Three Profiles of Cannabis Entrepreneurs

Over 35 million US citizens use marijuana every month, more than the number of Americans who smoke cigarettes, according to the Dennemeyer Group. Research shows that the number of cannabis users is growing at over 15% a year. Interestingly, since cannabis is still illegal at the federal level, the US Patent and Trademark Office must refuse all cannabis-related trademark applications, but that hasn’t stopped entrepreneurs.

As outlined in my previous blog post, there is a multi-billion dollar market for cannabis and CBD products, which opens up entrepreneurial opportunities in both the plant-touching and ancillary businesses. This post will look at profiles of three entrepreneurs working in cannabis-related start-ups and their views on the market space.

From helping growers, to distribution, to working with individual consumers, the cannabis market provides many opportunities.

AdaViv: Predictive Agriculture for Smarter Growing

Founded by an interdisciplinary team of MIT researchers and alumni, AdaViv emerged from MIT’s delta v accelerator.  Julian Ortiz, co-founder of AdaViv, explains how predictive agriculture can help cannabis growers to develop a competitive advantage: “We help producers grow smarter – from disease prevention to rapid experimentation, improving yields, and quality optimization.” 

The company uses computer vision and AI to uncover hidden plant biometrics, then translates this data into actionable insights for indoor and greenhouse growers. AdaViv aims to transform agriculture and deploy their technology to a variety of crops grown in controlled environments, though the founders initially are focusing on cannabis due to the high value in the crop, the level of quality control needed for the medical market, and the level of differentiation they can offer to growers. AdaViv has recently closed a $1 million funding round and has lined up initial customers. (See this video of AdaViv’s delta v Demo Day presentation.)

I Heart Jane: ECommerce Marketplace for More Efficient Distribution

Another cannabis company started out of MIT is Jane Technologies, Inc., a retail tech company that can be found online at IHeartJane.com. I Heart Jane is the cannabis industry’s only complete online marketplace where consumers can discover and order cannabis online. Founder Socrates Rosenfeld is a West Point grad and an Iraq War veteran. Suffering from PTSD after his return from combat, he realized the benefits of cannabis for symptoms such as sleeplessness and anxiety. After receiving his MBA from MIT, he founded the company with his brother using a business model similar to the Grubhub food delivery service. 

The company website states, “We believe in the cannabis industry’s ability to bring well-being, health, and love into this world, and it is our mission to bring confidence to the online cannabis shopping experience.”  Their online marketplace lets consumers shop for cannabis with the same ease and sophistication that they shop for everything else.

JBS Holistic Nutrition: Healing Alternatives for Consumers

The passage of the 2018 Farm Bill removes hemp (with less than 0.3% THC) from the Controlled Substances Act and propels hemp-derived CBD to be a potentially $22 billion market by 2022. While cannabis is still illegal in many states, CBD products are being embraced nationwide by both entrepreneurs and major retailers.

Joanne Burke-Sherman, owner of JBS Holistic Nutrition, works one-on-one with clients for health coaching and healing alternatives and offers CBD products. CBD, or cannabidiol, offers therapeutic benefits without the high. Clinical research on CBD includes preliminary studies of anxiety, cognition, movement disorders, and pain. Although CBD products are only one aspect of her business, she initially saw a lot of interest in CBD because everyone was curious. “I have seen many people supported in pain and anxiety,” said Burke-Sherman. “One client with addiction issues felt it truly helped and ‘saved his life.’  Others feel their joint pain is reduced and others say their anxiety is reduced.”

As the market gets more crowded and large chains start to carry CBD products, small entrepreneurs may be squeezed out. Burke-Sherman is concerned that most consumers will not know what to use. It is very similar to the existing nutritional supplement market – there is high-quality and low-quality. She would highly recommend going through a qualified person who has knowledge about the product in order to buy it.  Otherwise, a person should spend time doing research.  Some basic information is whether a product is organic (no pesticides and herbicides) and non-GMO.  Is there third-party testing?  What is tested? Consumers should check for solvents, heavy metals, or other harmful materials to make sure anything they use is safe.

