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.

demo day 1

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How Educational Accelerators are Aiming to Neutralize Gender Bias for Entrepreneurs

Overcoming-Gender-BiasGender bias is sneaky. It’s often subtle, yet pervasive – and the effects are far reaching.

We’ve heard a lot this summer about outright sexual harassment and discrimination against women in the tech industry. This is certainly disgraceful and I applaud the actions taken to remove the offenders from their positions. Yet, beyond these blatant examples, there is an implicit gender bias that has a cumulative effect in everyday decisions that stacks the deck against women and minorities.

This blog post will look at how we can help budding entrepreneurs to think differently – and how Educational Accelerator programs, like MIT’s delta v, are making changes to identify and root out these implicit biases.

Gender Bias in the Tech Industry

First, let’s look at some examples of gender bias in established tech industry companies. Susan Wojcicki, CEO of YouTube, wrote an exclusive feature for Vanity Fair on “How to Break up the Silicon Valley Boys’ Club.” She says she was “frustrated that an industry so quick to embrace change and the future can’t break free of its regrettable past.”

Wojcicki brings up sometimes subtle forms of bias that even well-intentioned male colleagues or managers may overlook. These include:

  • being frequently interrupted or talked over;
  • having decision-makers primarily addressing your male colleagues, even if they’re junior to you;
  • working harder to receive the same recognition as your male peers;
  • having your ideas ignored unless they’re rephrased by your male colleagues;
  • worrying so much about being either “too nice” or “sharp elbowed” that it hurts your ability to be effective;
  • frequently being asked how you manage your work-life balance; and
  • not having peers who have been through similar situations to support you during tough times.

Wojcicki states that by employing more women at all levels of a company, it creates a virtuous cycle that has proven to address both explicit and implicit gender discrimination.

So, how can we work with startups to take these biases out of the picture from the very start of a company’s formation?

Experience of Women Entrepreneurs at MIT

Steph Speirs

Steph Speirs, co-founder of Solstice presents at MIT delta v Demo Day, 2016

At MIT, we embrace the philosophy that diversity fuels innovation. By bringing together people with different backgrounds and experiences – people who don’t necessarily think the same way or agree with you – you will spark innovation from these diverse perspectives, even though it may be more difficult working together at first.

We also believe that hiring more women is part of the solution. We’re proud that 45% of our 2017 delta v cohort are women, and 75% of our teams have at least one female co-founder. I reached out to several of these female entrepreneurs and asked one fundamental question:

What is your perspective on what is being done at MIT and elsewhere to help women entrepreneurs?

Overall, I heard that:

  • Women are looking for role models and opportunities;
  • It is less about the classes at MIT and more about experiencing – programs that allow students to challenge themselves; or the attraction of going out of their comfort zone was appealing to them;
  • Many women have spent time with a non-profit, being motivated by a strong connection to the mission but it was often limiting as well;
  • There was a strong feeling of wanting to do things or make things happen as a reason to become an entrepreneur;
  • Several women had family members who were entrepreneurs, giving them a built-in role model;
  • In general, role models were significant – and seeing a female role model or working with a team with a woman founder was a clear reason for their interest in entrepreneurship.

Three of the entrepreneurs in particular summed up the feelings that many have – a hesitancy and second-guessing that sometimes held them back. Yet, the power of role models and mentorship helped propel them forward.

“Even when I started GETRID I didn’t really think I could be an entrepreneur, and kept telling everyone for a while that this is just a school project. Only when we had external validation (customers) and official external support (FUSE) is when I started believing in our ability.”

Get Rid

“One of the most meaningful moments was in the FUSE accelerator when [Entrepreneur-in-Residence] Nick asked the cohort on the first day ‘Who made money today?’ When I was the only one who raised my hand, and everybody clapped, it helped me realized that we accomplished something and it might indicate that we have the ability to succeed.”

 

-Bar Pereg, Founder of GETRID

Bloomers“As an engineer, I started asking questions about how things work. I wondered ‘Who is going to fix these big problems in the world?’ Then, it dawned on me … I can help fix these problems.”

-Alicia Chong Rodriguez, Founder of Bloomer HealthTech (P.S. To learn more about this female engineer founder and CEO from Costa Rica, read here.)

“Having other women on my team was one of the defining highlights of my first experience in entrepreneurship. These women were visionary, incisive, and caring. They made the team more thoughtful and our work more rigorous. They showed me what I could accomplish with team members that trust one another, are secure in their own contributions, yet are eager to get to the next level.”

-Joanne WongOctant

Here at the Martin Trust Center for MIT Entrepreneurship, we can see some of these gender differences in action. As we practice for our big Demo Day company presentations, some of the entrepreneurs don’t want to “sell” their companies too strongly, because not everything is proven yet.  We see this much more frequently with the female entrepreneurs than the male entrepreneurs. We let them know that investors want you to explain your vision and the milestones you’ll achieve to get there – and you need to be confident in your presentation and your abilities. This type of mentorship and hands-on experience is one of the ways we believe we can help female entrepreneurs effectively express their ideas and be considered equally alongside their male peers.

Here’s What Other Educational Institutions are Doing?

