Introducing Tony Ma and Benten Technologies
Q: Could you introduce yourself and tell us about Benten Technologies?
A: I’m Tony Ma, co-founder of Benten Technologies, a social innovation company. My co-founder, Katie Chang, and I are dedicated to developing innovative digital health solutions with the goal of democratizing healthcare. Our mission at Benten Technologies is ambitious – we aim to create products that impact a billion lives. We believe in achieving this through a collaborative approach, building a community of like-minded individuals and organizations.
Our team composition reflects our global outlook. About 70% of our team members are women, and 90% are immigrants, underscoring our commitment to being global citizens and making a worldwide impact on health. Since the United States doesn’t have a billion people, our vision naturally extends to global health. As an immigrant myself, I resonate deeply with this mission.
Our focus isn’t just on creating innovative products but also on fostering an inclusive and diverse work environment that mirrors the global community we aim to serve. This diversity is a core strength, enabling us to approach healthcare challenges from various cultural and global perspectives.
Q: How did the idea for Benten Technologies come about?
A: The idea for Benten Technologies stemmed from my personal journey and experiences. Before founding this company, I was deeply involved in the world of management consulting. I traveled globally, working closely with top executives – CEOs, CIOs, VPs – in what’s often referred to as C-suite consulting. Despite my apparent success and a fast-paced career that many would envy, I reached a point where I realized that chasing financial success alone wasn’t fulfilling for me. This moment of realization coincided with significant life changes – getting married and having my first child. It dawned on me that the jet-setting lifestyle I was leading wouldn’t be sustainable in the long run, especially in the context of my growing family. This led me to reevaluate my goals and aspirations. Initially, I considered starting a non-profit, driven by a desire to do something more impactful and meaningful.
However, my plans evolved, and instead of being a non-profit, I pivoted towards creating a company focused on social innovation. The idea was to leverage my skills and experience in a way that could make a real difference in the world, particularly in the field of digital health. This shift marked the birth of Benten Technologies, aligning my professional expertise with a newfound purpose to contribute positively to global healthcare.
Reasons for Joining MassChallenge
Q: What inspired you to participate in the MassChallenge accelerator?
A: The decision to join MassChallenge was driven by several factors. One key aspect of MassChallenge that appealed to us was its mentorship program. Mentorship is invaluable for any startup, especially one navigating the complex landscape of digital health solutions. Additionally, MassChallenge offers the opportunity to win significant prizes, which is a great incentive. One of the most attractive features of MassChallenge is their top prize of $350,000. This prize is non-dilutive funding, which is particularly beneficial for startups looking to grow without giving up equity. We’ve been quite successful in this regard, having won prizes and gained access to various mentors through the program.
Our success extends beyond just the MassChallenge program. We’ve been able to secure substantial non-dilutive funding in the United States, including grant funding. To date, Benten Technologies and our collaborators have secured over $25 million in non-dilutive funding. This financial support has been instrumental in allowing us to continue our mission of creating significant social impact through innovative digital health solutions. MassChallenge played a critical role in this journey by providing not only financial resources but also mentorship and networking opportunities.
MassChallenge’s Application Process
Q: Could you describe the application process for MassChallenge?
A: The application process for MassChallenge involved several stages. Initially, it required filling out an online form detailing our company, the business model, our product, any traction gained, and the amount of funding received. An essential part of the application was submitting our pitch deck. Once the application was submitted, it underwent a rating process by a panel comprising industry professionals and others. They evaluated everything we provided, including our pitch deck, based on various criteria like innovation and problem-solving abilities. The scoring rubric they use can change, but generally, it’s on a scale of zero to ten, with the aim of scoring as high as possible.
Our journey to getting accepted into MassChallenge wasn’t immediate. It took us three attempts, and what’s beneficial about their process is the feedback provided by the reviewers. This feedback helps applicants understand areas for improvement. After the initial rating, there’s a secondary round involving a pitch presentation. This includes a 10-minute pitch followed by another 10 minutes for questions. A panel of four or five people would then question various aspects of the startup, from the go-to-market strategy to team dynamics. From this stage, they were down-selected to the final cohort. I recall that out of maybe 1,000-1,100 companies, only about 10-12%, approximately 130-150 companies, were chosen to be part of the cohort. This selective process ensures that only the most promising startups, based on a combination of their pitch and the strength of their application, are admitted into the program.