Conclusion 

As the market opportunities continue to spark up, everyone from Gwyneth Paltrow to Jim Belushi to Jay-Z are getting involved in the blazing hot cannabis industry. But the hope is that there is plenty of green available for the less-famous entrepreneurs profiled here as well.

For more on the cannabis market, please read my last post, A Growing Market Sparks Up: Cannabis Opportunities for Entrepreneurs.

An abbreviated version of these posts was published in Xconomy, under the title, The Entrepreneurial Potential of Cannabis.

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A Growing Market Sparks Up: Cannabis Opportunities for Entrepreneurs

Atop the pile of mail on my kitchen island, I see “CBD for everyday wellness” calling from the back cover of the Bed, Bath & Beyond circular. For only $29.99 (minus my $5-off coupon) I can enjoy pure, THC-free essential oils from SpaRoom that promise relaxation and well-being. From these essential oils for wellness, to prescription-based medical marijuana, to recreational pot, cannabis offers huge business potential and both startups and big businesses are drawn to the market opportunity.

Recreational marijuana is now legal here in Massachusetts and it seems that everywhere you look, people are excited to create business ventures around it. But, like any other business endeavor, research, planning, and discipline are essential – maybe even more so given the legal and regulatory issues involved with cannabis. Starting a “cannabusiness” can provide passionate “ganjapreneurs” a chance to get in on the ground floor of a burgeoning market, but it’s critical to jump in with your eyes wide open.

As of now, marijuana is fully legal in 10 US states plus Washington DC, and 33 states have a legal medical cannabis program (this map shows marijuana legality by state). From a business perspective, it’s tricky as some states allow medical marijuana, some allow only medical CBD oil, and in others it is still fully illegal. However, businesses are eager to participate in the cannabis industry at every level and many analysts believe that the US will fully legalize marijuana in the next several years, given that legislation such as the Marijuana Justice Bill to end the federal prohibition on marijuana has been introduced.

First, a bit about Cannabis Terminology … What’s What?

For the uninitiated, here’s a quick glossary of terms:

  • Cannabis, also known as marijuana, is a psychoactive drug from the Cannabis plant used for medical or recreational purposes. Cannabis can be used by smoking, vaporizing, within food, or as an extract. (There are a ton of slang names for cannabis too, including pot, weed, grass, reefer, ganja, bud, etc. In fact, media outlet Ganjapreneur has a whole terminology guide.)
  • Medical Cannabis (or medical marijuana) can refer to the use of cannabis and its cannabinoids to treat disease or improve symptoms; however, there is no single agreed-upon definition.
  • THC (tetrahydrocannabinol) is the principal psychoactive constituent of cannabis, the part that produces the high.
  • CBD (cannabidiol) is one of some 113 identified cannabinoids in cannabis plants; CBD accounts for up to 40% of the plant’s extract. If CBD oil contains only CBD as the active ingredient and not THC, it provides therapeutic benefits without the high. Clinical research on CBD includes preliminary studies of anxiety, cognition, movement disorders, and pain.
  • Hemp is a strain of the Cannabis sativa plant species that is grown specifically for the industrial uses of its derived products. In addition to cannabis, the hemp plant is used for food (hemp seeds and hemp seed oil) and its fiber.

What are the Real Benefits of Cannabis?

First let’s focus on CBD. In 2018, the World Health Organization published a report that showed there are no public health risks or abuse potential for cannabidiol, or CBD. As summarized in this Forbes article, the WHO team determined that CBD has “been demonstrated as an effective treatment for epilepsy” in adults, children, and even animals, and that there’s “preliminary evidence” that CBD could be useful in treating  Alzheimer’s disease, cancer, psychosis, Parkinson’s disease, and other serious conditions.

What about THC, then? According to the National Institute of Health’s website, THC can increase appetite and reduce nausea. THC may also decrease pain, inflammation (swelling and redness), and muscle control problems. Although marijuana is not FDA-approved, scientific study of the chemicals in marijuana has led to two FDA-approved medications in pill form, dronabinol and nabilone, used to treat nausea and boost appetite.

