Masschallenge: Funding For Boston Entrepreneurs
Boston is well known for its business innovation culture and successful start-ups. In running a Boston business, insurance, leases, overheads, and staffing costs can accumulate. Entering a business plan competition may be the answer to your business’s cash flow needs.
The MassChallenge is an annual $1 million competition that’s open to businesses from all over the world. Known as the world’s largest accelerator program, top performing businesses that undergo the accelerator program are awarded a share of the $1 million. In 2011, more than 740 businesses entered the challenge.
The MassChallenge provides more than funding for start-ups. The accelerator program is a 3-month program that’s open to the top 125 finalists. During the program, the start-ups are provided with free office space, mentorships, training, funding, media exposure, and more. At the end of the program, the finalists share in the $1 million prize pool. There are no future obligations or taking of equity, so, once the business has completed the accelerator program, the founders retain 100 per cent equity. The accelerator program also provides start-up businesses with great networking opportunities. Interested businesses can find out more on the MassChallenge website.
Boston business insurance might be the way to provide some financial protection for your business, but a large cash injection in the form of a business plan prize could help you quickly propel your business to success. For more information on insurance for your business, contact our team of agents.