It can be challenging to find exactly what you need, even though Massachusetts entrepreneurs have access to a wide range of resources. Here are some tips from the MFN team.
Small business entrepreneurs are also known as “lifestyle entrepreneurs” or “Main Street entrepreneurs.” Their businesses tend to be owner-operated, operate from a physical location, and have less than 25 employees. They typically use established business models—e.g. retail stores or yoga studios—and distinguish their business through superior quality or service. Such businesses are best supported through technical assistance—business plan development, financial analysis, marketing support, etc.
There are many organizations that provide technical assistance, including the Small Business Administration’s partner, SCORE, the Massachusetts Small Business Development Center, Chambers of Commerce, Community Development Corporations (CDCs) and Community Development Financial Institutions (CDFIs). Many of these organizations can also help business owners secure collateralized commercial loans.
Startup entrepreneurs launch new companies from scratch. When we say “startup entrepreneur”, we mean founders launching companies that can grow quickly over a short period of time, and we call those companies “scalable“. Startup founders typically build their companies around an innovation that gives them a competitive advantage. For example, we worked with a company that built a mnemonics-based app to help users remember their passwords. These two factors—scalability and an innovation advantage—helps startup entrepreneurs raise capital from investors in exchange for partial ownership. (Investors in startups get no collateral, so if the company fails, they lose their money.) Startup entrepreneurs are particularly well supported by accelerators and incubators. This article from the MFN Journal explains the difference. Both types of organizations help founders in a variety of ways, including business plan development, pre-product customer validation, access to experts and mentors, and introductions to potential investors.
MFN is tailored to the needs of startup founders. While small business and mature business entrepreneurs may discover helpful resources through MFN, the resources that we identify below may be a better place to start.
If you are a small business entrepreneur, you may need help building a website, developing a social media presence, and then using those outlets for digital marketing. If that’s your key need, then find people who can help you with the tasks. Small business entrepreneurs should also develop financial projections. Comparing your projections with actual income and expenses will allow you to make rapid adjustments to avoid a negative spiral. Most technical assistance experts can help you develop financial projections.
If you own a mature business, you’re probably well aware of your key needs. If not, consider having a third-party consultant look at your business with fresh eyes. Many large companies hire management consulting firms to do this, but those firms are often too expensive for small- to medium-sized businesses. We encourage you to reach out to various technical assistance resources for less expensive help, and again, the more specific you can be about the help you need, the better (e.g. reducing staff turnover, or adapting to a more efficient inventory management system). If you’re looking to sell your business, you may wish to identify some brokers who specialize in marketing companies to private equity firms.
If you are a startup entrepreneur, we recommend considering two key factors before seeking help: stage and sector. By stage, we mean: How far along is your startup? Are you in the concept stage? Do you have a prototype product or service? Do you have paying customers? Is your business breaking even? Are you profitable? By sector, we mean, for example, health technology, clean energy, finance technology (fintech), hardware (products you can hold or touch), education technology (ed tech) or other. In our experience, earlier stage companies benefit most from sector-agnostic accelerators like Lever. When companies have a product or service that is ready to take to the market, sector-focused accelerators may be more helpful. For example, United Aircraft Technologies, which makes parts for air and spacecraft, got introductions to major manufacturers through participation in the US Army’s XTECH accelerator program.
Most businesses need outside capital to launch or grow. Sources of capital depend on the business model. The three types of entrepreneurs described above, typically access capital from different sources.
More often than not, founders self-fund at some level. Most founders fund their startups indirectly with “sweat equity,” working for little or no compensation. Many use their own savings to set up their business. We don’t recommend it, but we know some founders who started their business with a credit card.
We note that the frequent necessity of self-funding favors founders of means, and is thus a driver of inequity. It’s difficult to start a new business without savings or a side income. Small businesses are advantaged by business models that yield revenues quickly (retail, restaurants, in-person service delivery). Scalable startups building a company based on an innovation may require months or years before they have a product in the market that generates revenues. (Which is why equity funding sources like angel investors and VCs are so important to startups.)
It is quite common for founders to solicit and receive funding from friends and family in exchange for partial ownership of the company (equity). In this context, friends and family are people who know the founder well enough to believe they’ll succeed with their new enterprise. While they might have some questions about the business model, their investment is mostly a bet on the founder. Because of the risk involved—most startups fail—a good rule of thumb is to not accept capital from anyone who can’t afford to lose it all.
