A brief review of the Boston startup ecosystem from the perspective of Jeff Bussgang of Flybridge and HBS, a former entrepreneur turned VC / Harvard faculty member.

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What Makes Boston’s Start-Up
Scene Special?
Jeff Bussgang
General Partner, Flybridge Capital Partners
Senior Lecturer, Harvard Business School
Author, Entering StartUpLand and Mastering the VC Game
Fall 2021

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 Intellectual Capital – academia, innovation, diverse
industries and ideas, talent that is fluid
 Advisors, Angels, Accelerators – seed $
 Venture Capital – scale $, mentorship
 Successful Companies – to partner, poach, sell to
 Superior Quality of Life – to attract diverse talent
Ingredients for a Vibrant Start-Up
Ecosystem

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Historical Leadership

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30,200 companies
1,300 each year
Employs 4.6 million
Generates $2 trillion
of sales
360+ patents each
year
MIT Factory of Innovation

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Harvard is No Slouch
133,600
companies
Employs 18.5
million
Generates $3.7
trillion of sales
180+ patents each
year

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Other Colleges and Universities

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“Highest Density Cluster of Innovation on the
Planet” – Kendall Square

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Boston’s Innovation District

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Longwood Medical Area

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Next Up: Harvard - Allston

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Venture Capital: Regional Comparison
California:
$313.4B
New York:
$76.4B
Massachusetts:
$74.7B
VC Capital Under Management
Source: Pitchbook / NVCA 2021 Yearbook
85% of total VC $ in these 3 regions

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Venture Capital Under Management Per Capita
California:
$7.9K/person
New York:
$3.8K/person
Massachusetts:
$10.6K/person
Source: Pitchbook / NVCA 2021 Yearbook

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Proximity to NYC: A Huge Plus

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National Institute of Health: State Rankings
Most NIH awards
Source: United for Medical Research, accessed 10/16/20
Most NIH funding (millions)
LOCATION AWARDS
California 8900
New York 6081
Massachusetts 5654
Pennsylvania 4080
Texas 3201
Maryland 2678
North Carolina 2650
Illinois 2285
Ohio 1921
Michigan 1908
LOCATION FUNDING
California $4,996,305,832
Massachusetts $3,295,948,531
New York $3,187,154,703
Maryland $2,254,903,122
North Carolina $2,204,154,708
Pennsylvania $2,040,306,377
Washington $1,630,628,091
Texas $1,509,154,057
Illinois $1,130,299,723
Ohio $982,992,962

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Leading Clusters: Life Sciences Leadership
40 million square feet
of lab space
37% of all life sciences
VC investment went to
MA startups
48% of all US-based
biotech IPOs were MA
startups

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Leading Clusters: Boston’s Energy/AgTech Sector

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*Platform companies – large, anchor companies you can partner with, poach from, sell to and from, typically . $2B market cap, which many other companies will s
Boston-Based Platform Companies*

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And We Also Have Our Unicorns
*

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Quality of life: Exciting and Comfortable
• Boston ranked 8th best city in the world to live in, top US city
• Best purchasing power in the US
Small town feels with all the perks of city
life

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Conclusion: Top Ranked Innovation City
It’s All Here Waiting For You
#1 Boston
www.massitsallhere.com