovation Health Innovators is a community of healthtech innovators, comprised of an ecosystem of clinicians, programmers, investors, product managers, business developers, doctors and health professionals whose mission is to help turn ideas for improved healthcare into reality. The Quincy Center for Innovation (QCI) is a unique co-operative work environment supporting start-ups and early phase companies. Members will have access to mentors and individuals who are there to help you plan and grow your business. http://healthinno.org/ http://quincyinno.com/ Roxbury Innovation Center/Boston The Roxbury Innovation Center is "a civic experiment that will support local economic development by encouraging innovation and entrepreneurship." The Center is designed as a space for "groups to provide programs that support innovators, entrepreneurs and business founders." http://roxburyinnovationce nter.org/ UMass Venture Development Center/Boston The VDC is a paid workspace for tech and biotech ventures. Hosting as well entrepreneurs-in-residence, with a special program for international founders to obtain a cap-exempt H-1B visa in exchange for acting as a mentor to members and entrepreneurial UMass faculty, students, and alumni http://vdc.umb.edu/ 12
Incubator Programs (Con t) Name/Location Description Website North/South Regions CapeAnn Business Incubator/Gloucester CABI provides a professional working environment where small businesses can receive education, technical assistance, office space, shared services and access to financing and other professional services. http://businc.org/ CreaGen/Woburn CreaGen Life Science Incubator (C2I) providing companies with access to state-of-the-art laboratory space, shared/private office space, mentoring, business development services, as well as a host of complementary technology and development services. http://creagenbio.com/ M2D2/Lowell M2D2 offers office space, grant-writing assistance, medical expertise, regulatory support and other services for medical device entrepreneurs. M2D2 offers a range of no-cost and fee-for-service options https://uml.edu/research/m 2D2/Default.aspx North Shore InnoVentures /Beverly North Shore InnoVentures provides physical resources, sponsor services, experienced entrepreneurs and investment advisers together to help cultivate early staged companies http://nsiv.org/ UMass Dartmouth s Center for Innovation and Entrepreneurship (CIE)/Fall River The CIE offers three business areas to support these goals: Research and Partnering Laboratories, a Conference Center and a Technology Venture Center. http://atmc.umassd.edu/ Central/WesternRegions Berkshire Innovation Center/Pittsfield Opening in 2017--Berkshire Innovation Center will provide advanced capabilities to small and medium sized manufacturers: Advanced R&D Equipment (3D Printing Plastics and Metal, Precision Measurement, Laser Scanning, Materials Analysis & Testing, High Power Microscopy and more). http://businc.org/ Orange Innovation Center OIC strives to cultivate each businesses success by developing an environment where each entrepreneur has the structure and support for success. http://orangeinnovation.com/ TechSpring Health/Springfield TechSpring provides digital health startups an environment to test and prove solutions by accessing healthcare technology systems and informatics. http://techspringhealth.org/ Venture Forum/Worcester Formerly the WPI Venture Forum, they have offered a foundation for learning and networking essential for launching and growing a successful technology business since 1990. http://theventureforum.org/ 13 Worcester Cleantech Incubator WCTI provides access to the physical, network, and capital resources companies need to propel ideas to market. Providing in-house advising, mentorship, networking support, and external services. http://wcti.org/
Accelerators: Speed up Your Idea 14
Accelerators Accelerators major difference from other collaborative workspaces is the fixed structure of the program with beginning and end dates, as well as, the competitiveness of applying to the accelerator program. Amenities Offered Business planning Financial management Access to capital Legal/organizational structure Marketing, procurement, and sales Mentoring & coaching Networking Entrepreneurship educational events 15
Accelerator Spotlights MassChallenge is a not-for-profit accelerator providing startups with the access and resources they need to succeed - from free office space to mentoring, workshops and global network access. Since 2010, MassChallenge has accelerated 835 startups, which together have raised $1.3 billion in funding, generated over $500 million in revenue and created over 6500 jobs across the world. The most startup-friendly digital health lab, connecting entrepreneurs to experts, institutions and resources with no equity taken. Connecting entrepreneurs with world-class strategic partners in healthcare Pulse@MassChallenge and partners will award up to $250,000 in no-equity scholarships and prizes at beginning and conclusion of the program. 16
