VenCorps and MassChallenge Establish Strategic Relationship to Accelerate Startups & Support Startup Community in New York
March 1, 2012 (New York, NY and Boston, MA) – VenCorps, a Member Firm of Spencer Trask Collaborative Innovations LLC (STCI), today announced that it has become a major sponsor of MassChallenge for 2012.MassChallenge is a Boston-based startup accelerator and competition, supporting early stage companies. With this Sponsorship, VenCorps will assist MassChallenge in its efforts to expand and strengthen MassChallenge’s visibly and start-up enablement with special focus on the greater New York Region. With this partnership, VenCorps will contribute $25,000 for grants to the startup(s) demonstrating the greatest potential to positively impact New York City or State. The collaboration will help expand upon MassChallenge’s success in Boston in which $1 million is awarded annually to the top 10-20 highest impact startups filtered from more than 700 applications.
“We are delighted to be partnering with MassChallenge in 2012. This collaboration is terrific news for entrepreneurs and those who support and enable them. This is what New York needs to create jobs and transform their ideas into viable enterprises.” said Mike Turillo, Vice Chairman of VenCorps. “Together MassChallenge and VenCorps bring an unparalleled set of skills, know-how and commitment to entrepreneurs. They are so vital to our nation’s economic and social well-being” said Kevin Kimberlin, Chairman of Spencer Trask & Co and VenCorps Board member.
“In just two years, MassChallenge has proven that its broad-based support program is effective in accelerating startups and helping them to attract outside funding and create new jobs,” said John Harthorne, Founder and CEO of MassChallenge. He continued, “As we move into our third year, we’re excited to explore expansion opportunities in communities like New York, and are looking forward to the active support and assistance that will be provided by VenCorps and STCI overall.”
President Obama honored MassChallenge in January of 2011 as one of the nation's best organizations for supporting high-growth entrepreneurs, and MassChallenge is an affiliate of the Startup America Partnership. In 2011, MassChallenge accelerated 125 high-potential startups – more than any other program in the world – in a 3-month accelerator that provides intensive mentoring and access to free resources including office space, legal support and targeted introductions to customers and funding sources. In 2010, its first year, 111 companies secured over $100 million in outside funding and created more than 500 new jobs. Nearly 80% of MassChallenge startups answered 9 or 10 out of 10 when asked how likely they are to recommend MassChallenge to another early-stage startup. Based on public data comparative that places MassChallenge in the top 5 brands in the United States based on customer satisfaction and enthusiasm.
STCI is focused on a single, overarching goal - to fundamentally change the way private and public organizations solve innovation gaps through new products, markets, business models and approaches to their customers, suppliers and partners. Through open and trusted collaborative communities and marketplaces utilizing advanced search, social networking and collaborative technologies, STCI clients seize market opportunities, create business value and drive positive societal change with dynamic innovation ecosystems created by STCI and its Member Firms.
VenCorps is a Collaborative Marketplace for entrepreneurs and those who support and enable them. Within the VenCorps community, entrepreneurs gain immediate, dynamic and collaborative access to mentors, coaches, markets, partners, customers, capital, vendors and suppliers who can assist them in turning ideas into reality. It’s the place where angel and other growth-oriented investors can more efficiently identify, vet and become involved in start-up companies that are aligned with their investment objectives and philosophy.
MassChallenge is the largest-ever startup accelerator and competition, and the first to support high-impact, early-stage entrepreneurs with no strings attached.
Benefits for startups include:
- 3 month accelerator program. World-class mentorship and training, free office space, access to funding, legal advice, cofounders, media exposure and more.
- $1M in Cash Awards. $4 million+ in-kind support.
- Open to all. Any startup can enter, from anywhere, in any industry.
- No equity taken. No restrictions applied.
Michael J Turillo Jr, Vice Chairman
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