Paula Anzer, Advisor for FedTech, spoke with MFN about the new Massachusetts ClimateTech Studio hosted by The Massachusetts Clean Energy Center.
ABOUT THE PROGRAM
The Massachusetts Climatetech Studio helps entrepreneurs launch new climate technology ventures to solve some of the world’s most pressing problems. The Climatetech Studio matches teams of entrepreneurs with cutting-edge technologies from federal and university labs during an intensive 16-week program cohort. Entrepreneurs will work closely with expert coaches and advisors to assess the potential of their technologies and form strategies for successful commercialization. By the end of the program, teams will have the tools to develop new products, secure funding, and build the next generation of climatetech businesses. The program offers a $15,000 stipend as well as the chance to win additional prize funding!
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VIDEO TRANSCRIPT
The program that we’re launching with MassCEC is called the Massachusetts ClimateTech Studio. And the idea here is to be able to start new companies, new startups that are going to be able to help Massachusetts reach its decarbonization goals. So the idea is to be able to take technology in the form of IP intellectual property, either from universities within Massachusetts or potentially national and federal labs outside of Massachusetts. It’s a great opportunity for people who either are serial entrepreneurs or would like to try entrepreneurship themselves. They get matched with this IP, this technology that has been vetted by our tech partnerships team, so they spent a lot of time doing their due diligence, looking at this technology, and making sure that it fits within the goals of MassCEC.
Then we put together teams of entrepreneurs. So we recruit people who have different backgrounds, we’re looking for people who have some kind of a technical background, which could be engineering or science, we look for people who have a business background, we also look for people who might have a creative background or are interested in marketing or communications. And we put them together into teams of three, and they get to take a look at the technology that’s available in the studio, and rank order their choices. Most people get one of their top three choices for the technology. And then the really fun part starts. The studio is in two phases, and the entrepreneurs will be given stipends to participate.
The programming is primarily on evenings and weekends and is hybrid or virtual. Some of it may be in Massachusetts since this is a studio from Massachusetts in clean energy and climate tech. The first phase of programming is about figuring out, doing a lot of customer discovery, and figuring out if is there a product-to-market fit. Is there a possibility to create a viable company and a product that people want to buy? That’s phase one, and phase two is about launching the company, incorporating it, negotiating a license for the IP to continue the development of the technology, and locating sources or leveraging sources of non-diluted funding if more research and development needs to happen, and basically to make sure that the companies are investable and are ready to launch.