Accelerator Spotlights (Con t) Located in Springfield, Massachusetts VVM builds, supports, and maintains a community committed to nurturing startups. Its primary accelerator program involves four months of intense training and critical support with the opportunity for participants to win up to $50,000 each (equity-free) to develop their businesses. Multiple locations in Fall River, Lawrence, Lowell and New Bedford serving both English and Spanish language participants. EforAll offers twice yearly Accelerator Programs, where 15-20 entrepreneurs work with mentors and experts to move their ventures forward quickly. 17
Accelerator Programs Name/Location Description Website Greater Boston Region Healthbox/Boston At Healthbox, entrepreneurs choose to partake in one of the 16-week programs where they will receive customized support intended to address the encounters unique to starting a business in healthcare. https://healthbox.com Idea Northeastern University/Boston idea is Northeastern University s Venture Accelerator. Begun in January 2009 as a request by Northeastern students who were seeking a place to support entrepreneurial endeavors on campus. Student and alumnae entrepreneurs are assisted by a team of established mentors, service providers, and advisors. http://northeastern.edu/idea/ MassChallenge/Boston MassChallenge is a non-equity accelerator providing a four-month program, mentorship, office space, education, network & community, and other resources. http://masschallenge.org/progra ms/boston MIT Global Founders Skills Accelerator/Cambridge The MIT Global Founders Skills Accelerator (GFSA) is MIT s student venture accelerator, providing a three-month-long capstone educational opportunity for MIT student entrepreneurs. http://entrepreneurship.mit.ed u/accelerator/ Techstars/Boston TechStars offers a three-month program, taking 6% equity from companies admitted, and provides capital in two forms: $20,000 for living expenses, and the automatic offer of a $100,000 convertible note. http://techstars.com/contact/ TiE ScaleUp/Boston TiE ScaleUp offers a five-month accelerator program that does not provide capital and no fees are charged or equity taken. http://tiescaleup.org Step Ladder/Boston StepLadder helps business accelerate and step up to the next level more quickly. Tap into StepLadder for capital sourcing, advisory, strategy, finance, business development, product management and engineering, digital design and marketing and much more. http://stepldr.com/ 18
Accelerator Programs (Con t) Name/Location Description Website North/South Regions EforAll/Lowell, Lynn, New Bedford, Lawrence & Fall River EforAll is a 12 week program that gives entrepreneurs the opportunity to move their businesses forward. During the program, there are workshops, mentors, and an opportunity to share a $30K Prize Pool https://eforall.org/ Internet of Things Impact Lab /Fall River IoT Impact LABS provides early stage IoT companies, tech and industry leaders, small and mid-sized enterprises and subject matter experts to instrument the physical world with intelligence and intention for profit and resilience. https://iotimpactlabs.com/ Central/Western Regions Kayon Accelerator/Amherst Kayon Accelerator combines seed capital, hands-on help and a great co-working location with an expert team to positively impact the trajectory of early-stage startups. The Accelerator runs two, fourmonth programs per year. https://kayonaccelerator.com /#accelerate SPARK/Holyoke SPARK Launch Program is a nine-week business development course that will allow you to define your business and get it up and running. Meet and work with other aspiring entrepreneurs who are facing similar challenges with their start-ups and develop relationships with mentors. http://sparkholyoke.com/ TechSandBox/Hopkinton TechSandBox helps accelerate the success of science and technology entrepreneurs in Massachusetts. The aim is to enable access to information, education, expertise, and support. http://techsandbox.org 19 Valley Venture Mentors/ Springfield VVM offers a four-months of intense training and lovingly critical support. Free office space from January through May 2017. Startups compete to win up to $50,000 each (equity-free) to develop their businesses. http://valleyventurementors. org/
Makerspaces: Create Your Idea 20
Makerspaces Makerspaces provide shared-use tools and materials in order to defray the cost of purchasing expensive machinery individually. Amenities Offered Shared Machinery Lathes Drill Press Wood Shop Fiber Arts Equipment Laser Cutters 3D Printer Computer Aided Design 21
Makerspaces Spotlights Offering access to necessary metal machining, electrical fabrication, welding, woodworking, sewing & fiber arts, robotics, bicycle building and repair, and screenprinting. 22 Technocopia is a non-profit makerspace located in Worcester, MA. The 7,000 sq. ft. facility offers common work space, rental bays, and a variety of tools. Artisan s Asylum is a non-profit community fabrication center located in Somerville, MA. which is currently averaging 280 monthly members and 160 studios. Offering training classes and workshops which make use of shared work areas including: a complete wood shop, 3d printer station, electronics bay, classroom, CNC mill and laser cutter station.