Some proponents feel that a combination is best and that CBD and THC work synergistically within the body’s endocannabinoid system in a way known as the entourage effect.

Opportunities from Every Angle

Due to increasing legalization, cannabis is a burgeoning industry and new business opportunities exist from almost every angle. Businesses can focus on the recreational or medicinal benefits – or both. At the same time, there are dozens of ancillary services that are needed to support the cannabis industry.

There’s so much more to the business than growing marijuana. Business News Daily categorizes opportunities as “plant-touching vs. ancillary businesses.” As the name suggests, plant-touching businesses handle the cannabis plant itself, either cultivating, distributing, processing, or selling it. Entrepreneurs should realize that these types of businesses face the strictest regulations and may need to navigate complicated licensing processes before they can get started. Also, as the business grows, big industry players will tend to dominate. In Canada, where recreational marijuana is legal throughout the country, the top four licensed producers are set to corner approximately 70% of the country’s regulated recreational market, says Marijuana Business Daily.

Ancillary businesses provide all the supporting functions for a cannabis business. These include data platforms, ag-tech companies, legal representation, compliance technology, point-of-sale systems, payment processors, digital marketers, event planning, public relations, software, accountants, and more. They are the same kinds of functions and services needed to support any other business in any other industry. Ancillary businesses are also the least risky kinds of cannabis-related businesses since cannabis regulations for businesses only apply to growers, processors, and sellers. Because ancillary marijuana businesses aren’t burdened with all the red tape and high taxes, they tend to have higher profits as well.

In a Boston Globe article, Jay Youmans, a founding member of the Massachusetts Cannabis Business Association, says, “We’re really trying to destigmatize this industry and [have] folks understand this is no different than any other industry. We create jobs. We hire local people. We’re regulated very heavily, and we take this job really seriously.” Youmans said the local [Massachusetts] cannabis industry is expected to rake in an estimated $1.5 billion in sales annually. At the industry’s full force, he expects there to be 20,000 jobs in or related to the market.

Nationally, CNBC reports that job creation is expected to grow as more states legalize marijuana. Manufacturers and distributors (both recreational and medicinal) saw a massive 44% gain in job creation in 2018, with 64,389 new positions, for a total of 211,000 jobs directly related to the industry and 296,000 in all related areas combined (according to industry site Leafly in a report it compiled with Whitney Economics). To put this into perspective, there are now more legal cannabis industry workers than dental hygienists in the United States. The Leafly report also shows $10.8 billion in legal cannabis sales in 2018. Interestingly, the U.S. Bureau of Labor Statistics does not count cannabis-related jobs in its figures because the substance is still considered a Schedule 1 narcotic at the federal level.

The Significance of Hemp Legalization on a National Level

For entrepreneurs that are looking at business opportunities on a national level, CBD products may be the way to go for now. Many big name retailers from CVS to Sephora to Neiman Marcus to Walgreens have either entered, or expressed an interest in entering, the CBD market. This interest in CBD has been propelled by changes in the Farm Bill.

In late 2018, President Trump signed the 2018 Farm Bill which removes hemp (with 0.3% THC or below) from the Controlled Substances Act. According to Hemp Industry Daily, this is the most significant change to American drug policy in five decades. Federal drug authorities will now have to treat hemp like any other agricultural commodity, such as wheat or potatoes, and hemp farmers will no longer face legal or regulatory burdens of it being classified as an illegal drug, such as difficulty getting crop insurance or barriers to obtaining loans.

The tide is turning. This Bloomberg article gives several examples of the shift, including a 10,000 acre farm in Yuma County, Arizona, that had originally grown organic spinach and lettuce and has now transitioned to hemp. According to the Brightfield Group, hemp legalization propels what was originally projected as a $2 billion market by 2022 into a $22 billion hemp-derived CBD market instead, which could double the projected market value of the entire cannabis industry.

At MIT, our student venture accelerator, delta v, provides a capstone educational opportunity for student entrepreneurs that prepares them to hit escape velocity and launch into the real world. We’ve had some entrepreneurs start to explore businesses in the cannabis market. In my next post, we’ll talk to one of those startups and get more entrepreneurial insights on the cannabis market.