Some startups, especially small businesses, fund their growth with profits. Revenues are at once the best source of growth capital, but also the hardest to obtain. Many businesses lose money in the early stages and the founders work hard to break even. It may take several years to become profitable. If you can fund your growth with profits, you don’t have to give up any equity in the company or pay interest to a lender.
Most banks have a commercial loan division to service businesses. The standard business loan structure is repayment of principal and interest over a fixed period of time, like a home mortgage. Since banks are loaning their depositor’s money, they require their lendees to have a strong credit rating. They often require collateral that the bank can seize and sell if the loan isn’t paid back. Larger companies with strong cash flows can often guarantee loans based on future revenues (accounts receivable and long-term contracts).
There are several lenders who specialize in smaller loans ($10-$50,000) for small businesses. Many are non-profit organizations with economic development missions. They have fewer regulatory constraints than banks, so can be more flexible in their lending. In Greenfield, Mass., the Franklin County Community Development Corporation makes loans from a revolving fund. In Holyoke, Common Capital’s Community Development Financial Institutions Fund (CDFI) makes similar loans through a federal program. These specialty lenders often focus on specific geographic areas. To find such resources near you, we recommend that you contact a commercial loan officer at a local bank for referrals and introductions.
Crowdfunding on any number of platforms can be a good way to raise seed capital. There are two basic formats: Businesses can give merchandise or services to funders, or they can give them equity (stock). Several better known platforms include Kickstarter, Startengine, and WeFunder. Different platforms specialize in different types of businesses, so do some research to find a good fit.
Angels typically invest their own money into selected startups. These investors have both wealth and the confidence to make investments in this highly risky asset class. Angel investors typically write smaller checks than VC firms, so they focus on early-stage, often pre-revenue startups. Angel investors can be an important source of equity capital, but they can be quirky. We know many founders who spent a lot of time talking to angels without ever securing an investment. It can be more efficient to engage angels who are affiliated with angel investment groups, where you can pitch to several investors at once. Here’s a list of Boston-area angel groups.
Venture capital firms receive funding from other investors, called limited partners, or LPs, who agree to let the VC firm make investment decisions on their behalf. Founders rarely meet LPs. Instead they interact with VC firm staff. VC firms are typically organized in two tiers: managing partners and associates. If you get a meeting with a VC firm, it’s often with an associate whose job it is to screen and select the types of companies that the firm prioritizes. If you get through that gate, you’ll meet the managing partners who will ultimately decide whether to invest. Venture capital investments range from $100,000 to tens of millions. Early-stage startups, when ready, should generally explore smaller VC firms that will write checks for $500K or less. Larger VC firms make larger investments—$1M and up, but focus on more mature startups that have demonstrable traction, growing revenues, and a lot of potential.
For mature businesses with $20M or more in revenues, private equity (PE) can be a source of capital. PE firms typically seek a majority interest (at least 51% ownership), which gives them control over the company. You can think of a PE firm in the same way as purchasing, renovating, and selling an older homes (“house flipping”). The PE firm acquires a company with a fair but low valuation, “fixes it up” by bringing in new resources to stimulate revenue growth and profitability, then sells it for a profit to another company looking to grow through acquisition. From the perspective of the founder, PE investment means both loss of control of the company and the opportunity to cash out.
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Effective Date: [2/22/24]
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These Terms and Conditions (“Terms”) govern your use of the Lever, Inc. d/b/a Massachusetts Founders Network’s (“MFN,” “we” or “us”) website, including all pages within this website and any Content, Services, or other functionality provided in connection with our website, available at www.massfoundersnetwork.org (collectively referred to as the “Website”).
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d) Your website or webapp does not contain content that is offensive, controversial, infringes any intellectual property rights or other rights of any other person or does not comply in any way with the law of the United States.
If you choose to link our Website, you shall fully indemnify us for any loss or damage suffered as a result of your actions. We reserve the right, at any time, for any reason, to deny permission to anyone to link a website or webapp from or to our Website.
You agree and consent to receive electronically all communications, agreements, documents, receipts, notices, and disclosures (collectively, “Communications”). You further consent and agree that your use of a keypad, mouse, or other device to select an item, button, icon or similar act while using our Website, or in accessing or making any transactions regarding any agreement, acknowledgment, consent, terms, disclosures or conditions, constitutes your signature, acceptance, and agreement as if actually signed by you in writing. Further, you agree that no certification authority or other third-party verification is necessary to establish the validity of your electronic signature, and that the lack of such certification or third-party verification will not affect the enforceability of your signature or any resulting contract between you and us.