Makerspace Programs Name/Location Description Website Greater Boston Region Artisan Asylum/Somerville Shared fabrication tools and equipment in electronics, robotics, woodworking, jewelry and metalsmithing, welding, precision machining, rapid prototyping, digital fabrication, fiber arts, screen printing and more https://artisansasylum.com/ Bolt/Boston Bolt is a venture capital fund designed to address the unique needs of early-stage startups at the intersection of hardware and software. Start ups will have access to Bolts engineering team and cutting-edge prototyping shops in Boston. http://bolt.io/ Framingham Makerspace Framingham Makerspace houses 3D Printers, electronics a wood shop, and a metal and welding shop. http://framinghammakerspace.org/ Made at Mass Challenge/Boston MADE@MassChallenge provides startups with 5,000 square feet of R&D space and access to top of the line equipment including 3D printers, materials testing equipment, laser cutters, and more http://masschallenge.org/programs /made North/South Regions Cape Cod Makers/Barnstable Cap Cod Makers provides for meetups, connecting local makers, hosting classes, group activities, promoting shared resources and maker spaces. http://capecodmakers.org Extras for Creative Reuse/Lynn Extras for Creative Reuse provides reusable and surplus materials to stimulate creative and critical learning potential while lowering businesses' expenses and carbon footprints. https://creativeground.org/profile/ extras-creative-reuse Lowell Makes Lowell Makes provides a mix of high-tech things like 3D printers and CNC mills, along with more traditional workshop spaces including a wood shop and metal shop. https://lowellmakes.com Central/Western Regions Brick Co. Workshop/Holyoke Brick is a shared work environment for artists, fabricators, engineers, and designers. The space is home to small businesses as well as individual artists. http://brickcoworkshop.com/ Maker's Mill/North Adams Makers Mill is a creative space that builds community and fosters new learning opportunities around a shared passion for making. http://brickcoworkshop.com/ Technocopia/Worcester Technocopia 7,000 sq. ft. facility offers common work space, rental bays, and a variety of tools for artisans to create and work with. Membership includes access to all shared tools and equipment. http://technocopia.org/ 23 WorcShop/Worcester The WorcShop is a creative cowork facility that effectively integrates traditional art with artisanal crafts, progressive design & cutting edge technology. http://theworcshop.com/
Co-Working Spaces: A Shared Workplace for Startups 24
Co-Working Space Co-working space model from daily from different business models facilities are meant for an individual or start-up seeking to maintain operational flexibility. Co-working spaces span from daily desk hourly rentals to monthly memberships for the facility. Amenities Offered Internet Print/Copy/Fax Phones Private Meeting Rooms Desk Rentals 25
Co-Working Spotlights 26 Cambridge Innovation Center (CIC) has been home to over 3500 companies since 2001, many of whom have started here. Companies originally headquartered at CIC have created over $3.9B in publicly disclosed exit value. Groundwork! supports the amazing community of talented entrepreneurs in New Bedford and surrounding areas, and to create a special space for people, ideas, and collaboration.
Co-Working Spaces Name Description Website Greater Boston Region Cambridge Innovation Center Coworking memberships rates begin at $425 per month, and dedicated desks starts at $730 in the Cambridge location. http://cic.us/membership/ Coalition Boston Coalition Boston full time membership begins at $250/month and a Private Office is available for $800/month. http://coalitionspace.com/bosto n/ Geek Offices/Cambridge Geek Offices dedicated is $475/month and a Private Office begins at $600/month. http://geekoffices.com/ Intrepid Labs/Cambridge Intrepid full time membership is $500/month http://labsdev.intrepid.io/#intro Space with a Soul/Boston Space with a Soul full time membership begins at $300/month and a Dedicated Desk is available for $796/month. http://spacewithasoul.org/ WeWork/Boston WeWork membership rates begin at $400+/month shared desks and $440+/month dedicated desks http://wework.com/boston Workbar Union/Somerville Workbar membership rates are from $350 month full-time open workspace to upwards of $500+/month for a dedicated desk. http://boston.workbar.com/offi ce/workbar-union/ 27
