It is pretty crazy when you stop to think
about how many amazing, world class academic institutions exist in the Boston
area. It is truly a major competitive advantage for this region.
about how many amazing, world class academic institutions exist in the Boston
area. It is truly a major competitive advantage for this region.
Yet, for so many years, there was very
minimal communication between the business community and the student
population. They were two different silos with no cross
pollination. Most students spent their academic years here and then left,
that is save the few who may have grown up in the area.
minimal communication between the business community and the student
population. They were two different silos with no cross
pollination. Most students spent their academic years here and then left,
that is save the few who may have grown up in the area.
Last Friday, I attended the MassTLC
unConference, which is always fantastic. What makes the unConference event
so special is the people who attend. Yes, there are lots of founders,
investors, and professionals there; however, I have noticed an increasing
number of students attending this event over the past couple of
years. I’ve met students from several schools: Tufts,
Northeastern, Boston University, Harvard, MIT, Boston College, Babson, Olin,
etc.
unConference, which is always fantastic. What makes the unConference event
so special is the people who attend. Yes, there are lots of founders,
investors, and professionals there; however, I have noticed an increasing
number of students attending this event over the past couple of
years. I’ve met students from several schools: Tufts,
Northeastern, Boston University, Harvard, MIT, Boston College, Babson, Olin,
etc.
At Friday’s event, there was a session
called: Keeping
Students in Boston. – which raised the question, “What can
Boston do to retain our students and attract them to our local tech
scene?”
called: Keeping
Students in Boston. – which raised the question, “What can
Boston do to retain our students and attract them to our local tech
scene?”
Matt Bilotti,
who is part of the Dorm Room Fund and a student at Northeastern, did some great
work by pulling together all of his notes from the session and putting them in
a Google doc, which can be found here.
who is part of the Dorm Room Fund and a student at Northeastern, did some great
work by pulling together all of his notes from the session and putting them in
a Google doc, which can be found here.
During the session, I made the comment that
Boston has made significant progress over the past three years, as it relates
to retaining our studens. Here are some reasons why:
Boston has made significant progress over the past three years, as it relates
to retaining our studens. Here are some reasons why:
1. Student Focused Investment
Funds
Funds
Bilal Zuberi, Nitesh Banta, Peter Boyce and
General Catalyst deserve a lot of thanks for launching Rough Draft Ventures. This
fund pulled together students from across all the campuses and enabled them to
make investments in student entrepreneurs. Recently, First Round
Capital’s Dorm Room Fund launched in Boston with a similar
initiative. These funds ultimately take down the walls between the college
campuses and allows entrepreneurial minded students to interact with other
like-minded students.
General Catalyst deserve a lot of thanks for launching Rough Draft Ventures. This
fund pulled together students from across all the campuses and enabled them to
make investments in student entrepreneurs. Recently, First Round
Capital’s Dorm Room Fund launched in Boston with a similar
initiative. These funds ultimately take down the walls between the college
campuses and allows entrepreneurial minded students to interact with other
like-minded students.
Plus, if a company receives a seed stage
investment from one of these funds and gets some traction, I’m thinking it is
more likely that (sorry to use the over used cliché) a Mark Zuckerberg-type
would raise capital in Boston and get the support he needs to build a company.
investment from one of these funds and gets some traction, I’m thinking it is
more likely that (sorry to use the over used cliché) a Mark Zuckerberg-type
would raise capital in Boston and get the support he needs to build a company.
2. The Boston Tech Scene is More
Dense
Dense
The majority of the action is now back in the
city. Most of the companies, both large and small, are located in
Cambridge (Kendall Sq.) and Boston (Innovation District and surrounding
neighborhood). This dense population of startups and established companies
helps bring the community as a whole together, which then trickles down to the
students. Plus, it makes it easier for students to get involved, as they
can use public transportation.
city. Most of the companies, both large and small, are located in
Cambridge (Kendall Sq.) and Boston (Innovation District and surrounding
neighborhood). This dense population of startups and established companies
helps bring the community as a whole together, which then trickles down to the
students. Plus, it makes it easier for students to get involved, as they
can use public transportation.
3. Boston is Starting to Develop
Some “Cool” Brands
Some “Cool” Brands
One of the points that was mentioned at the
unConference session by the students is that Boston doesn’t have the same
“cool” anchor companies like the bay area has with Google, Twitter, Facebook,
Dropbox, etc.
unConference session by the students is that Boston doesn’t have the same
“cool” anchor companies like the bay area has with Google, Twitter, Facebook,
Dropbox, etc.
Boston is making major progress as it relates
to building larger consumer oriented brands. Wayfair, TripAdvisor, RunKeeper,
Rue La La, Care.com, Gemvara, CustomMade are some examples of consumer brands that
are rapidly growing in the Boston area and are competing for talent.
to building larger consumer oriented brands. Wayfair, TripAdvisor, RunKeeper,
Rue La La, Care.com, Gemvara, CustomMade are some examples of consumer brands that
are rapidly growing in the Boston area and are competing for talent.
Boston also has strengths in many, many other
areas like Big Data, Analytics, SaaS, Ad Tech, Ed Tech, Security,
etc. While these companies don’t have the brand recognition as the
consumer oriented services, they win because they are challenging their
employees to solve really complex problems, as opposed to building another
photo sharing app.
areas like Big Data, Analytics, SaaS, Ad Tech, Ed Tech, Security,
etc. While these companies don’t have the brand recognition as the
consumer oriented services, they win because they are challenging their
employees to solve really complex problems, as opposed to building another
photo sharing app.