We reserve the right to modify these Terms or any other policies relating to the Services at any time, without prior notice to you. Such modifications will be effective immediately upon notice to you, which notice may be given by any means, including, but not limited to, posting of an updated version of the Terms on the Website or electronic mail. Your access and continued use of the Website constitutes your agreement to accept the Terms as modified. The “Effective Date” legend at the top of the Terms indicates the date on which these Terms were last updated.
Unless otherwise specified, the Website is directed at residents of the United States, its territories, possessions, and protectorates. The Website is controlled and operated by us from our offices in the United States. We make no representations that the Website is appropriate or available for use in other locations or that access to the Website is not illegal and prohibited in such other locations. If you access the Website from outside the United States, you do so at your own risk and are responsible for establishing the legality, usability and correctness of any information or materials under any or all jurisdictions and the compliance of that information or material with local laws, if and to the extent local laws are applicable.
Our Website is subject to the United States export control laws and regulations and may be subject to export or import regulations in other countries. You agree to strictly comply with all such laws and regulations and acknowledge that you have the responsibility to obtain authorization to export, re-export, or import of any data on our Website, as may be required. You may not use or export the information or materials in violation of United States export laws and regulations. The information provided in or accessible through the Website is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject us to any registration or other requirement within such jurisdiction or country.
Any disputes arising in connection with these Terms shall be governed by and construed and enforced solely and exclusively in accordance with the laws of the Commonwealth of Massachusetts, without regard to its conflict of law principles.
[You agree to provide a written notice of any disputes to the other party at its notice address (or an address provided in writing to the other party) and try to resolve any such disputes in good faith thereafter. If the dispute is not resolved, within 30 days of a party providing notice to the other party, both parties agree that the dispute will be resolved through individual, non-representative, binding arbitration held in English, instead of a proceeding in courts of general jurisdiction. Any such disputes will be decided by a single arbitrator and will be administered by the American Arbitration Association (“AAA”). The AAA’s Arbitration Rules will apply as modified by these Terms. The arbitrator will conduct hearings, if any, by teleconference or videoconference, rather than by personal appearances, unless the arbitrator determines upon request by you or by us that an in-person hearing is appropriate. Any in-person appearances will be held in Boston, Massachusetts. The arbitrator will have authority to award temporary, interim, or permanent injunctive relief or relief providing for specific performance, but only to the extent necessary to provide relief warranted by the individual claim before the arbitrator. The award rendered by the arbitrator may be confirmed and enforced in any court with appropriate jurisdiction. Each party will be responsible for its respective costs, including costs related to its respective attorneys, experts, and witnesses.
You expressly waive your right to go to court, to a trial by jury, and to participate in a class action, class arbitration, or other representative proceeding with respect to any claim subject to arbitration.
You agree that any cause of action brought by or on behalf of you arising out of or related to the website or services must commence within one (1) year after the cause of action accrues. otherwise, such cause of action is permanently barred.
17.1 Assignment. MFN may assign its rights and obligations under these Terms to any party without prior notice to users. Users may not assign or transfer, in whole or in part, their rights or obligations under these Terms to any third party without the prior written consent of MFN. These Terms will be binding upon, and inure to the benefit of, the successors, representatives, and permitted assigns of the parties.
17.2 Waiver. Any failure by MFN to enforce any provision of these Terms shall not be construed as a waiver of that provision or any other provision of these Terms.
17.3 Severability. These Terms, other terms or legal notices published by us on the Website, and any other applicable agreements, shall constitute the entire agreement between us concerning use of the Website. If any provision of these Terms is deemed invalid by a court of competent jurisdiction, the invalidity of such provision shall not affect the validity of the remaining provisions of these Terms, which shall remain in full force and effect. No waiver of any term shall be deemed a further or continuing waiver of such term or any other term, and our failure to assert any right or provision under these Terms shall not constitute a waiver of such right or provision.
17.4 Survival. The rights, obligations, and commitments in these Terms that, by their nature, would logically continue beyond the termination of your use of or access to the Website or the Services survive termination of these Terms.
