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CONFIDENTIAL PRESENTATION | PAGE 1
What Makes Boston’s Start-Up
Scene Special?
Jeff Bussgang
General Partner, Flybridge Capital Partners
Senior Lecturer, Harvard Business School
Summer 2017
CONFIDENTIAL PRESENTATION | PAGE 2
 Intellectual Capital – academia, innovation,
diverse industries and ideas
 Advisors, Angels, Accelerators- seed $
 Venture Capital – scale $, mentorship
 Successful Companies – to partner, poach
and/or sell to
Ingredients for a Vibrant Start-Up Ecosystem
CONFIDENTIAL PRESENTATION | PAGE 3
Historical Leadership
CONFIDENTIAL PRESENTATION | PAGE 4
33,600 companies
300 each year
Employs 3.3
million
Generates $2
trillion of sales
300+ patents each
year
MIT Factory of Innovation
CONFIDENTIAL PRESENTATION | PAGE 5
Harvard is No Slouch
CONFIDENTIAL PRESENTATION | PAGE 6
Other Colleges and Universities
CONFIDENTIAL PRESENTATION | PAGE 7
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
MA VA WA CA MD TX NC NY
Location Quotient (LQ)
Mass Has Most Concentrated Tech Sector
Source: MassTLC State of Technology Report - 2015
CONFIDENTIAL PRESENTATION | PAGE 8
Innovation Economy Is Densely Concentrated
Population: 645K Boston, 4.6M Greater Boston Area
CONFIDENTIAL PRESENTATION | PAGE 9
Geographic Clusters Benefits of High Concentration
495 Corridor
128 Corridor
Cambridge/Boston
CONFIDENTIAL PRESENTATION | PAGE 10
“Highest Density Cluster of Innovation on the Planet”
Kendall Square
CONFIDENTIAL PRESENTATION | PAGE 11
Boston’s Innovation District
CONFIDENTIAL PRESENTATION | PAGE 12
Next Up: Harvard - Allston
CONFIDENTIAL PRESENTATION | PAGE 13
VC Funding Has Become Even More
Concentrated Over Time
CONFIDENTIAL PRESENTATION | PAGE 14
Venture Capital: Regional Comparison
California:
$181.3B
New York:
$45.5B
Massachusetts:
$50.2B
VC Capital Under Management - 2016
Source: Pitchbook / NVCA Yearbook
80% of total VC $ in these 3 regions
CONFIDENTIAL PRESENTATION | PAGE 15
Venture Capital Under Management
Per Capita
California:
$4.6K/person
New York:
$2.3K/person
Massachusetts:
$7.7K/person
VC Capital Under Management Per Capita - 2016
Source: NVCA 2017 Yearbook, US Census
CONFIDENTIAL PRESENTATION | PAGE 16
StartedBefore
2008
StartedAfter
2009
Super Angels Micro VCs Seed VCs
Golden Seeds
Launch Capital
Launchpad
Michael Baker
David Chang
Wayne Chang
Semyon Dukach
Joi Ito
Jennifer Lum
Andy Palmer
Mike Volpe
Boston Seed
Hyperplane
Project11
Assemble.vc
DataPoint Capital
Dorm Room
Founder Collective
NextView Ventures
Pillar
Procyon Ventures
Romulus
RoughDraft Ventures
Converge VenturesJoe Caruso
Michael Dornbrook
John Landry
Dharmesh Shah
Italics – Flybridge Advisor or portfolio company CEO
Super Angels: Make > 10 investments, typically listed on AngelList
Seed VCs: $30-100m fund, predominantly invest in seeds
Micro VCs: $0-30m fund, predominantly invest in seeds or pre-seeds
Pre-Seed / Seed Capital Is More Available Now
CONFIDENTIAL PRESENTATION | PAGE 17
Proximity to NYC: A Huge Plus
CONFIDENTIAL PRESENTATION | PAGE 18
National Institute of Health: State Rankings
Most NIH awards
Source: Boston Business Journal, March 18th, 2016
Most NIH funding (millions)
Location Awards
California 7,765
Massachusetts 4,914
New York 4,880
Pennsylvania 3,380
Maryland 2,542
Texas 2,524
North Carolina 2,193
Illinois 1,920
Ohio 1,657
Location Funding
California $3,553
Massachusetts $2,507
New York $2,097
Maryland $1,735
Pennsylvania $1,535
North Carolina $1,148
Texas $1,040
Washington $916
Illinois $753
CONFIDENTIAL PRESENTATION | PAGE 19
Leading Clusters: Life Sciences Leadership
CONFIDENTIAL PRESENTATION | PAGE 20
Leading Clusters: Boston’s Energy Sector
CONFIDENTIAL PRESENTATION | PAGE 21
E-Commerce
Cloud
Ed Tech
Cybersecurity
Marketing Tech
Health IT
Machine Learning
Mobile
Robotics
Boston Technology Microclusters
CONFIDENTIAL PRESENTATION | PAGE 22
*Platform companies – large, anchor companies you can partner with, poach from, sell to and from