Necessity vs. Innovation-Based Entrepreneurs

This article originally appeared in Xconomy.

What makes someone an entrepreneur? Most simply defined, an entrepreneur is a person who identifies a need and starts a business to fill that void. But others will argue that a “true” entrepreneur must come up with an innovative new product or service and then operates their business to sell and profit from that innovation.

Under the broader definition are those people who become entrepreneurs out of necessity – starting their own business after losing a job, to supplement their income, or to gain the flexibility to attend to other demands in their lives.

Take Joanne, for example. Joanne started her holistic health business about eight years ago. Although she doesn’t necessarily consider herself an entrepreneur, the necessity of a family member’s health situation created both a challenge and an opportunity that shifted her path of employment. As a graduate of Boston University with a degree in math, and Syracuse with an MBA, Joanne had been working as a technical engagement director managing large-scale database development projects.

However, she was also managing the special needs of a son at home with learning differences. She was hit with a layoff from her job about the same time that her son required more services. She was doing tons of research to help him in any way possible, including alternatives to mainstream treatment, and she started an unpaid e-mail service to friends and family sharing what she learned. The response was tremendous – several people told her that she had changed their lives and she should make a career out of it. She decided to take the plunge, pursued further education, and then started JBS Holistic Nutrition where she offers health coaching and healing alternatives. The nature of her business allows her to be flexible. She is currently working part-time, which enables her to manage the needs of her family and help take care of an ailing parent. She sees her business as an opportunity to help people change their lives for the better.

Joanne is someone I’d consider a necessity-based entrepreneur. Often, necessity is financially based, but pursuing a passion and work-life balance issues also play into necessity.

One of the first references to “necessity entrepreneurship” was in the Global Entrepreneurship Monitor (GEM) report in 2001. This third annual GEM assessment researched entrepreneurship in 29 countries. Respondents were asked to indicate whether they were starting and growing their business to take advantage of a unique market opportunity (opportunity entrepreneurship) or because it was the best option available (necessity entrepreneurship). At the time, the average opportunity entrepreneurship prevalence rate across the 29 GEM countries was about 6.5 percent, while the average for necessity entrepreneurship was 2.5 percent.

Interestingly, GEM’s most recent report for 2017-2018 looks at entrepreneurship through a few more complex lenses, but it states that most entrepreneurs around the world are opportunity-motivated. On average, three-quarters of global respondents stated that they had chosen to pursue an opportunity as a basis for their entrepreneurial motivations, with 83 percent of entrepreneurs in North America falling into this category. Women were more likely to start businesses out of necessity, compared to men, in all regions except in North America.

My guess is that necessity-based entrepreneurs may be somewhat under-represented in these numbers as they may not self-identify as entrepreneurs. Necessity-based entrepreneurs also may be less likely to respond to this type of survey.

Some of the early research on the topic discusses a push-pull analogy. “Push” (or necessity-based) entrepreneurs are those who may be faced with a job loss, dissatisfaction with their current positions, or lack of career opportunities. For these reasons – unrelated to their entrepreneurial characteristics – they are pushed to start a venture. “Pull” (or opportunity-based) entrepreneurs are those who initiate venture activity because of the attractiveness of the business idea and its personal implications. They may seek independence, increased earnings, and opportunities to carry out their own ideas.

A study out of Stanford on Opportunity versus Necessity Entrepreneurship explores the common and seemingly paradoxical finding that business creation increases in recessions. It looks at two distinct motivations, “opportunity” entrepreneurship and “necessity” entrepreneurship (with the simple definition of a necessity entrepreneur as initially unemployed before starting their business). The research found that opportunity entrepreneurship is generally pro-cyclical and necessity entrepreneurship is strongly counter-cyclical – that is, recessions drive necessity-based entrepreneurs to start their own businesses. Opportunity entrepreneurship was also found to be associated with more growth-oriented businesses.

