2016.12.01 massventures start program
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SBIR Targeted Technologies START Program
START Program OverviewOverview: • $12 million to support the commercialization of technologies developed
under Phase II SBIR contracts Goals: • Taking technologies developed under SBIR and priming them for
commercialization – Generate patents – Build prototypes – Perform market research – Write fundable business plans
• Create fast growing MA companies by providing funding as well as coaching, business planning and introductions to potential investors
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Supporting the Innovation Economy
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• START is focused on activities essential to successful commercialization, to help support promising MA companies looking to grow and stay here in the Commonwealth
• State support of the innovation ecosystem • Leveraging federal dollars into high growth
companies moving towards the private sector
The Importance of SBIRsto the State
Massachusetts has long been a national leader in SBIR grants and dollars received
• 2nd in the nation in dollars received • 1st in dollars received per capita • $3.8 billion in commercial sales of SBIR technologies
generated to date • MA has consistently been awarded nearly 12% of all
SBIRs
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START Program Details• 3 Stages over 3 years • $100,000 each to 10 Massachusetts applicants that have won
Phase II SBIR contracts • Based on progress demonstrated over the first year, an
additional Stage II grant of $200,000 will be awarded to the five most promising companies
• At the end of the second year, two companies will be chosen for a $500,000 investment based on their potential for growth and profitability
• This process is renewed yearly!
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START Program Details
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3 Stages over 3 yearsStage 1: Ten companies receive $100,000 eachStage 2: Five companies receive $200,000 each Stage 3: Two companies receive $500,000 investment each
$1 Million$1 Million$1 Million$1 Million
$1 Million $1 Million $1 Million
$1 Million $1 Million
2012 2013 2014 2015
Stage 3
Stage 2
Stage 1
Eligibility
• Massachusetts based companies that have received Phase II funding within the last 3 years
• The company must demonstrate a significant, addressable market for its technology
• Well planned use of proceeds that will take company to commercialization
• Life sciences will not be considered under START as other Massachusetts programs support them.
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Selection Process – Stage 1Streamlined and User-friendly process
• A two-page executive summary and Quad Chart • 80 reviewers evaluate the plans• Top 15 – 20 present to panel of judges– 10 Minute presentation, 5 minute Q&A
• 10 are selected for $100k grant subject to due diligence and contract
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Qualified Reviewers
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• 110 experts in their fields• Evenly divided among:– Scientists– Engineers– Managers of technology companies– Investors
• Each proposal reviewed by minimum of 7 individuals
Results
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• In just five years, START has provided $12 million funding to 50 SBIR projects
• START companies have raised additional capital of $278+ million.
• START companies current combined annual revenue is $82+ million
Results• START companies have seen 30% employee
growth. • START companies employ over 1000 people• Through the START program, MassVentures
has created an ecosystem of more than 200 companies, reviewers, service providers and advisors.
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Key Dates for 2017Announcement / RFP• TBD; typically March-April
Applications Due• TBD; typically April-May
Presentations and tentative decision• TBD; typically May-June
Winners announced• TBD; typically June-July
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Summary
• The State and MassVentures are committed to fueling the innovation economy in the Commonwealth
• MassVentures has a strong track record of helping companies grow and achieve profitability
• A unique program to address Massachusetts’ unique situation
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