One of the good things that has come from the economic recession is a renewed emphasis on innovation and creativity in Massachusetts. People have come together to develop unprecedented ways to carry the state into the future. (Image courtesy: twelvebytwelve.org/)When Governor Deval Patrick asked people to do their part to “enhance competitiveness in the digital and information technology sector of Massachusetts,” innovative mentoring program 12x12 responded. The newly-formed, private company aims to launch 12 cutting-edge businesses through the creation of 12 teams, each with one CEO, one venture capitalist, and one entrepreneur. On their own, these partnerships could take months or even years to form naturally. By bringing all the vital parts of the equation together: experience, funding, and a seed idea, 12x12 plans to jumpstart the industry by creating companies that are engineered to succeed.
Ideally, the hand-picked and carefully constructed nature of the 12 startups, will make them appealing investments, which will draw millions in first-round funding. Already, LighterLiving, the first of the program’s companies, brought in $3 million in its A-round of funding.
An estimated 100 new Boston-area jobs will be created by each company for a grand total of 1,200 new positions. From there, Michael Greeley, founder of 12x12 and partner at Flybridge Capital Partners, predicts the parties involved will try to recreate the success of their first teams by either forming additional companies with their chosen partners, or at least seeking new partners to launch additional ventures.
Teams involved in 12x12s startups will meet at least four times throughout 2010, but will remain in nearly constant contact during the year to share progress and ideas. It is anticipated that the involved CEOs will take an active role by holding board positions in their respective new companies.
The CEOs selected for 12x12s program include: Colin Angle of iRobot, Jim Baum of Netezza, Jeff Bennett of NameMedia, Joe Chung of Allurent, Helen Greiner of CyPhy Works, Brian Halligan of HubSpot, Tim Healy of EnerNO
C, Diane Hessan of Communispace, Scott Savitz of ShoeBuy.com, Brian Shin of Visible Measures, Ram Sudireddy of CHiL Semiconductor, and Michael Weintraub of Humedica. (Image courtesy: http://bit.ly/cwgJit)The venture capitalists selected for 12x12s program include: Jon Auerbach of Charles River Ventures, Liam Donohue of.406 Ventures, Scott Friend of Bain Capital Ventures, Jamie Goldstein of North Bridge Venture Partners, Felda Hardymon of Bessemer Venture Partners, Matt Harris of Village Ventures, Mike Hirshland of Polaris Venture Partners, Eric Hjerpe of Kepha Partners, Bob Hower of Advanced Technology Ventures, Paul Maeder of Highland Capital Partners, Eric Paley of Founder Collective, and Carl Stjernfeldt of Castile Ventures.
Now, even the ideas to generate innovation in Massachusetts are in themselves innovative. The moment you hear about 12x12 you know that its plan simply makes sense. Often, the most successful relationships are those in which everyone has something to add and everyone walks away with something they want. That is exactly what 12x12 offers Massachusetts.
[Sources: http://bit.ly/diHet7, http://bit.ly/cdLwXE, http://bit.ly/cRt1pU]