Q: What do you think made Benten Technologies stand out and secure a spot in the MassChallenge program?
A: The key factors that set Benten Technologies apart and helped us get accepted into MassChallenge were our continued traction, improved storytelling, and a compelling ‘why’ behind our mission. The panel members appreciated the powerful story and purpose driving our startup. A significant part of our appeal was the passion and personal story I bring, especially in the area of maternal and child health, which is a focus of our work and is detailed on my LinkedIn profile. In the early stages of a startup, pivoting is common, and we were no exception. We continually adjusted our go-to-market strategies and other aspects of our business model. MassChallenge recognized that while startups are bound to pivot, having the right team and a strong, meaningful reason for your work is crucial for success.
Our story, combined with evidence of traction, was persuasive. Demonstrating a clear understanding of our value proposition and having a solid go-to-market plan was essential. MassChallenge tends to look for companies that are beyond the ideation phase – more in the seed stage with a product or close to having a product. They prefer startups that have moved past the ideation phase and have begun customer discovery. So, in summary, our acceptance into MassChallenge was due to our passion, clear understanding of our market and customers, and the progress we had made in developing our product and business model. These elements, combined with our team’s ability to adapt and pivot as needed, were crucial in demonstrating our potential to the MassChallenge panel.
Inside MassChallenge’s Program
Q: Once accepted, what is the structure of MassChallenge’s program?
A: Upon acceptance into MassChallenge, we learned there are actually two versions of the program: a one-month and a more intensive three-month program. We were selected for the one-month program, which was actually more suitable for us. Of the 150 companies, about 80 were chosen for the three-month program, while the rest, including us, participated in the one-month version. The one-month program consists of weekly meetings with specific homework assignments. One of the key resources we utilized was the Lean Stack, which is an evolution of the Lean Startup methodology. This tool helped us continue our customer discovery and refine our approach.
The program kicked off with an official event in Texas, where all cohort members convened. This provided a great opportunity for networking and learning, as various experts spoke over a couple of days. Following the kickoff, we returned to our respective locations and engaged in weekly virtual meetings, which were instrumental in our learning process.
Beyond the structured program, MassChallenge gave us access to a broader network and resources. For instance, they offer what they call ‘residency’ – free office space in Texas and Boston. Although most of our team works remotely, it’s a valuable option, especially for our team members based in Texas.
Throughout the program, we gained valuable insights and knowledge, particularly in leveraging the lean canvas for our business model. Prior to this, we were more familiar with the Business Model Canvas, but adopting the lean canvas approach made more sense for our needs. Overall, the MassChallenge program was a fruitful and educational experience, providing us with tools, knowledge, and resources essential for our growth and development.
Mentorship and Learning Opportunities in MassChallenge
Q: Did Benten Technologies receive mentorship during the MassChallenge program?
A: Yes, we did encounter various individuals who offered insights and guidance during the MassChallenge program. However, the most significant aspect for us was the learning experience itself. We gained a lot from the educational aspects of the program, particularly in terms of applying the lean startup methodology and other business strategies. Our plans include reapplying for the three-month version of MassChallenge to explore what additional learning and opportunities we might have missed in the one-month program. We’re also considering applying to other accelerators like Techstars to broaden our learning and networking opportunities.
Being part of MassChallenge has connected us to an extensive network, and we occasionally receive updates and information through emails. However, as a startup, our primary focus is often on our own development and operations. There’s a balance to be struck between engaging with the network, absorbing educational content, and staying focused on advancing our company. This involves constantly learning, pivoting when necessary, and ensuring that the team is moving forward effectively. The mentorship and network access provided by MassChallenge is valuable, but it’s also crucial for us to maintain our focus on the core objectives of our company.
Funding Opportunities Through MassChallenge
Q: Did Benten Technologies receive any funding through MassChallenge?
