MIT delta v 2017: Ready to Change the World!

demo day pic 2017Are you ready to be inspired? MIT’s student venture accelerator, delta v, revealed itself to the world at our 2017 Demo Day on September 9. It was a fantastic culmination to this year’s program and our students are ready change the world with their startup companies.

I want to thank the students, our speaker Shireen Yates from Nima, the staff at the Martin Trust Center, and our live and online audiences at Demo Day. I invite you to watch the video and view the entire program to see our entrepreneurs pitch their startups.

This year, delta v hosted the largest cohort to date with 21 teams.  In addition to bringing a wide range of skill sets to the program, our 2017 cohort was the most diverse in gender and ethnic background, and had a worldwide perspective with representation from many different countries. This had a tremendous benefit in terms of networking and the teams helping each other solve challenges, supporting the philosophy that diversity fuels innovation. The teams took their skills in science, technology, design, management, and entrepreneurship to tackle everything from fresh water scarcity, climate change, and different ways of producing energy to the opioid crisis, soaring healthcare costs and gender inequality in healthcare to global financial transparency – all big problems in need of innovative solutions.

At delta v, our goal isn’t to tell the students how to do things, our goal is to lead them to their own conclusions. We are looking for students with the “heart of an entrepreneur” who are looking to solve the world’s really hard problems. We give them the opportunity to fail and get feedback in a safe environment. Plus, they learn from each other. Our value add is to help guide students who are ready to positively impact the world.

demo day 2Here’s a brief overview of each startup that presented at Demo Day (in alphabetical order). Remember them. It’s likely you’ll be able to point back and say, “I saw them when they were just a startup at MIT…”

 

 

Alba

Focused on empowering women to achieve their goals, Alba is a care giving marketplace for parents in Latin America.

Biobot Analytics

Biobot’s mission is to equip cities with data to build healthier and safer communities. Biobot Analytics’ first application is generating a new type of data on the opioid epidemic. (See recent coverage of the team in Boston Magazine.)

Blockparty

Blockparty tackles food insecurity through fun, engaging cooking classes where young professionals can learn a new recipe while also providing meals to our neighbors in need.

Bloomer Health Tech

Bloomer Health Tech is transforming heart health and quality of life for women suffering from, or at risk of, heart disease. Bloomer delivers effortless and comfortable medical-grade sensors embedded in a woman’s bra to monitor multiple biomarkers using patent-pending advanced fabrics and algorithms.

Divaqua

Divaqua is committed to making water scarcity yesterday’s problem. They are developing and commercializing higher performing, safer, and more cost-effective technology to treat wastewater.

InfiniteCooling

Power plants, the US’ largest water consumer, use 139 billion gallons of fresh water every day, which amounts to 50% of total US freshwater withdrawals. Infinite Cooling captures water in evaporative cooling tanks and reintroduces it into a powerplant’s cooling cycle.

Klarity

Klarity’s vision is to provide widespread access to concise and trustworthy legal advice through intelligent technology using machine learning to reduce the time spent on contract review.

Mayflower Venues

Mayflower Venues enables customers to create one-of-a-kind weddings and events while helping preserve unique open spaces across New England.

Mesodyne

Mesodyne is bringing portable power to those who need it most. Its breakthrough technology enables ultra-portable, reliable, and affordable energy generation for the military and beyond.

Octant

Octant’s data curation platform uses deep learning to accelerate autonomous vehicle (AV) development. Equipped with Octant’s solution, innovators can spend less time collecting and managing data, and more time improving the future of mobility.

Pine Health

Pine Health helps patients follow through on doctor’s orders by using patient data to trigger conversations with an AI-augmented health coach.

ReviveMed

ReviveMed is a precision medicine platform that aims to improve people’s health by unlocking the value of metabolomics data, allowing the right therapeutics to be delivered to the right patients.

Roots Studio

Roots Studio is a for-profit social enterprise that curates, digitizes, and markets culturally iconic artwork from indigenous and isolated artists to a global marketplace.

Sigma Ratings

Sigma Ratings is the world’s first non-credit risk rating agency and helps companies more effectively and efficiently navigate increasing regulatory challenges.

Sophia

Sophia connects patients with the right therapists for them using a data-driven matching process, creating stronger therapeutic relationships.

TradeTrack

TradeTrack aims to improve personalized customer services in the fashion industry. Their solution increases brand loyalty and helps to improve customer retention.

W8X

W8X helps athletes to become their best and strongest selves with strength training equipment that adapts to their specific needs. Inspired by robotics, W8X has developed a weight lifting system that creates resistance electrically.
Waypoint

Waypoint uses augmented reality (AR) to help frontline workers rapidly capture, access, and scale expert knowledge.

The delta v teams also present to alumni and investors in New York City and San Francisco – quite the exciting month!

See more coverage of Demo Day in the MIT News and MIT Sloan Management newsroom.

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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.

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Learning from the Silicon Valley Entrepreneur Community

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The MIT Sloan Fellows recently traveled to Silicon Valley to “live and breathe” the culture of the leading innovation center in the world. It was a fascinating few days focused on innovation in the startup ecosystem that accounts for one-third of all the venture capital investment in the U.S. Coming from another renowned area of innovation, this was a fantastic opportunity to learn from each other and to think about ways in which the culture of innovation can be spread throughout the world.   I joined the trip as a faculty member, and wanted to share my experiences.

