MassChallenge 2022 Verticals
Frequently Asked Questions
Deadline Extended! Applications Close October 12, 2021

What are the requirements to apply?    

HealthTech - To be eligible, you must be a digital health startup that has less than $10M in funding and less than $10M in revenue. Because our program is centered around the startup-Champion relationship, we recommend that you have a product or service that is ready to validate.  

FinTech - It’s all about fit. General guidelines are less than $10M in total equity financing and less than $10M in revenue in the past 12 months. Note these are guidelines, not firm requirements. We know that entrepreneurs of all kinds can solve these massive challenges, and the startups that thrive in MCFT are “enterprise-ready.” Enterprise-ready startups have the experience necessary to hit the ground running on day 1 of the program. Typically this means they have some traction in the market and a customer base, but early startups led by industry veterans can also be successful in MCFT.   

What is the selection process?   

The process begins with Online Judging, which is powered by our community of industry experts. These experts are executives from the healthcare industry looking for high-impact digital health startups with the potential for growth  and sustainability.  If your startup passes this round of judging, you will be asked to participate in Matchmaking.  

New this year, Matchmaking will be a virtual judging round where startups provide a 20-minute presentation to the Champions that they have matched with. Matching is based on challenge and Champion alignment. After Matchmaking, Champions extend an offer to startup(s) that they want to work with throughout the program.   

What level of commitment does your program require?   

We do not take a one-size-fits-all approach. However, we do require that at least one team member engages in our program.  Levels of engagement range from core program events such as the Breakfast of Champions and Final Judging to attendance at curriculum events. 
 

Can the program be completed virtually? 

HealthTech - You are not required to be based in Boston to apply or participate. All program events in 2021 will have a virtual component, so you are able to complete the program from anywhere in the world!  

FinTech - Yes, we accept applications from startups around the world, and we are fully prepared to conduct the program virtually. Participation in the program requires at least 1 representative from your team at all 3 major touchpoint events (January, March, and June), as well as regular check-ins with MCFT team members. Any travel should be determined by you and your MCFT partner(s).   

What can I expect to get out of MassChallenge FinTech (MCFT)?   

MCFT sets you up with meaningful partnerships – we’ve done the work and research to identify the most driven, informed change-makers in our partner organizations. We will work alongside you to facilitate those relationships and hit your milestones, so that you can capitalize on goals such as product validation, co-development, customer connections, and strategic investments. As a bonus, we provide equity-free program stipends, access to industry experts, and more.  

What does a typical day look like during MassChallenge FinTech (MCFT)?   

MCFT is not your traditional accelerator. Our focus on partnerships means that most of your time spent in our program will be focused on building your relationship with your partner(s) while you continue to run your business. That being said, we’re a firm believer in continual growth, so you’ll be introduced to experts in financial services, law, compliance and regulation, and technology throughout the program. Consider MCFT a dedicated resource throughout the 6-month program and beyond.  

What are Champions?   

"Champions" are our industry partners. They have submitted their strategic initiatives in hopes of matching with a startup that aligns with their challenges. Our Champions range from large provider institutions such as Massachusetts General Hospital to health plans like Harvard Pilgrim Health Care to pharmaceutical companies like Vertex, and more.  

I'm interested in the partners, but what if I don't see a challenge that fits my business?  

If you’re a startup solving issues in financial services (broadly defined), we encourage you to apply. We know that many of our partners are facing more challenges than they even realize, and that you, as innovators, are working to solve problems that they haven’t anticipated yet. You may work with multiple partners, too. This collaboration is the key to the future of financial services, and we want you involved. Read this year's HealthTech and FinTech Challenge Statements.

What happens if our mentor or Champion wants to invest/purchase IP?   

MassChallenge HealthTech does not take equity. However, we will not get in the way of you doing business with our Champions or partners. We cannot anticipate what kind of deals you will build during the program.