A: While we participated in MassChallenge, we did not receive direct funding from the program during the one-month version we were part of. There is, however, an opportunity for funding through MassChallenge, but it typically requires completion of the three-month program. After that, startups can participate in a pitch competition where the prizes can go up to $350,000. The exact amount depends on the available prizes for that particular cycle. Independently of MassChallenge, Benten Technologies has been quite successful in securing grant funding. We have managed to secure over $25 million in grant funding, which has been a significant boost for our operations. Additionally, we have recently won rounds one and two of funding related to maternal health, with the second round amounting to $80,000. While this funding might not be life-changing, it certainly helps with building our projects and contributes positively to our financial resources. The best part about this type of funding is that it’s non-dilutive, meaning it doesn’t affect our company’s equity or cap table. This is particularly important for us as we continue to grow and scale our operations.
Significant Milestones Achieved During MassChallenge
Q: What were some of the key milestones Benten Technologies achieved during your time in MassChallenge?
A: A significant milestone we achieved during MassChallenge was enhancing our customer discovery process. We developed a clearer and more structured business roadmap, which was crucial for us at that stage. Understanding and refining our value proposition was another key area of development. This is an ongoing journey, but the program helped us make substantial progress in this regard. Participating in MassChallenge also allowed us to create a more defined lean canvas, which is essential for startup planning and strategy. Prior to this, our approach was somewhat scattered, but the program helped us focus on what was truly important. As a founder, I realized that maintaining focus and prioritizing tasks is vital for success.
MassChallenge provided the guidance and structure we needed to identify and concentrate on our priority items. Currently, we are executing these plans and strategies, which were developed and refined during our time in the program. This focus and clarity have been instrumental in moving our company forward and tackling the challenges we face in the digital health space.
Current Status and Future Goals of Benten Technologies
Q: Can you update us on the current status of Benten Technologies and your goals for the near future?
A: Benten Technologies is currently on an exciting growth trajectory. We’ve recently been accepted into ARPA-H, which opens up the opportunity for us to pursue funding up to $10 million. Additionally, we have garnered interest from about 13 states in the U.S. for our platform, which is a significant development for us. Our immediate goal is to raise a seed round of funding, aiming for $10 million. While this might seem ambitious, it aligns with our needs, especially considering the integration work we need to undertake. We are also hopeful about securing two smaller grants from our local state and are awaiting the results of applications for other grants totaling around $6 million.
With everything going according to plan, and fingers crossed that it does, our goal is to successfully close our seed funding round this year. Following this, our next target is to raise our Series A funding next year. These funding rounds are crucial for scaling our operations, expanding our reach, and continuing to develop and refine our digital health solutions. The interest from various states and the potential grant funding are testaments to the potential and impact of our work, and we’re excited to see where these opportunities lead us in the near future.
Tony Ma’s Advice for Prospective MassChallenge Applicants
Q: What advice would you give to founders considering applying to MassChallenge?
A: For founders thinking of applying to MassChallenge, my key piece of advice is to focus on building a well-rounded team. While it’s possible to be a solo founder, having a team makes the entrepreneurial journey more manageable. It’s a marathon, not a sprint, and having a strong support system is crucial for the long haul. You should be prepared for continuous customer discovery and product development. Even a year into your journey, you might still be refining your understanding of your customers’ needs. Before investing heavily in product development, make sure you have validated your idea and understand your market. Utilizing tools like the Lean Canvas can be extremely helpful in laying out your business roadmap and clarifying your strategy.
A compelling ‘why’ behind your startup is also essential. It’s not just about wanting to be successful or wealthy; it’s about being passionate about solving a real problem. This passion will fuel your ability to pivot and adapt as challenges arise. It’s this combination of a strong why, a capable team, and a clear understanding of your market that will make your story convincing to potential investors and partners. Lastly, remember that storytelling is a powerful tool. A compelling narrative about why your team is the right group to solve a particular problem can be very persuasive. Without a clear problem, challenge, or purpose, it’s hard for others to believe in your vision. So, focus on these aspects: team, purpose, storytelling, and a clear understanding of your market and product. This approach will increase your chances of success in MassChallenge and beyond.