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$90 Million & 500 Jobs: MassChallenge's Economic Impact in One Year

Sep 01, 2011

In the past year, the 111 finalists from the first-ever MassChallenge accelerator program raised over $90 million in outside funding and created nearly 500 new jobs.  As a catalyst for a startup renaissance, MassChallenge has created the world’s largest startup competition.  “Based in the heart of Boston’s Innovation District, MassChallenge is helping ensure that Boston continues to deliver revolutionary results for the benefit of the local ecosystem, the country and the rest of the world,” said Mayor Menino. MassChallenge will graduate another 125 startups on October 24 while continuing to support the 111 startups from 2010.  In July, Ksplice, a 2010 MassChallenge winner, was acquired by Oracle, marking the first acquisition of a MassChallenge-supported startup.  MassChallenge is exploring its expansion to other cities around the country. “There are many people out there trying to support entrepreneurs.  MassChallenge is unique in bringing the entrepreneurial mindset to that support, willing to talk to anyone, try anything, or break any traditional rules to help build the next generation of startup companies,” Adam Rein, Founder, Altaeros Energies.  Altaeros was a MassChallenge Finalist in 2010 and has since moved into the Greentown Labs on Summer Street in the Innovation District. MassChallenge Partners with Startup America Partnership, a White House Initiative

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