MassChallenge startups pitch to win $1M competition

Here’s an offer that many (and by many, we mean thousands) of startups couldn’t resist.

MassChallenge, the “largest-ever startup accelerator and competition”, is offering $1.1 million in cash to startups with no strings attached.

You read that right. MassChallenge doesn’t want equity.

It’s an approach that has certainly paid off. MassChallenge received thousands of applications for its accelerator/competition program, eventually narrowing it down to 1,237 startups from 35 countries. However only 125 “high impact, high potential” startups were invited into their 4-month accelerator program. The program, based out of MassChallenge’s South Boston headquarters, began in March.

Now the competition has moved into its final phase. 26 of those 125 startups made their final 20-minute pitches today, and they'll do it again on Friday. Judges will then decide how to divvy up the $1.1 million grant money between them.

The winners will be announced at an awards ceremony on Oct. 23.

The MassChallenge 2012 finalists are: Akrivis Technologies, Black Island Wind Turbines, Bounce Imaging, BuysideFX, Capital Market Exchange (CMX), Cellanyx Diagnostics, CoachUp, Dynamo Micropower, Global Research Innovation & Technology (GRIT), Guided Surgery Solutions, HelmetHub Corp., iAgree, IntegralReach, Lab Automate Technologies Inc., LiquiGlide, Lovin’ Spoonfuls Inc., Ministry of Supply Inc., NBA Math Hoops, Neumitra, Nordic Technology Group (NTG), OnDeckBiotech, RallyPoint, Recovers.org, Strong Arm Technologies Inc., Ubiqi Health, WindGap Medical Inc.

According to MassChallenge, startups that participated in the 2010 and 2011 competitions have already raised more than $250 million in outside funding.

For more on the startups, go to MassChallenge's website at http://masschallenge.org/