MassVentures announced it participated in a $1.7 million seed round in BoardOnTrack. The finance round included MassVentures, Launch Capital, Hub NY and Cherrystone Angel group. BoardOnTrack, founded by a strong management team with significant start-up and consulting expertise, has developed a web-based, cost-effective and convenient way to build and optimize charter school boards using a data-driven approach.
BoardOnTrack is from the inaugural class of Constant Contact’s new small businessInnoLoft, an accelerator focused on small business innovations. It was here that BoardOnTrack refined its business and prepared itself for scalable growth. “It’s a great time to be part of the Boston tech ecosystem. We started in Constant Contact’s InnoLoft where we positioned ourselves for growth and have since formed a strong partnership with MassVentures,” said Marci Cornell-Feist, Chief Executive Officer at BoardOnTrack. “With both the financial and knowledge support we have received to date, we can now focus on growing our product offerings and broadening our position in the market. We’re thankful for the funding and expertise that the MassVentures’ team has provided.”
BoardOnTrack enables volunteers to work strategically and efficiently to transform charter schools and non-profit organizations across the country. Utilizing BoardOnTrack’s web-based tools, boards are able to develop goals and track accountability, optimize board performance, monitor progress and assess accomplishments at year end.
“After a thorough market analysis, it was quite clear that BoardOnTrack’s comprehensive, data-driven solution was filling a real need in the market, and is a key component in optimizing board performance,” said Nick Pappas, Vice President at MassVentures. “Marci and her team have demonstrated domain knowledge that is unparalleled in the industry and are poised to scale BoardOnTrack. We look forward to supporting their continued success.”
New $6 million state fund supports small business growth
and provides extension of MTDC funding
March 23, 2012, Boston, MA – The Patrick-Murray Administration, along with Massachusetts Technology Development Corp. (MTDC), announced today the launch of the START program to help fuel the Massachusetts innovation economy. START is a $6 million initiative that will help growing companies commercialize technologies developed under the Small Business Innovation Research (SBIR) contracts. The START program will not only provide financial support but also coaching, business planning and introductions to potential investors, thereby driving job growth within the Commonwealth.
Massachusetts has long been a national leader in SBIR grants and dollars received; ranked second in the nation in dollars received, first in dollars received per capita and more than $3 billion in commercial sales of SBIR technologies generated to date. The new START program, one of the first of its kind in the nation, is aimed at helping fund the transition of technologies developed under SBIR Phase II awards into commercial products and services. The SBIR program funds feasibility studies in Phase I, technology development in Phase II and leaves commercialization to the private sector.
“The Patrick-Murray Administration has made a strong investment in making Massachusetts a world leader in the innovation economy,” said Greg Bialecki, Massachusetts Secretary of Housing and Economic Development. “START is focused on activities essential to successful commercialization, to help support promising Massachusetts companies looking to grow and stay here in the Commonwealth.”
MTDC will initiate the START program with Stage I grants of up to $100,000 each to 10 Massachusetts applicants that have won Phase II SBIR contracts and whose technology innovations have prospects for creating high-growth commercial products or services. Based on progress demonstrated over the first year, an additional Stage II grant of up to $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. The program is open to any Massachusetts applicant that has received Phase II SBIR contracts within the last 3 years. Life sciences and energy/clean-tech will not be considered under START as other Massachusetts programs support them.
“START is consistent with the MTDC mission to fuel the innovation economy in the state. We are looking to address opportunities where, for many reasons, the private sector is not providing adequate development capital. The program will help pay for patents, build prototypes, perform market research and write fundable business plans and thereby grow our workforce and the economy,” said Jerry Bird, President of MTDC. “In addition to funding, MTDC has a track record of helping companies grow and achieve profitability and we expect to use our skills and knowledge to move START award recipients closer to commercialization, faster.”
For more details on the program, eligibility requirements and the application and granting process please visitwww.mtdc.com/start.
About Massachusetts Technology Development Corporation
Massachusetts Technology Development Corporation (MTDC), is a leading edge venture capital firm that addresses the “capital gap” for start-up and expansion of early-stage technology companies operating in the Commonwealth of Massachusetts. MTDC has invested in many of Massachusetts’ most promising new technology-based companies. More information is available at www.mtdc.com.
Our Investment Focus
MassVentures is a venture capital firm focused on fueling the Massachusetts innovation economy by funding early-stage, high-growth Massachusetts startups as they move from concept to commercialization.
MassVentures focuses on Series A investments and considers occasional and opportunistic seed rounds. We provide capital for first-time CEOs and/or founders and consider industry segments not adequately served by the venture community.
Our track record of success combined with our expertise, contacts and support for entrepreneurs makes MassVentures an attractive venture partner for early-stage companies in Massachusetts.
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