I also reached out to my personal and professional network and asked colleagues at other universities how they are tackling this issue. I believe their input is valuable and we can learn a lot from each other.

Wharton

“The business case for diversity has already been made. VCs can play an important role. This article from Knowledge@Wharton captures different approaches to Gender Lens Investing. This includes seed funding in targeted sectors (e.g. improving women’s health care or financial inclusion), helping startups sharpen how they think about their market, influencing startups to include women on the board or on the leadership team, or looking closer at policies and practices within the company.”

-Dr. Candice Reimers, SPHR

Stanford

At Stanford, Fern Mandelbaum will run three different entrepreneurship courses focused on diversity this coming year — one focused on Entrepreneurship from Diverse Perspectives, one focused on Building Diverse and Inclusive Organizations, and one about Entrepreneurship and Venture Capital from the Perspective of Women. They are popular courses (she’s increased from two last year) that address these topics, bringing in a wide range of diverse role models with entrepreneurial and/or investing experience

-Deb Whitman, Director, Center for Entrepreneurial Studies, Stanford Graduate School of Business

Our hope is that by examining, and hopefully eliminating, these biases at the beginning – when a company is first formed – it will lead to more equality, parity, and diverse viewpoints as the company grows. What better place to start than at the university level?

Come see how we’ve tackled this issue head on at the MIT delta v Demo Day on September 9 – Join us at Kresge Auditorium, and we’ll also live-stream the presentations.

Originally published on the MIT Sloan Experts blog, here.

Who will be among the next batch of MIT Startups?

MIT’s student venture accelerator program has kicked off for 2017!

delta v is a unique program that provides a capstone educational opportunity for MIT student entrepreneurs, and prepares them to hit escape velocity and launch into the real world.

“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. (Our program was previously called the Global Founders’ Skill Accelerator – we changed the name last year.)

Our 2017 cohort of students has been selected, and they will begin go through “entrepreneur boot camp” this summer. Sorry, but we can’t yet release the startup names and ideas, but we have created an infographic to give you the big picture of our incoming group.

2017 delta v Cohort_JPEG

Mark your calendars for September 9.  That’s our Demo Day in Boston, when each of the companies will present to the public. (Here’s a recap of Demo Day 2016.)

We also went back to our 2016 cohort and asked for advice they could share. Here are some of the highlights:

Create the Right Team and Team Culture

Get to know the rest of the cohort early! I can’t tell you how much I wished I had gotten to know the other teams in the cohort earlier, and how sad it felt to begin bonding so late in the summer only to leave a few weeks earlier. Take initiative and invite other teams out! They won’t bite.
Kumwe Logistics

Invest in getting to know Trust Center staff and the other teams; they are as much of a resource as the funding.
Solstice

I recommend taking free personality tests and working as a team to identify work styles and potential weaknesses that both individuals and the team as a whole may face so that when these hard times hit, and they will hit, you know what to expect and can band together to push through.
Rendever

As we have moved forward and made some progress it has become even more evident that VCs and investors, especially in the seed round, are investing as much, if not more, in the team than in the business idea.
Kumwe Logistics

Communicate, Communicate, Communicate

For international team, communication is your best friend. Have a WhatsApp group, have a daily Skype call, do whatever it takes. It’s impossible to be talking too much to your fellow team members while you’re geographically separated.
Kumwe Logistics

Show up, Be Present & Network

Be present as much as possible, even if the attendance requirement says only 2 people have to be there.
Solstice

Go to every event possible. Even if you think you already know the topic, go to it anyways. Delta V brings in people at the top of their field to share their insights with the teams, take advantage of that! Other people would kill for that opportunity.
Kumwe Logistics

Simplify

Everyone has this big fetish for cool-sounding technology, especially at MIT. Talking tech helps wins competitions, but at the end of the day the only people you really need to impress are your customers (with a good product, not with the underlying tech!)
dot Learn

Promote Increased Value over Cost Savings

If I were to start over, I’d promote the time [our services] save their staff, the benefit of dealing with one company for all their needs that’s responsive, proper billing, and other similar points that our clients tell us they appreciate and are worth value [rather than just cost savings].
Kumwe Logistics

Perfect Your Pitch

One of the best things we got out of the whole exercise was the final pitch document and presentation we had. The same pitch and document has helped us get $100,000 from Bill and Melinda Gates Foundation and DFID UK, along with the money we have raised from investors.
ricult

Anticipate Change & Challenges

Company culture is created predominately through the personalities and work styles of the founders and early employees. Make sure to spend time understanding what sort of culture you’re looking to build and understand that the good comes with the bad.
Rendever

There WILL be challenges and failures that lie ahead and it’s helpful to understand how your team will work to overcome these hurdles.
Rendever

Prepare for After MIT

Treat Board members as valuable mentors even after the program is over.
Solstice

Take advantage of the support Network at MIT while you can, and if you’re leaving Boston, try to build a support network (friends/entrepreneurs/etc..) wherever you go. The struggle is real, and the real world can be cold and lonely.
dot Learn

Great advice from our last group of entrepreneurs!  I’m looking forward to spending the summer with our incoming class.

A Discussion on French Entrepreneurship with John Chambers

20170317_ilead_John_Chamber_Cisco_March_2017_RUIZ-38

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