MassChallenge's Hailey Woldt explains why the massive startup accelerator has chosen the UK as its latest base and outlines what it looks for in companies to bring onto its four-month incubator programme.
The not-for-profit global startup competition began in Boston in 2010 and its alumni has raised nearly $1bn in funding.
This is the first year it has come to the UK and it has set up base in the Tobacco Dock in East London. The competition accepted 90 startups into its four-month alumni programme, which started in June.
Woldt, the competition's communications manager, adds that MassChallenge hopes to 'really transform the area' around the Tobacco Docks and, aside from helping the startups, wants to have a positive impact.
'MassChallenge came to the UK for a few reasons. The first is that David Cameron invited us and thought that it would bring a lot of jobs and would support the startup ecosystem here.
'London is one of the strongest ecosystems in the world if you want to find good startups, good judges, investors and mentors. We were attracted here very early on,' Woldt said.
It's not stopping at London, however, and in addition to its Boston and Israel bases, MassChallenge is expanding into nine more cities around the world. Between its three locations it currently takes in around 128 startups per year.
MassChallenge looks for companies that will 'make a big impact on the world', Woldt says, either from an economic, scientific or social point of view.
Past winners who have scooped the top prize of $100,000 include a not-for-profit clothing charity for disadvantaged children called Catie's Closet and Drinkwell, a franchisable business model which purifies drinking water in areas where it's needed such as India.
Not only does the startup need a stellar idea, it needs to be able to prove it can carry it out, through having a strong tech team or business plan. The most popular industries represented in this years' UK cohort include web services and enterprise software.
The maximum criteria is for the startup to have to have raised less than £300,000 from investors and have less than £600,000 in revenue per year. There's no limit on team size or age.
After a four-month incubation period in which the 90 startups will work side by side in the Tobacco Dock free office space, 10 to 20 will go in to win a share in the £500,000 cash prize after two rounds of judging.
Judging is carried out by experts from the community. These could be investors, serial entrepreneurs, experts in banking and finance, or those from clean technology and the healthcare industries.
MassChallenge does not take any equity from the startups its supports and there are no restrictions on the share of the prize money it provides to the winners.
There is an alumni network for winners, including through its international connections. The network will grow to 835 this year between Boston, the UK and Israel.
The not-for-profit global startup competition began in Boston in 2010 and its alumni has raised nearly $1bn in funding.
This is the first year it has come to the UK and it has set up base in the Tobacco Dock in East London. The competition accepted 90 startups into its four-month alumni programme, which started in June.
Woldt, the competition's communications manager, adds that MassChallenge hopes to 'really transform the area' around the Tobacco Docks and, aside from helping the startups, wants to have a positive impact.
'MassChallenge came to the UK for a few reasons. The first is that David Cameron invited us and thought that it would bring a lot of jobs and would support the startup ecosystem here.
'London is one of the strongest ecosystems in the world if you want to find good startups, good judges, investors and mentors. We were attracted here very early on,' Woldt said.
It's not stopping at London, however, and in addition to its Boston and Israel bases, MassChallenge is expanding into nine more cities around the world. Between its three locations it currently takes in around 128 startups per year.
MassChallenge looks for companies that will 'make a big impact on the world', Woldt says, either from an economic, scientific or social point of view.
Past winners who have scooped the top prize of $100,000 include a not-for-profit clothing charity for disadvantaged children called Catie's Closet and Drinkwell, a franchisable business model which purifies drinking water in areas where it's needed such as India.
Not only does the startup need a stellar idea, it needs to be able to prove it can carry it out, through having a strong tech team or business plan. The most popular industries represented in this years' UK cohort include web services and enterprise software.
The maximum criteria is for the startup to have to have raised less than £300,000 from investors and have less than £600,000 in revenue per year. There's no limit on team size or age.
After a four-month incubation period in which the 90 startups will work side by side in the Tobacco Dock free office space, 10 to 20 will go in to win a share in the £500,000 cash prize after two rounds of judging.
Judging is carried out by experts from the community. These could be investors, serial entrepreneurs, experts in banking and finance, or those from clean technology and the healthcare industries.
MassChallenge does not take any equity from the startups its supports and there are no restrictions on the share of the prize money it provides to the winners.
There is an alumni network for winners, including through its international connections. The network will grow to 835 this year between Boston, the UK and Israel.