Co-Working Spaces (Con t) Name Description Website North/South Regions GroundWork!/New Bedford GroundWork! full time membership begins at $200/month and a Dedicated Desk is available for $250/month. http://newbedfordcoworking.com/ Launch/Woburn Launch full time membership begins at $155 per month for an Open Desk, Premium Open Desk starts at $190/month and http://cummingsexecutivesuites.co m/launch.htm Spark/Acton Spark full time membership begins at $350/month and a Dedicated Desk is available for $500/month. http://www.sparkcoworkspace.co m/membership-rates WorkTable/Marlborough WorkTable full time membership begins at $250/month. http://coworktable.com/ Central/Western Regions AmherstWorks AmherstWorks full time membership begins at $225/month and a Dedicated Desk is available for $425/month. http://amherstworks.io/ Cloud85/North Adams Cloud85 full time membership begins at $150/month and a dedicated desk is available for $230/month http://cloud85northadams.com/ab out/ Click Workspace/ Northhampton Click Workspace full time membership begins at $195/month and a dedicated desk is available for $245/month. http://clickworkspace.org/member ship/ 28 Running Start/Worcester Running Start full time membership begins at $200/month and a dedicated desk is available for $225/month. http://runstartwork.com/planspricing/
Massachusetts: All the Ingredients you Need 29
Diversity Driving Innovation in MA 30
A Collaborative Ecosystem Capital $6.92B of technology investments in MA companies** Leadership 12 Massachusetts companies in the Fortune 500 Universities Over 114 Colleges and Universities; with over 400,000 students enrolled*** Talent & Workforce Collaborative Workspaces 15,000 + STEM grads in 2014 #1 nationally**** R&D 13 Leading University/Non-Profit Research Centers in Massachusetts Innovation 6,777 Patents filed by Massachusetts Companies and Universities in 2015**** Clusters Most Concentrated State Tech Sector in the Nation* 31 *MassTLC 2015 State of Technology Report **2011-2015 Source: PwC ***National Center for Education Statistics, 2014 **** The Index of the Massachusetts Innovation Economy 2015/16, MassTech Collaborative
Best State Sponsored Collaborators Massachusetts has a strong network of industry and civic associations partnering with companies and the state to support innovation and growth 32
Partner with Us Massachusetts is a world class destination for startups. We want to work with you. Connect with us: Timothy J. Connelly Executive Director/CEO, Massachusetts Technology Collaborative Connelly@masstech.org (617) 371-3999 @Mass_Tech 33
34 Appendix
Robotics Massachusetts has 122 commercial companies in the robotics cluster; Between 2011 and 2015, 33 new robotics businesses were created in Mass., up 57% from five years earlier; Mass. robotics companies employed 4,716 individuals; Mass.-based robotics companies received over $190 million in private investments in 2015, equal to 23% of total U.S. funding and second highest of any state, only behind California. (source: MassTech 2016 Robotics Report) 35
Cybersecurity Among U.S. states, Massachusetts has the third-most cybersecurity firms (35) among the top 500, behind California (150) and Virginia (41). (Source: Cybersecurity Ventures Cybersecurity 500) In 2015, at least 12,370 employees worked in cybersecurity in Massachusetts (source: MassTech analysis of reporting by Burning Glass) 36
Big Data/Analytics 37
Digital Health Digital Health leverages industries and capabilities in which Massachusetts excels: Leaders in US health reform Top healthcare delivery hub Dominant Talent Pool and University Networks Strong startup climate #1 global life sciences and medical device ecosystem Competitive investment/vc landscape Growing tech clusters in software, big data, robotics, cybersecurity, and other areas 38
Life Sciences All of the world s top 10 largest biopharmaceutical firms maintain facilities here, along with 550 other biopharma companies and more than 400 medical device makers Life Sciences employs over 95,000 talented workers in Massachusetts 10-year, $1 billion comprehensive state initiative supporting life sciences innovation (source: MLSC) 39 Strong Cluster Network:
Talent/Workforce There are 114 colleges and universities in Massachusetts enrolling over 400,000 students seeking bachelor's or associate degrees (Based on National Center for Education Statistics, 2014). Massachusetts is #1 in awarding new college degrees per capita, with over 117,000 higher education graduates in 2014, inclusive of community college, four year degrees, and advanced degrees. 50 of these colleges and universities are in the greater Boston metropolitan area, which is home to more than 250,000 students. Massachusetts is home to the most STEM Degrees in the U.S. per million residents. (source: NCES) Massachusetts has the Highest Percentage (46.1%) of Adults in US with a Bachelor s Degree or Higher. (source: NCES, NSF) 40
R&D Massachusetts continued to be the top state in terms of R&D as a percentage of GDP in 2012. 41
Venture Capital Massachusetts has more than 700+ venture capital professionals from 80+ firms and its members collectively manage more than $50 billion in capital* Early stage financing in the state grew by 58% from 2013 and has tripled since 2008, highlighting investors interest in younger start-up firms.** $2,500,000,000 $2,000,000,000 $1,500,000,000 $1,000,000,000 $500,000,000 $- VC Investment by Stage Massachusetts, 2005-2014 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Seed Early Stage Expansion Late Stage 42 *NEVCA.org **pwcmoneytree