17.5 Interpretation. The following rules of interpretation apply to these Terms and are by this reference incorporated: (a) the word “or” is not exclusive and the words “including” or “include” are not limiting; (b) headings are only for reference and are not to be considered in interpreting these Terms; and (c) a reference to a law includes any amendment or modification to such law and any rules or regulations promulgated thereunder or any law enacted in substitution or replacement therefor.
17.6 Relationship. We provide the Website to you as an independent contractor and service provider. These Terms or the provision of the Website, including our Services, does not create any relationship of partnership, joint venture, fiduciary, or employer and employee or otherwise.
17.7 No Third-Party Beneficiaries. Except as expressly stated, no provisions of these Terms create any third-party beneficiary.
17.8 Entire Agreement. These Terms constitute the entire agreement between MFN and users relating to the use of the Website and Content and supersede all prior agreements and understandings, whether written or oral, in relation to the subject matter of these terms and conditions.
We at the Massachusetts Founders Network are committed to protecting the privacy of our members and other users of our website and services. This Privacy Policy explains our practices related to the gathering and disclosure of information from this website, our programs, and services. Please read this Privacy Policy carefully as it will help you make informed decisions about sharing your personal information with us.
We collect information when you visit our website, subscribe to our newsletter, fill out a form, participate in forums, or otherwise contact us. This information allows us to identify and contact you, as well as to carry out certain business purposes described below. The information we collect falls into the following categories:
The types of information we collect directly from you may include:
When you use our website, we automatically collect information about you and your device. This may include your IP address, device identifier, geolocation information, web browser type and version, language, and information about your usage of our website or services such as the searches you run or the pages you view.
We may collect information about you from third parties and publicly available sources, such as your LinkedIn and other social media profiles, references you provide, and other members of our network.
We may use the information that we collect for a variety of purposes, including to:
We may share your information with third parties in the following circumstances:
In certain circumstances, we may ask for your consent prior to sharing your information with others.
Some information you provide to us, such as in your member profile, may be displayed publicly or to other members of our network. Please take care in what you post publicly, as we do not have control over how others may use your information.
We use cookies and similar data collection technologies on our website. These technologies help us improve our website, monitor website traffic, and improve your experience by recognizing and remembering your preferences and settings. We use both first and third party cookies on our website that support essential website functionality and analytics. For example, we use Google Analytics to help us analyze how our website is used. The information generated by the Google Analytics cookie will be transmitted to and stored by Google. You can read about Google’s privacy practices here.
We use reasonable security to protect the information that we maintain. Although we will do our best to protect your information, transmission of information to and from us is at your own risk. We recommend that you take steps to keep your information secure. If you have an account with us, you are responsible for choosing a secure password when creating your account and keeping this password confidential.
You can exercise the following choices with respect to your personal information:
Our website and services are intended for individuals and businesses located in the United States. If you are located outside of the United States, please be aware that information we collect through our website and services will be transferred to and processed in the United States.
Our website contains links to other websites and content that we do not own or control. If you navigate to another business’s website or content, we recommend that you review the privacy practices of that organization prior to sharing your information with them.
We have established accounts on social media sites such as Facebook, LinkedIn, X (formerly known as Twitter), and others. These accounts are hosted by such third parties and are governed by the privacy, terms and conditions, and other relevant policies of those third parties.
We may update this privacy policy from time to time. If we make material changes to this privacy policy, we will attempt to notify you and/or obtain your consent, as required by law. We will notify you of any other changes by posting the updated privacy policy on our website. It is your responsibility to review the privacy policy periodically to stay informed about any changes.
If you have questions about this privacy policy or would like to contact us about it, please email us at: mfnfeedback@leverinc.org.
That’s a shame, because the next big idea could come from anywhere.
The Massachusetts Founder Network aims to bridge the gap, giving startup founders equitable access to resources that will help their companies grow.
We support MA founders no matter where they come from, their company’s stage, or their business sector. We want to democratize access to the resources that will help them accelerate—and excel. All founders are welcome to find resources and community at MFN while creating connections, expanding their networks, and learning from one another.
The Massachusetts Founders Network is a central hub for all things startups, fostering innovation and collaboration across the state. MFN offers valuable networking, resources, mentorship, and community for startup founders in Massachusetts.
MFN is produced by Lever, a startup accelerator based in North Adams. Our work is supported by funding from and collaboration with the Massachusetts Technology Collaborative, based in Westborough.
We’ve been advising and connecting with entrepreneurs for years, and we’re using that knowledge and network to launch something new, with the help of an advisory board of successful founders and major players in the startup ecosystem.