In the presence of the Secretary of Economy, Ildefonso Guajardo Villarreal, MassChallenge announced the start of its program of large-scale acceleration in Mexico.
The funds will enable the arrival of MassChallenge to Mexico will be provided by the National Institute of the Entrepreneur (INADEM, by its initials in Spanish) Gentera, Aeroméxico, Promotora Social and the government of Mexico City, strategic partners of this initiative.
MassChallenge, the program of acceleration, would follow in Mexico the model of high quality support "without risk of capital contribution"; that is, without the organization applies a share in the stocks of a company in exchange for their services.
Mexico was selected as the Latin American headquarters of its plans of expansion, thanks to the strength and enthusiasm of the innovation ecosystem and its potential to contribute further to the existing global network of entrepreneurs, as well as the successful experience it had with the pilot programs conducted in partnership with the Zapopan Challenge.
"We had some new class companies in Mexico participating in the MassChallenge program in Boston and we know the enormous potential that exists there", said John Harthorne, founder and CEO of MassChallenge.
"MassChallenge recognizes the talent, the innovation and creativity in Mexico and Latin America, which is ideal for a new program of acceleration. We are excited to move forward with the plans to establish a comprehensive program in the region", he said. For his part, Enrique Jacob Rocha, President of INADEM, welcomed MassChallenge to Mexico, noting that our country has a vibrant ecosystem that is growing at exponential rates and gradually attracts the interest of more international actors.
"The start of operations of MassChallenge in Mexico, puts the country as a dynamic and attractive ecosystem for the rest of the world", he settled.
The annual acceleration programs MassChallenge in Boston, London and Tel Aviv have supported 617 start-ups, who have managed to raise $ 950 million with private equity funds, generating about $ 480 million in profits and created around 5,100 jobs in the various countries where the accelerated companies are located, which is expected its tangible and positive impact too in order to boost the Mexican economy.
The launch of MassChallenge in Mexico, undoubtedly, represents a great opportunity to add to its entrepreneurial ecosystem, a comprehensive and fresh vision to help identify, strengthen and promote the start-ups with high-capacity of scaling and innovation.
They were present William Duncan, Deputy Head of the Mission of the US Embassy in Mexico; Salomón Chertorivsky Woldenberg, Minister of Economic Development of the Federal District and Kara Shurmantine, Director of Global Alliances of Mass Challenge, among other personalities and special guests.