NEEDHAM, MASS., March 29, 2016 – PTC (Nasdaq: PTC) today announced its sponsorship of MassChallenge, an accelerator for startup businesses that helps high-impact, early-stage entrepreneurs with the resources they need to succeed.
Under the sponsorship agreement, PTC will closely partner with the flagship MassChallenge Boston program and the recently launched MassChallenge Israel program in a high-value engagement that will enhance the opportunities available to innovative technology startups. Through the collaboration, PTC will be able to identify and source startups that have high potential for advancing technology developments in the Internet of Things (IoT), augmented reality (AR), big data analytics, and security spaces, key areas of focus for PTC. PTC also intends to leverage the relationship with MassChallenge and its members to forge connections within the global innovation ecosystem, including corporate partners; venture capitalists, angels, and other investors; governments; and universities.
MassChallenge addresses the seed-stage investment gap by promoting innovation and collaboration, empowering entrepreneurs, and providing educational opportunities for these entrepreneurs. Each year, the nonprofit organization selects startup companies to participate in its four-month accelerator programs around the world, which provide entrepreneurs access to expert mentors, marketing and media resources, funding opportunities, and free office space in Boston, Israel, U.K., Mexico, and Switzerland. At the conclusion of the programs, MassChallenge awards no-equity, non-dilutive grants to the startups demonstrating the highest impact and highest potential. MassChallenge is currently receiving applications for the Boston, Israel, and Switzerland programs, and invites startups that are taking their first steps to register before March 31, 2016 at http://masschallenge.org/apply.
“MassChallenge is dedicated to helping early-stage entrepreneurs launch and grow their businesses, and the support from PTC ensures we can continue delivering on these goals,” said Scott Bailey, Managing Director, MassChallenge Boston. “We look forward to working closely together to help startups in Boston and Israel succeed.”
“We’re proud of our leadership position within the high technology space, and delighted to be in a position to help fund and mentor new startups,” said Barry Cohen, Executive Vice President, Strategy, PTC. “Sponsoring MassChallenge is completely consistent with our corporate mission and is squarely within our DNA of fostering creativity, innovation, and entrepreneurship.”
MassChallenge is the most startup-friendly accelerator on the planet. No equity and not-for-profit, we are obsessed with helping entrepreneurs across any industry. We also reward the highest-impact startups through a competition to win a portion of several million dollars in equity-free cash awards. Through our global network of accelerators in Boston, London, Jerusalem, Lausanne, and Mexico City, and unrivaled access to our corporate partners, we can have a massive impact – driving growth and creating value the world over. To date, 835 MassChallenge alumni have raised over $1.1 billion and created over 6,500 jobs. For more information, please visit http://masschallenge.org/.