MassChallenge and BCG team up to support startups globally
BCG and MassChallenge, a global startup accelerator, have become partners. The deal will broaden the not-for-profit’s accelerator programme with BCG’s expertise and network, while provide BCG with a connection to some of the world’s most high-impact, early-stage entrepreneurs for its client base seeking digital innovation.
MassChallenge supports global entrepreneurship through its tailored 4 months startup programme. The programme is aimed at supporting high-impact early-stage entrepreneurs take their ideas to realisation. The accelerator supported 800+ startups since its founding in 2009 (in Israel), and to date, across all supported startups, more than $1.3 billion in outside funding has been secured, creating nearly 8,500 jobs. The not-for-profit provides participant startups with training, feedback, PR and networking support via expert support and insights from partner organisations. The cream of the crop is provided additional support to rapidly develop their respective ideas for global rollout.
Since its inception, MassChallenge has attracted a range of sponsorships and partnerships from major market players, including, among others, the GCHQ, IBM, JP Morgan and EMC. The latest to join the platform's ranks is BCG, one of the globe's top tier management consulting firms.
Through the announced partnership, BCG will take an active role in the judging and mentoring participants of MassChallenge startups programme, as well as take part in its innovation workshops, its Global Bridge Summit, and other events with startups. The deal will allow BCG to better connect promising startups with its clients seeking digital transformations of their respective industries, as well as giving BCG access to exclusive insights into where the market is heading. For MassChallenge, the deal will further boost its onboard expertise, as well as allow it to take a co-host role at BCG’s annual Lean Startup Summit this November.
Mike LaRhette, President of MassChallenge, remarks “BCG is one of the most innovative consulting groups globally and employs some of the top minds in science, technology, and innovation. We look forward to helping augment their talent with our experience in the startup world and to connect them with leading startups from Israel, the UK, the United States, and our global network.”
Nicolas Harlé, a BCG Senior Partner, explains “By incorporating BCG’s staff into the startup ecosystem, MassChallenge will help our talent sharpen their entrepreneurial skills while also keeping them up to date on the latest innovation trends and opportunities to help them deliver value to our clients. In this way, we can help BCG’s clients stay ahead of the competition and also give startups a chance to connect with customers and opportunities."
The alliance with MassChallenge will focus on the UK market and be led by BCG's London office. Last month BCG struck a similar deal with Hello Tomorrow, a Paris based startup incubator with a focus on technology domains.
According to a study by KPMG, venture capital funding in startups has taken off in recent years, jumping from $44 billion in 2012 to $128 billion last year. Concerns are however growing on startup valuations, as a result activity has fallen slightly in the first quarter of this year.
