Russian Venture Company USA (RVC USA) announces that they are sponsoring the MassChallenge 2012 competition at the Platinum Level. The investment by RVC USA highlights the global initiatives by RVC that are geared to encourage entrepreneurship in Russia and expose them to international opportunities.
From RVC USA’s sponsorship, MassChallenge and RVC USA will create a platform to help Russian entrepreneurs enter global markets. In 2012, MassChallenge will design a program, which will take place in Moscow and St. Petersburg, to help Russian entrepreneurs succeed by providing mentorship resources, business advice, and fostering the growth of the Russian startup environment. Additionally, MassChallenge will partner with the BIT business plan competition, which is held annually in Russia. These initiatives will help American and Russian entrepreneurs better understand the various techniques necessary to thrive in both the US and Russia.
“Being global was from day one the goal of MassChallenge”, said John Harthorne, CEO of MassChallenge Inc. “I am looking forward to this year’s participation of Russian companies, because I know that they can produce amazing results. I am also proud that MassChallenge has been so well recognized in Russia, we have an opportunity to contribute our experience to the development of the Russian innovation programs.”
RVC USA will also assist MassChallenge by screening Russian startups in a pre-competition selection. Companies that enter from the pre-screened pool will be able to automatically advance to the second round (the final 200) of the MassChallenge competition.
“The US is definitely one of the best fertile grounds for entrepreneurship in particular when it comes to Going-to-Market strategies”, says Axel Tillmann, CEO of Russian Venture Company USA. “Giving Russian companies opportunities to present is of tremendous benefit to them and will allow them to make many contacts that will ultimately catapult them to the global market. The experience they gain through this process will leave a long lasting impression to the participants — and we may not know yet, but maybe in this process another Star is born.”
RVC USA is happy to partner with MassChallenge in the upcoming 2012 competition and is eager to strengthen the Russia-US connection. They just opened their US office headquarters in Boston, MA.
About Russian Venture Company USA
RVC USA is a Boston‐based firm that funds early‐stage start ups in the high tech, life sciences, bio tech and semiconductor sectors. The firm is a visionary and strategic investor that melds the innovation of U.S. start‐ups with the resources of Russia — empowering exceptional entrepreneurs to build innovative businesses. RVC USA is managed by a team of seasoned entrepreneurs, and is an extension of the Russian Venture Company, a one billion dollar fund‐of‐funds based in Moscow. The firm is headquartered in Boston, and has additional offices in San Francisco. Learn more at www.rvc‐usa.com.
MassChallenge is a $1M global startup competition and accelerator designed to catalyze the launch and success of high-growth, high-impact new businesses. MassChallenge is a 501(c)(3) (nonprofit) and does not take equity from startups or place any restrictions on winners.
President Obama honored MassChallenge in January of 2011 as one of the nation's best organizations for supporting high-growth entrepreneurs, and MassChallenge was the youngest inaugural member of the Startup America Partnership. The 111 startups supported in the 2010 MassChallenge accelerator raised over ~$100M in outside funding and created ~500 new jobs in under 12 months.
The second annual MassChallenge Competition launched on March 7, 2011 and received 733 entries by the application deadline on April 11. Seventeen winners were announced on October 24 2011 and split $1M in cash awards. The competition is open to anyone in the world, with any new startup, in any industry. Physical activities are currently based in Massachusetts where innovation resources are highly concentrated — but there is no requirement for teams to create a physical presence in Massachusetts. Every entrant receives training, feedback, PR and networking support via expert volunteers from partner organizations. 125 of the highest-potential startups receive 3+ months of intensive mentorship and other free resources, including office space and targeted introductions to customers and funding sources. The very best startups are identified by expert judges to receive cash awards toward launching their businesses along with enhanced PR and privileged access to top investors seeking to place seed capital to work in high-growth firms. MassChallenge is an ideal means for America to harness and showcase the expertise and collaborative strength of our universities, investors, lawyers, entrepreneurs and businesses — after all, we’ve been providing revolutionary ideas since 1776.