Startup Resources: MassChallenge, HealthTech & FinTech, No-Equity Accelerator Program for Late-Stage
MassChallenge is a global accelerator with roots in Boston. Their HealthTech and FinTech programs, specifically, work with late-stage startups. If you are interested in joining MassChallenge, but do not have a Health Tech or FinTech startup, then read on about their early-stage program (for all industries), right here.
Some of the startups that have gone through these programs include Buoy Health, Folia Health, Cake and Fincura.
This specific program provided by the non-profit, MassChallenge, is dedicated to supporting innovation and entrepreneurship on a global level.
Who Should Join MassChallenge’s FinTech & HealthTech Program?
Generally speaking, startups that go through this program have raised less than $10M in funding and generated less than $10M in the past 12months. Startups can be B2B, B2C or B2B2C.
The program runs from January - June, so a six-month program. Startups have the ability to select one - or multiple - offers. Each offer that a startup accepts typically would need about eight hours per week during the six month period.
While this is not a full-time job (about eight hours as week), the program does expect frequent communication with the partner and the MassChallenge team.
How Can You Join This MassChallenge Program?
Both the FinTech and HealthTech programs at MassChallenge are challenged-based programs. In short, this means startups are submitting a solution to a problem a partner has presented. These partners could be government, private or non-profit.
Here are the steps to join:
View the problems presented by partners and complete an application (typically open up in September). Applications will be open for about a month.
Then the judges will focus on the problem to be solved (presented by the partner), the solution (presented by the startup applying), team strength of the startup, and the overall product-market fit
If a startup makes the cut, they will then receive offers from the partners. A startup can accept one - or multiple - offers at this time to be accepted into the program
What Resources Will MassChallenge Provide In This Program?
These programs provided by MassChallenge include a few additional perks for the startup:
They are matched with an industry-leading organization to work on specific projects and proofs of concept
MassChallenge will provide goals and milestones to make sure that the startup’s work with their partner advances. The accelerator does understand that sometimes you can go into pilot purgatory when a larger company has more time, so MassChallenges helps ensure both parties stay on the timeline
The accelerator has evidence-based curriculum, meaning they have found what works and what is linked to startup success, so they’re able to help the startups in this program focus on what they need to do to become enterprise ready
A mentor pool the startup can choose from
Stipends and equity-free awards
What Events Can You Attend?
Even if you are not a part of the program, you’re still able to attend some of MassChallenge’s events. View their public-facing calendar right here.
Learn More About MassChallenge
We recorded this video in September 2021 with former MassChallenge CEO, Siobhan Dullea, to learn more about the HealthTech and FinTech program this non-profit accelerator provides. Check it out below:
Do you know another resource in the New England startup community we should highlight? Drop us a line here and let us know!