The MIT Sloan Fellows Program is a one year full-time MBA or MS program for executives with exceptional promise.  The program focuses on three pillars – Leadership, Innovation and Global perspective. This year we have 121 MIT Sloan Fellows from 38 countries with an average of 14 years of work experience.

Our four days in Silicon Valley were jam-packed with learning experiences – visiting startups and established companies, venture capitalists and research facilities – all playing a role in the innovation ecosystem.

Throughout our trip the theme of innovation was a constant, and we learned from accomplished leaders. Their outstanding leadership skills enable them to embrace innovation while building for the future, taking risks, creating and fostering experimentation, and attracting, retaining and motivating talent. Each and every day they work toward their innovative missions while still tackling the day-to-day.

If our trip could be summed up in an equation, it would be:

Innovation = Invention x Commercialization

Here’s a recap of who we visited, and how their invention and commercialization is driving innovation:

Coupa Software

Coupa is the leader eProcurement which improves visibility and control of indirect costs. The company focuses on Savings as a Service. CEO & President Rob Bernshteyn focused on the importance of people and aligning the core values of the company to employees, suppliers and customers as they all learn from each other.

His take was innovation is not just for the sake of innovation it is focused on results and a differentiated approach creating a unifying platform. Customers only stay if you provide value.

GE

CTO Dave Bartlett discussed Predix which provides the technical foundation to power industrial applications that drive outcomes ranging from the reduction of unplanned down time to improved asset output and operational efficiency. He also discussed Ecomagination which is a focus on developing solutions to enable economic growth while avoiding emissions and reducing water consumption, committing to reduce environmental impact. The essence of his briefing was that GE is an analytics company and is partnering with companies to solve some of the toughest environmental challenges.

Intuitive Surgical

Intuitive Surgical is the global technology leader in minimally invasive robotic-assisted surgery. The company has a surgical system called da Vinci. The system features a magnified 3D HD vision systems and tiny wristed instruments that bend and rotate far greater than the human hand resulting in surgeon enhanced vision, precision and control.

stem, Inc.

stem is a company that creates innovative solutions of energy distribution and consumption through learning software and advanced energy storage. Chief Commercial Officer Karen Butterfield shared her experiences in building an energy company that focuses on software, control, analytics and is technology agnostic.

Karen shared her experiences as it relates to attracting, retaining and motivating talent. Her belief that transparency is key, alignment with mission and inspired R&D is how she was able to manage growth from 40 people to 110 in 8 months.

AnswerLab

We met CEO and Founder Amy Buckner Chowdhry who bootstrapped her company which creates more engaging digital experiences based on user experience research and recommendations for Fortune 1000 clients. She recruits PhDs in cognitive science, cognitive psychology, human-computer interaction, and computer science that have done a lot of work in their academic field.  Amy, co-founder Dan Clifford and their teams were able to provide the right research methodology to bring an objective view so organizations could focus on the voice of the customers.

Beepi

We met Alejandro Resnik a graduate of MIT Sloan (2013) that started a company after purchasing a car that was a lemon.  Resnik and his co-founder, Owen Savir, have raised close to $150M to create a transparent and easy way to buy and sell cars online and via your mobile phone. The car is fully detailed and wrapped in a big bow for delivery with a 10 day money back guarantee. The customer stories are posted as “Love Stories” on the website. Alejandro stated that innovation belongs to the disciplined, tough minded, relentless, optimistic entrepreneur.

Highland Capital

Partner Peter Bell, who was an early employee at EMC, is focused on companies in the information security, e-commerce, cloud infrastructure, mobile, enterprise software, and communication industries. He talked to the students about what they should look for in an investor. The investor needs to be relevant to them, an expert in the sector, have a good network, access to customers in the segment, and someone who can systematically help build your team.  The investors are looking for relevant, hungry and compelling teams.  Innovation is the life blood of growth and change.

eBay

We met eBay’s Chief Product Officer RJ Pittman who is responsible for design, product, and engineering for eBay’s worldwide commerce experience. RJ is working on platform experiences for connecting customers to make the business more competitive and personalized service globally. The growth will be through mobile so the look and feel of the end to end user experience aligned with eBay’s brand. RJ is bringing the customer into the narrative and creating the eBay commerce experience through simple, engaging personalize and multi-screen. He pointed out that fast movers need to have grit. It is your job to swing the bat as many times as you can.

Lawrence Livermore National Laboratories

We met with Richard Rankin, Director of Industrial Partnerships Office and Economic Development Office. This was a different spin for the Fellows as they saw a broader focus on pure research versus commercialization. The mission of LLNL is to strengthen the United States security by developing and applying world class science, technology and engineering. The labs have history of developing, deploying and delivering innovative technology.

We concluded the week speaking with innovator Una Ryan. Una talked about her experience looking through an electron microscope, and how that set her path for science. She is a British-American biologist who was awarded the Albert Einstein prize for her development of new vaccines to combat global infectious diseases. She has worked on clean water solutions and inexpensive diagnostics test for developing countries.  She has is now an angel investor as well as an artist.  Una takes electron micrographs of living cells, including mitochondria, nuclei and vesicles and composes each image with colors of the earth viewed from space, bodies of water or land masses. This was fascinating to take the micro and match with the macro to create a connection and see the majesty yet fragile fundamentals of life.  Una also spent considerable time taking questions from Sloan Fellows on how she negotiated her career, family, science and investment community.

We thank all of the innovators we visited! We are sure that this year’s MIT Sloan Fellows learned a lot that they will incorporate into their own future as innovators!