What is Masschallenge and how you can get involved!

This is week the Fongit team interviewed Giorgia Scetta from MassChallenge and here is what she had to say:

1. Please tell us more about yourself and your role at MassChallenge??

Having a past working with corporates and a Ph.D. in a scientific area, I represent a thread between startups and our partners. When startups enter MassChallenge (MC), they often have clear ideas about the partners they want to collaborate with. Therefore, they tend to engage fully with only some of them at the risk of missing out on relevant opportunities in adjacent fields. It is like having a full buffet and only looking for the cake. My role is also to show them the starters and main courses. Working closely with partners and startups allows me to discover profitable connections that they might not otherwise see.

2. Can you give us in a nutshell what MassChallenge is and how can startups benefit from it??

MC is a no equity taken acceleration program which connects early stage startups with experts, corporations, investors and communities. It has been present in Switzerland since 2016 and has accelerated 610 startups that have raised CHF 985 million in funding and contributed to offsetting or sequestering emissions of 8,300,000 tonnes of CO2 eq.

From 2022, we only admit climate-responsible startups and provide them with a 4-month acceleration programme. From this programme, they will benefit from an intense and engaging combination of coaching, mentorship and networking, as well as the chance to win up to €400,000 in cash with no strings attached.

3. As a woman in this space, what do you?think are the challenges of opportunities for women entrepreneurs?

One of the first challenges for women is that they often lack social and economic support to start their own businesses. As reported in a recent article resulting from the partnership between MC and Boston Consulting Group, on average women-led startups generate 10% higher revenues over a 5-year period than male-led ones but each year they receive less than 3% of the total cake of global funding.?Indeed we believe that gender gap is a very sensitive issue and in recent years MC has gradually increased the presence of women in the accelerator programmes. In 2022 among our finalists, 45% of startups had at least one female founder. From next year we are committed to offering even more support, tools and a dedicated networking programme for female co-founders in our cohort.

The good news is that the trend of women in leadership positions is increasing globally: more and more organisations are taking serious steps to diagnose and address gender equality. Statistics show that diversity in boards of directors fosters creativity and innovation. Women, who are exceptionally known for their ability to lead with compassion and integrity, have now, more than ever before, the opportunity to seize this renewed visibility and boost their confidence and launch their activities.

4. Why should startups set up in Switzerland versus elsewhere????

Switzerland is one of the most vibrant and dynamic ecosystems for innovation, with a highly competitive economy, easy access to the EU single market and is incredibly business-friendly. In particular, the MC Accelerator is strategically located close to our partners who are world leaders in their field. To name a few:?Bühler, Givaudan, George Fisher, Nestlé, etc. Altogether, they represent an incredible and diverse source of opportunities for startups that have decided to participate in our programme in Switzerland.?

5. What is your message to entrepreneurs in Switzerland?

Come and apply for the MC Accelerator Programme! In addition to offering strategic connections with partners and investors, it's free of charge, no equity-taken, every applicant (even if not selected) receives dedicated feedback from our experts and each finalist has the chance to win money with no strings attached.?Our core message is startups come first and this is reflected in the data. 75% of startups in the 2022 cohort gave us a score of 9/10. This means that, if you have been admitted to the programme, the chances are high that you will meet or exceed your entrepreneurial goal!