which many other companies will spin out
Boston-Based Platform Companies*
CONFIDENTIAL PRESENTATION | PAGE 23
And We Also Have Our Unicorns
Public Private
+
+
* Founded since 2001 and worth >$1B +Acquired
+
*
+
CONFIDENTIAL PRESENTATION | PAGE 24
And We Also Have Our Unicorns
Public Private
+
+
* Founded since 2001 and worth >$1B +Acquired
+
*
+
CONFIDENTIAL PRESENTATION | PAGE 25
Expansion of Major Tech Companies
CONFIDENTIAL PRESENTATION | PAGE 26
Strong Community of Women Tech Leaders
#2 “Top Cities for Female Entrepreneurs” - Forbes
Cynthia Brezeal
Jibo
Wendy Cebula
EdX
Abbie Celniker
Eleven Bio
Michelle Dipp
Ovascience
Helen Greiner
CyPhy/iRobot
Bettina Hein
Pixability
Sheila Marcelo
Care.com
Mary Puma
Axcelis
CONFIDENTIAL PRESENTATION | PAGE 27
Start-Up Resources
Skills /
Educational
Industry
Organizations
Co-Working
Spaces
CONFIDENTIAL PRESENTATION | PAGE 28
Start-Up Resources
News
Outlets
Accelerators
/ Incubators
For
Students
CONFIDENTIAL PRESENTATION | PAGE 29
Investors and Entrepreneurs to Follow
Investors Blog URL Twitter
Rob Go / Next View robgo.org @robgo
Maia Heymann/ Converge @maiaheymann
Eric Paley / FC epaley.com @epaley
David Skok / Matrix forentrepreneurs.com @bostonvc
Bijan Sabet /Spark Capital bijansabet.com @bijan
Entrepreneurs Blog URL Twitter
David Cancel/Drift davidcancel.com @dcancel
David Chang/ex-PayPal @changds
Wayne Chang/Twitter waynechang.com @wayne
Ellen Chisa/Project Dark blog.ellenchisa.com @ellenchisa
Paul English/Lola paulenglish.com @englishpaulm
Jennifer Lum/ForgeAI @lum
Sean Lindsay/Eager Labs @rseanlindsay
Dharmesh Shah/Hubspot onstartups.com @dharmesh
Mike Volpe/Cyberreason mikevolpe.com @mvolpe
CONFIDENTIAL PRESENTATION | PAGE 30
Conclusion: Top Ranked Innovation City
It’s All Here Waiting For You
#1 Boston
www.massitsallhere.com

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What Makes the Boston Startup Scene Special?

  • 1. CONFIDENTIAL PRESENTATION | PAGE 1 What Makes Boston’s Start-Up Scene Special? Jeff Bussgang General Partner, Flybridge Capital Partners Senior Lecturer, Harvard Business School Summer 2017
  • 2. CONFIDENTIAL PRESENTATION | PAGE 2  Intellectual Capital – academia, innovation, diverse industries and ideas  Advisors, Angels, Accelerators- seed $  Venture Capital – scale $, mentorship  Successful Companies – to partner, poach and/or sell to Ingredients for a Vibrant Start-Up Ecosystem
  • 3. CONFIDENTIAL PRESENTATION | PAGE 3 Historical Leadership
  • 4. CONFIDENTIAL PRESENTATION | PAGE 4 33,600 companies 300 each year Employs 3.3 million Generates $2 trillion of sales 300+ patents each year MIT Factory of Innovation
  • 5. CONFIDENTIAL PRESENTATION | PAGE 5 Harvard is No Slouch
  • 6. CONFIDENTIAL PRESENTATION | PAGE 6 Other Colleges and Universities
  • 7. CONFIDENTIAL PRESENTATION | PAGE 7 0 0.2 0.4 0.6 0.8 1 1.2 1.4 1.6 1.8 MA VA WA CA MD TX NC NY Location Quotient (LQ) Mass Has Most Concentrated Tech Sector Source: MassTLC State of Technology Report - 2015
  • 8. CONFIDENTIAL PRESENTATION | PAGE 8 Innovation Economy Is Densely Concentrated Population: 645K Boston, 4.6M Greater Boston Area
  • 9. CONFIDENTIAL PRESENTATION | PAGE 9 Geographic Clusters Benefits of High Concentration 495 Corridor 128 Corridor Cambridge/Boston
  • 10. CONFIDENTIAL PRESENTATION | PAGE 10 “Highest Density Cluster of Innovation on the Planet” Kendall Square
  • 11. CONFIDENTIAL PRESENTATION | PAGE 11 Boston’s Innovation District
  • 12. CONFIDENTIAL PRESENTATION | PAGE 12 Next Up: Harvard - Allston
  • 13. CONFIDENTIAL PRESENTATION | PAGE 13 VC Funding Has Become Even More Concentrated Over Time
  • 14. CONFIDENTIAL PRESENTATION | PAGE 14 Venture Capital: Regional Comparison California: $181.3B New York: $45.5B Massachusetts: $50.2B VC Capital Under Management - 2016 Source: Pitchbook / NVCA Yearbook 80% of total VC $ in these 3 regions
