Venture Funds Competition Launched in Massachusetts

Gov. Deval Patrick announced last week a venture funds competition providing seed money and mentoring to support new business development, adding to a growing number of states seeking to boost entrepreneurial efforts during the economic downturn (see the March 5, 2009 issue of the Digest).

Supported through a $100,000 planning grant from the Massachusetts Technology Collaborative's John Adams Innovation Institute, the MassChallenge Venture Funds Competition will solicit startup plans from academics and professionals around the world and select winners to receive funding for immediate launch, according to a press release. Selected companies must be headquartered in the state, create at least five jobs, and secure matching investment funds.

The founders of MassChallenge, a nonprofit entity, aim to raise $25 million to fund 25-30 startups per year in the areas of healthcare, life sciences, information technology, software, gaming, clean technology, energy, and social development. A Boston-area entrepreneur, Microsoft, and the Ewing Marion Kauffman Foundation also have contributed funding to launch the competition. In addition to a $50,000 cash prize, winners receive coaching and feedback from successful entrepreneurs and public relations and networking support.

More information about MassChallenge is available at: http://masschallenge.org/