I believe there are many profiles of the necessity-based entrepreneur, and it’s a segment of entrepreneurship that deserves more attention. Not every entrepreneur is the genius superstar with a new technology. Some forms of entrepreneurship are a bit humbler.

An example of this are gig economy entrepreneurs. These “gigs” are often short-term contracts or freelance work as opposed to (or in addition to) permanent jobs – think Uber and TaskRabbit. Although this is an emerging form of entrepreneurship, is it a positive experience for the entrepreneur (and the economy)? Or, is it a necessary side hustle some people need to survive?

Women and minority entrepreneurs are often necessity-based entrepreneurs. The startup rate for businesses created by both women and minorities exceeds the overall rate for new startups. The Minority 2018 Small Business Trends survey by Guidant Financial surveyed 2,600 business owners and aspiring entrepreneurs, and found that 45 percent of small business in the country were owned by minority ethnic groups and 26 percent were owned by women in 2018. What is driving these business owners, and are we measuring their contributions effectively?

While economic gain is certainly one component of necessity-based entrepreneurship, a broader definition includes entrepreneurs who are motivated by their belief that the traditional labor options available are insufficient to meet their non-economic needs and goals as well.

At MIT, we foster entrepreneurship through programs like our delta v student venture accelerator where our students are out to change the world with their innovations. But, entrepreneurship has many forms and there is no one right model or best way to measure success. Necessity-based entrepreneurs are shaping their own success in a way that works and should be included in the broader study of entrepreneurs.

This article was published in Xconomy on November 26, 2018.

A Discussion on French Entrepreneurship with John Chambers

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I recently had the unique opportunity to join selected MIT faculty, students, and staff to discuss the current business climate with John Chambers, the Executive Chairman of the Board and former CEO of Cisco Systems. He was the guest of honor at a recent MIT Leadership Center luncheon and it was pure luck that I ended up sitting next to him as our meal was served.

My question to John was: what he thinks we should be doing to educate entrepreneurs today (that is currently lacking). Although he didn’t answer that question directly, he did talk about the differences in East Coast and West Coast philosophies. The West vs. East innovation discussion is always a good one (see my blog on Massachusetts being ranked the most innovative state in America) and it was clear that John felt that in Silicon Valley, it is more important to be a founder/key engineer than is to be the CEO of a Fortune 100 company.

Paris conferenceWe then started discussing innovation in other countries, particularly France, in light of my upcoming keynote speech in Paris at the symposium on Entrepreneurial Research: Past, Present and Future. John remarked that the French entrepreneurial ecosystem is actually as large as Boston’s. I was a bit surprised, but also intrigued as I’ve been researching how the French approach entrepreneurship to prepare for my presentation.

Here are some of the highlights of my research I thought I’d share:

  • The French business environment has undergone radical change in recent years. Investment activity in French startups has been on a steady rise. Moreover, it is coming from all sides of French society – the government, the corporations, and the new wave of entrepreneurs. In addition, France has over 100 venture capitalists who invested more than $2 billion in 2016.
  • This activity has changed the general attitude among the younger generation towards entrepreneurship. Up until 2012, France’s best talent was driven to big firms. However, now more than 50% of young people between the ages of 18 and 24 want to start a business, and 1 in 3 of France’s 70,000 Ph.D. students also want to create their own business. At this moment, France has more than 50 startup accelerators, and more than 100 co-working spaces have opened their doors recently.
  • President Hollande’s socialist government has made fostering startups an economic priority with a cohesive policy that has included:
    • Tax incentives for new businesses
    • Government and public sector funding
    • Creation of Special Tech Programs on national and regional levels
    • New crowd-funding legislation
  • The weak point of French VCs is lack of sufficient capital for later-stage funding rounds, forcing many promising French startups to look abroad for their financing needs or get acquired by global multinationals.
  • According to French government, more than 550,000 startups are created each year. More than $2 billion was invested in French startups in 2016. Three startups raised more than $100M:
    • Sigfox (IoT ecosystem)
    • Deezer (Music streaming)
    • Devialet (Sound technology)
  • According to European Digital City Index (EDCI), Paris is the 5th best city for startups in Europe. According to the Compass 2015 Global Startup Ecosystem Ranking, Paris is the 11th best ecosystem for startups globally.
  • Brexit creates excellent opportunity for France to lure best tech startups from UK and transform itself into the #1 European and one of the leading global startup hubs.
  • The presidential elections that will be held in April and May 2017 should be carefully watched. The possible win of Mr. Macron could be a big boost for the French entrepreneurial ecosystem since his tenure as a Minister of Economy was huge boon for the French startup ecosystem.

