The partnership will be targeting startups that are engineering technology developments in the Internet of Things (IoT) and its support technologies, like augmented reality (AR), big data analytics and security.
“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 helps entrepreneurs fill in their seed-stage investment gap. It promotes innovation in these companies and provides them with knowledge to help them succeed. The organization also runs a four-month accelerator program for a select group of startups. This program links the entrepreneurs with:
- Mentors
- Marketing and media resources
- Funding opportunities
- Free office space in Boston, Israel, U.K., Mexico and Switzerland
The startups that show the highest potential at the end of the accelerator program will also receive no-equity, non-dilutive grants from MassChallenge.
The sponsorship agreement will see PTC focusing its efforts on MassChallenge’s Boston and Israeli programs.
“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.”
In return, PTC will be able to discover early start ups in the IoT sector. They will also gain connections to MassChallenge’s global investors, corporate partners, venture capitalists, angel investors, governments and universities.
Additionally, as PTC’s investments in IoT acquisitions have been inching toward the $750 million mark, this partnership might add to PTC’s expansion in the IoT industry.
To learn more about MassChallenge and how you can apply for the accelerator program, follow this link.