How to get into MassChallenge according to the founders that did it

Here’s what founders had to say about why they applied…

1. Most founders chose MassChallenge for strategic growth, especially to connect with US customers, including hospital systems and pharmaceutical companies.
2. Founders sought MassChallenge for a change to overcome growth challenges.
3. MassChallenge’s global reach and diverse networking opportunities, including with government and science partners, were also a huge draw.
4. Many founders appreciated their inclusive and nurturing approach.
5. The accelerator’s approval also provides a huge boost in credibility and market attention. 
6. MassChallenge’s role as a key player in Boston’s entrepreneurial ecosystem, known for mentorship, accelerator programs, and corporate partnerships, convinced one founder to apply.
7. Another chose it for its alignment with early-stage startups focusing on post-drug discovery and rate optimization.

Here’s what founders had to say about the MassChallenge application process…

1. The process began with a written application covering various aspects like the pain point, target audience, solution, challenges, forecasts, financial projections, and a pitch deck.
2. Founders were notified after a month that they got accepted in the next application phase which was a pitch round.
3. The process included two rounds of pitching, a pre-recorded video, and a live Zoom session, after the written application.
4. MassChallenge emphasized Environmental, Social, and Governance (ESG) goals in applications, a unique focus compared to other accelerators.
5. Overall, the process was very competitive and comprehensive. Less than 10% of applicants successfully passed through the rigorous and competitive process, indicating MassChallenge’s selectivity and high standards.

Here are founders’ tips on the MassChallenge application process…

1. A strong market presence can be an advantage. One founder discovered the numerous awards and active customer engagement they had paid off.
2. Ensure you align your presentation with MassChallenge’s key points. You want to ensure you match their application criteria as much as possible.
3. Your startup’s unique angle can be an advantage, but it’s more important to have a  founding team with deep industry understanding and a willingness to listen.
4. You’ll want to present a clear, significant business idea that addresses a substantial total addressable market.
5. Invest effort in effectively packaging and presenting the idea. This goes a long way to distinguish it from less organized, early-stage startups.
6. Emphasize a clear vision and commitment to the industry’s future.
7. If you’re part of a diverse or international team, use it to your advantage. MassChallenge alumni include veteran-owners, woman-owned companies and multi-cultural teams.

Here’s what the founders had to say about the MassChallenge program…

1. The program spanned six months, providing an immersive and comprehensive hands-on experience for around 120 companies.
2. The process began with an informative kickoff in Dallas, offered residency options in Boston or Dallas, and emphasized the value of attending in-person events.
3. Founders set initial goals and outlined weekly tasks with an emphasis on hard work and customer-centric approaches in group meetings.
4. For the remote model, the program relied on substantial online programming and Zoom meetings, and introduced the LEANSTACK concept.
5. MassChallenge provided a mentor match process to connect with mentors based on mutual needs, and offered non-equity cash prizes for finalists.
6. The program held regular group sessions and additional meetings, requiring completion of various deliverables mostly through online interactions.
7. MassChallenge offered an alumni network for continued growth opportunities, including re-engagement with programs and competing for funding.
8. At the end of the program, founders went through a selection process for pitch day, with a committee voting to choose participating companies where companies get the chance to pitch and get a grant award.

Here’s what founders had to say about MassChallenge’s funding support…

1. Many founders noted that MassChallenge does not provide funding upon admission, but offers a chance to compete for non-dilutive funding at the program’s end.
2. Several founders cited the validation from being part of MassChallenge, adding credibility to their venture when engaging with potential investors.
3. The top six startups from each industry are selected for funding, with one receiving $100,000 and runners-up getting $10,000 each.
4. Founders received significant perks like substantial discounts on HubSpot (90% or 100%) for the first year and covered hosting costs on Amazon Web Services for two years.
5. Founders acknowledged that MassChallenge does not invest in companies with equity, but can facilitate introductions to other programs offering potential investments.

Here’s what the founders had to say about their achievements during the MassChallenge program…

1. One founder realized their messaging was misaligned with their target market in Dallas, and MassChallenge helped refine their branding and audience understanding. 
2. Another gained valuable connections and mentorship, leading to successful interactions with the target audience and finding a product-market fit.
3. Another startup focused on acquiring paying customers, with MassChallenge’s guidance on refining their unique value proposition proving instrumental. 
4. One conducted focused market research as recommended by MassChallenge, interviewing potential customers to better understand market needs and make the product more marketable.
5. Another startup transitioned from a brick-and-mortar mindset to understanding tech and software development, with comprehensive guidance from MassChallenge in various business aspects leading to the acquisition of their company.
6. A medical startup laid out comprehensive plans for preclinical development and manufacturing, focusing on refining R&D strategies, 
7. Another founder successfully recruited a COO during their involvement in MassChallenge.

Here’s what the founders had to say about their challenges during the MassChallenge program…

1. One founder faced challenges in obtaining constructive feedback, hindering the ability to gauge progress and the program’s effectiveness due to a lack of active communication and varying levels of engagement.
2. Another found the program extremely challenging, requiring self-awareness and hard work, with significant time investment during off weeks to reassess and improve.
3. A third experienced a shift from a technical to a business-centric mindset, which was challenging, especially for the CEO. MassChallenge provided forums to improve pitching skills, focusing on developing the right approach for various pitches.
4. One startup encountered manufacturing challenges during program commencement, but mentors assisted in connecting with potential new manufacturers.
5. A founder suggested that the program’s intensity and volume could be more manageable with recorded sessions for easier access, especially for solo entrepreneurs or early-stage startups, to balance program benefits without overwhelming participants.
6. Another faced limited opportunities to meet venture capitalists in Boston, with the program primarily focused on communication among founders and biotech startup members rather than external networking..

Here are founders’ final tips about joining MassChallenge’s program…

1. Put in the in effort, as the program offers significant opportunities for exposure and advancement in product development and market entry.
2. Read pitch requirements carefully and actively engage in the process, noting that companies who didn’t invest effort found it less valuable.
3. Funding is not guaranteed, but the benefits of the program and network are substantial and not a waste of time.
4. One founder noted MassChallenge’s benefits for founders with limited startup experience, comparing its academic component to a condensed startup MBA.
5. Focus on impact, as MassChallenge seeks companies aiming to make significant changes in the world.
6. Embrace the program wholeheartedly for insights, mentorship, and networking opportunities that can lead to substantial progress.
7. Set clear goals, especially in R&D and building a strong IP portfolio, considering this approach highly beneficial for participants.