As Americans we tend to critique French capitalism due to issues such as a high level of government intervention, inflexible labor laws, a fear of failure among entrepreneurs, and the lack of innovation.  However, all this is changing.

I look forward to my visit to Paris in the springtime and will share what I learn at the symposium.

french flag

Chasing Unicorns or Planting Trees?

Quote

unicorn12967178What does Entrepreneurial Success Look Like?  

In the business world, privately held companies valued at $1 billion or more are known as unicorns. Like unicorns, the billion-dollar startup was once only a myth. Now, all that has changed.

Fortune now publishes “The Unicorn List” that includes 174 unicorns. Uber tops the list, with Airbnb, Snapchat, and Pinterest also in the top 10. The Wall Street Journal also publishes a dynamic “Billion Dollar Startup Club” graphic that shows unicorns with their current value and region of origin – Uber’s current $68 billion valuation is by far the highest of the group.

Some rankings use just one criterion, such as venture capital funding to measure success. Although not necessarily the best measurement, it is an easy, publicly available figure, and there have certainly been unicorns that have failed. But, should valuation or the ability to raise money be the only measure of success?

What about the important success factors such as profitability, revenue, job creation, and even intangibles such as social good – giving back to the community or the world. The combination of these metrics provide a more holistic view to measure success.

MIT has been measuring entrepreneurial success for years, and our figures take into account job creation and revenues. According to our last update, companies founded by living MIT alumni have created 4.6 million jobs and generated nearly $2 trillion in annual revenues – that’s about the same as the GDP of the world’s 10th largest economy.

While the trajectory of the unicorns is impressive, a great number of unicorns aren’t profitable. Many startups and entrepreneurs have focused on “growth at all costs,” often operating at a loss to grab market share.  It’s not a surprise to learn that some unicorns are terrified when they have to think about profits for the first time.  (For more in-depth analysis, check out this blog post by well-known venture investor Bill Gurley.)

All of these issues are things that we think about deeply here at the Martin Trust Center for MIT Entrepreneurship. We certainly want the startups that we help launch to be successful, not just in venture capital raised or achieving unicorn status. More importantly, we want that success to be sustainable and we want the entrepreneurial skills that we impart to be deeply rooted.

Think about trees for a second. Yes, much less magical than unicorns, but a tree has deep roots, a solid foundation, and branches that grow over time. We believe that with the tools that we provide to our students: from the proven framework of courses; to state-of-the art facilities; to advisory services; to our own delta v student venture accelerator, we are planting the seeds to help that tree grow. Obviously, drive and passion are important characteristics of successful entrepreneurs, but we know that entrepreneurship can be taught with a systematic, disciplined approach.

In fact, learning solid entrepreneurial skills might be even more important than launching a successful first startup on your first shot.

How does MIT produce so many successful entrepreneurs? We believe it’s all about planting a tree, rather than chasing a unicorn.

 

It’s a Wrap: MIT’s Educational Accelerator Demo Day 2016!

mit-gfsa-demo-16

Congratulations to all of the teams that presented at our Educational Accelerator Demo Day! We kicked off MIT’s campus-wide t=0 celebration of entrepreneurship and innovation, which will continue through September 18.

If you couldn’t join us, this post gives a quick recap; and you can catch all of the presentations on video as well. For an overview of the companies presented, check out this BostonInno article – “These are the 17 Startups MIT Kept Hush-Hush this Summer.”

First of all, in my last post I had let you know that our Global Founders’ Skills Accelerator (GFSA) would be changing its name. We are now MIT’s delta v accelerator.  Why the name change? The derivative of velocity is acceleration!  Hence, the MIT Acceleration Program delta v.

delta v literally means a change in velocity, and we believe this truly captures what happens to these students when they join us for MIT’s accelerator program.