  • 15. CONFIDENTIAL PRESENTATION | PAGE 15 Venture Capital Under Management Per Capita California: $4.6K/person New York: $2.3K/person Massachusetts: $7.7K/person VC Capital Under Management Per Capita - 2016 Source: NVCA 2017 Yearbook, US Census
  • 16. CONFIDENTIAL PRESENTATION | PAGE 16 StartedBefore 2008 StartedAfter 2009 Super Angels Micro VCs Seed VCs Golden Seeds Launch Capital Launchpad Michael Baker David Chang Wayne Chang Semyon Dukach Joi Ito Jennifer Lum Andy Palmer Mike Volpe Boston Seed Hyperplane Project11 Assemble.vc DataPoint Capital Dorm Room Founder Collective NextView Ventures Pillar Procyon Ventures Romulus RoughDraft Ventures Converge VenturesJoe Caruso Michael Dornbrook John Landry Dharmesh Shah Italics – Flybridge Advisor or portfolio company CEO Super Angels: Make > 10 investments, typically listed on AngelList Seed VCs: $30-100m fund, predominantly invest in seeds Micro VCs: $0-30m fund, predominantly invest in seeds or pre-seeds Pre-Seed / Seed Capital Is More Available Now
  • 17. CONFIDENTIAL PRESENTATION | PAGE 17 Proximity to NYC: A Huge Plus
  • 18. CONFIDENTIAL PRESENTATION | PAGE 18 National Institute of Health: State Rankings Most NIH awards Source: Boston Business Journal, March 18th, 2016 Most NIH funding (millions) Location Awards California 7,765 Massachusetts 4,914 New York 4,880 Pennsylvania 3,380 Maryland 2,542 Texas 2,524 North Carolina 2,193 Illinois 1,920 Ohio 1,657 Location Funding California $3,553 Massachusetts $2,507 New York $2,097 Maryland $1,735 Pennsylvania $1,535 North Carolina $1,148 Texas $1,040 Washington $916 Illinois $753
  • 19. CONFIDENTIAL PRESENTATION | PAGE 19 Leading Clusters: Life Sciences Leadership
  • 20. CONFIDENTIAL PRESENTATION | PAGE 20 Leading Clusters: Boston’s Energy Sector
  • 21. CONFIDENTIAL PRESENTATION | PAGE 21 E-Commerce Cloud Ed Tech Cybersecurity Marketing Tech Health IT Machine Learning Mobile Robotics Boston Technology Microclusters
  • 22. CONFIDENTIAL PRESENTATION | PAGE 22 *Platform companies – large, anchor companies you can partner with, poach from, sell to and from which many other companies will spin out Boston-Based Platform Companies*
  • 23. CONFIDENTIAL PRESENTATION | PAGE 23 And We Also Have Our Unicorns Public Private + + * Founded since 2001 and worth >$1B +Acquired + * +
  • 24. CONFIDENTIAL PRESENTATION | PAGE 24 And We Also Have Our Unicorns Public Private + + * Founded since 2001 and worth >$1B +Acquired + * +
  • 25. CONFIDENTIAL PRESENTATION | PAGE 25 Expansion of Major Tech Companies
  • 26. CONFIDENTIAL PRESENTATION | PAGE 26 Strong Community of Women Tech Leaders #2 “Top Cities for Female Entrepreneurs” - Forbes Cynthia Brezeal Jibo Wendy Cebula EdX Abbie Celniker Eleven Bio Michelle Dipp Ovascience Helen Greiner CyPhy/iRobot Bettina Hein Pixability Sheila Marcelo Care.com Mary Puma Axcelis
  • 27. CONFIDENTIAL PRESENTATION | PAGE 27 Start-Up Resources Skills / Educational Industry Organizations Co-Working Spaces
  • 28. CONFIDENTIAL PRESENTATION | PAGE 28 Start-Up Resources News Outlets Accelerators / Incubators For Students
  • 29. CONFIDENTIAL PRESENTATION | PAGE 29 Investors and Entrepreneurs to Follow Investors Blog URL Twitter Rob Go / Next View robgo.org @robgo Maia Heymann/ Converge @maiaheymann Eric Paley / FC epaley.com @epaley David Skok / Matrix forentrepreneurs.com @bostonvc Bijan Sabet /Spark Capital bijansabet.com @bijan Entrepreneurs Blog URL Twitter David Cancel/Drift davidcancel.com @dcancel David Chang/ex-PayPal @changds Wayne Chang/Twitter waynechang.com @wayne Ellen Chisa/Project Dark blog.ellenchisa.com @ellenchisa Paul English/Lola paulenglish.com @englishpaulm Jennifer Lum/ForgeAI @lum Sean Lindsay/Eager Labs @rseanlindsay Dharmesh Shah/Hubspot onstartups.com @dharmesh Mike Volpe/Cyberreason mikevolpe.com @mvolpe
  • 30. CONFIDENTIAL PRESENTATION | PAGE 30 Conclusion: Top Ranked Innovation City It’s All Here Waiting For You #1 Boston www.massitsallhere.com