The delta v Demo Day is focused on MIT students, and students filled the auditorium and were even sitting in the aisles. Our Managing Director Bill Aulet kicked of the program and explained how these startups have reached “escape velocity” and have been “kicked out of the house” so to speak.

Bill was followed by keynote speaker Dharmesh Shah, the CTO of HubSpot and an MIT grad. He talked about increasing the success for these student startups – how to get started, why you should avoid stealth mode, why speed matters, how to find a co-founder, attract amazing people, and give yourself crazy ambitious goals. He tells students to take advantage of all your classes to hone your skills… and he says he has never heard of a single entrepreneur who regrets taking a shot at a startup (even if it failed).

Governor Charlie Baker also joined us at Demo Day, and spoke about the amount of wizardry that comes out of MIT and the staggering contribution that MIT has made to the Commonwealth of Massachusetts, the country and the world.

It was then on to the student presentations. Fourteen startups made it through to Demo Day, and their company ideas covered topics from mental health to virtual reality.  We saw compelling videos from farmers whose lives have been changed because of MIT students, transportation in Rwanda and Mexico that will reduce costs for carriers, a way to make freight transportation more efficient and increase the income of truck drivers, and several ways to improve the environment.  We learned about innovations could change the lives of families dealing with cancer treatment and students in Africa.

Interested in learning more? Check out the companies that presented. They are listed below, in alphabetical order, along with links to their websites.  And, if you have a bit more time, check out the teams presenting in our Demo Day video recording.

Alfie
Armoire
Deepstream
dot Learn
Emerald
Factory Shop
FleteYa
Hive Maritime
kiron
Kumwe Logistics
Lean on Me
Leuko Labs
perch
Rendever
ricult
Solstice Initiative

I think everyone who attended Demo Day was inspired and impressed by the power of entrepreneurship at MIT. Now, we’re onward and upward, with t=0 this week with a full schedule of activities every day. Later this month, the delta v teams will be heading to New York City and San Francisco to meet with alumni and investors.

We hope you are inspired too!

Join us September 9th for MIT’s Educational Accelerator Demo Day!

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I’m wrapping up “boot camp” with this year’s MIT Global Founders’ Skills Accelerator (GFSA) cohort this week, and wanted to let you know about our Educational Accelerator Demo Day on September 9th! As Associate Director of the Martin Trust Center and the Director of the GFSA program, it’s been an amazing summer for me, helping to shape our teams of entrepreneurs and guiding them as they prepare to present their companies.

Sign up Now

On Demo Day, each of the groups that have been working in the accelerator will reveal their company to a live audience. This event is free and open to the public – just register here and then join us at MIT Kresge Auditorium; the program runs from 4 – 7 pm, and Dharmesh Shah, founder and CTO of HubSpot will be our keynote speaker.

Demo Day is the culmination of three months of intensive work and focus by our student teams in the educational accelerator. It’s the first chance to present their world-changing products and services to an audience of MIT students, mentors, friends, investors, and potential customers.

Who are this year’s Entrepreneurs?

Our 2016 cohort is bigger than last year with 86 entrepreneurs on 17 teams. We can’t reveal the companies or their concepts until September 9th, but innovative ideas will be presented by the fantastic teams – in vertical industries from healthcare to energy to logistics. To give you an idea of what Demo Day involves, here’s a round-up of inspiring startups from Demo Day in prior years.

As the premier university student accelerator in the world, the MIT GFSA provides a capstone educational opportunity for MIT student entrepreneurs and prepares them to hit “escape velocity” and launch their companies into the real world. We hope you can join us for this amazing event.

We’re Live Streaming too!

Can’t be there live? You can still watch the live stream. (Visit now and mark your calendar.)

After the Boston event, we’re on to New York on September 15 and San Francisco on September 22 to present Demo Day in those cities as well.

 

P.S. We’ll also be announcing a name change for the GFSA program at Demo Day … stay tuned.