4. Cross Pollination of Campuses
More than ever, I have seen a variety of
events where participation across different campuses is encouraged. For
example, MIT hosted HackMIT, which
was open to undergrads from all universities (not just Boston-based either) and
ended up having over 1,000 people participate.
events where participation across different campuses is encouraged. For
example, MIT hosted HackMIT, which
was open to undergrads from all universities (not just Boston-based either) and
ended up having over 1,000 people participate.
5. Entrepreneurship is Growing
on Campus
on Campus
Did you know that the Northeastern
Entrepreneurs Club has 1,500 members? Wow! Pretty much every campus
now has some sort of entrepreneurship club, like MIT’s StartLabs or Boston
College’s Entrepreneurs Society. Entrepreneurship is spreading and that is
a very good thing for Boston and our country.
Entrepreneurs Club has 1,500 members? Wow! Pretty much every campus
now has some sort of entrepreneurship club, like MIT’s StartLabs or Boston
College’s Entrepreneurs Society. Entrepreneurship is spreading and that is
a very good thing for Boston and our country.
6. People are Willing to Help
The Boston tech community is ultra-supportive
and people are willing to help. Whether you are a student or a first-time
entrepreneur looking for advice, there are people in Boston that will go out of
their way to help you out. When you go to networking events, it is not
difficult to meet people and start to find your way across the eco-system.
and people are willing to help. Whether you are a student or a first-time
entrepreneur looking for advice, there are people in Boston that will go out of
their way to help you out. When you go to networking events, it is not
difficult to meet people and start to find your way across the eco-system.
If you need to get in front of investors
(both VC and angels), they are out there and visible at events. If you
need a mentor, there are ample people that are paying it forward like Steve
Papa, Bob Mason, Sean Lindsay, David Chang, Matt Lauzon, and Bill Warner, just
to name a few.
(both VC and angels), they are out there and visible at events. If you
need a mentor, there are ample people that are paying it forward like Steve
Papa, Bob Mason, Sean Lindsay, David Chang, Matt Lauzon, and Bill Warner, just
to name a few.
You are also seeing more CEOs and Founders of
companies in the Boston area speaking on campuses sharing their success stories
and lessons learned. Northeastern pretty much has a different Founder/CEO
speaking at their school every week.
companies in the Boston area speaking on campuses sharing their success stories
and lessons learned. Northeastern pretty much has a different Founder/CEO
speaking at their school every week.
Is it working?
Well… I can share one example, which I know
doesn’t translate into a macro-trend by any stretch of the imagination, but I
caught up with Emma Tangoren at the unConference event on
Friday. She is a Partner at Rough Draft Ventures and a senior at Boston
University. She is a go-getter who has interned at Foursquare, Uber, Etsy,
and General Assembly. Basically, she is one of the brilliant entrepreneurial
minds that this city can’t afford to lose.
doesn’t translate into a macro-trend by any stretch of the imagination, but I
caught up with Emma Tangoren at the unConference event on
Friday. She is a Partner at Rough Draft Ventures and a senior at Boston
University. She is a go-getter who has interned at Foursquare, Uber, Etsy,
and General Assembly. Basically, she is one of the brilliant entrepreneurial
minds that this city can’t afford to lose.
I had previously met her at last year’s
unConference event and at that point in time, there wasn’t a chance in hell
that she was going to stick around Boston after she graduated from
school. However, when I saw her on Friday, her tone on the city had changed
significantly, and she is strongly considering staying in Boston.
unConference event and at that point in time, there wasn’t a chance in hell
that she was going to stick around Boston after she graduated from
school. However, when I saw her on Friday, her tone on the city had changed
significantly, and she is strongly considering staying in Boston.
She provided me with some info in an email
last night that outlines the factors influencing her decisions to potentially
stay in Boston. Here are the details:
last night that outlines the factors influencing her decisions to potentially
stay in Boston. Here are the details:
I think we’re starting to see a shift in
Boston. A new wave of students are getting excited about the startup scene
here, and they’re engaging sooner. That energy just wasn’t there a few years
ago. Initiatives like Rough Draft Ventures have shown me that there are in fact
a lot of students in Boston, and young people in Boston, pursuing these ideas.
Boston. A new wave of students are getting excited about the startup scene
here, and they’re engaging sooner. That energy just wasn’t there a few years
ago. Initiatives like Rough Draft Ventures have shown me that there are in fact
a lot of students in Boston, and young people in Boston, pursuing these ideas.
I also think at some point, the cycle of
“leaving Boston” has to stop. There’s always going to be that natural
trend of leaving the city in which you attended university, but it isn’t a requirement.
Boston is, in fact, a good city.
“leaving Boston” has to stop. There’s always going to be that natural
trend of leaving the city in which you attended university, but it isn’t a requirement.
Boston is, in fact, a good city.
While there are definitely things I’d like to
change– MBTA operating hours, segmented communities within the city
itself–I’m starting to realize the benefit of Boston as a post-grad option,
and I think others are too.
change– MBTA operating hours, segmented communities within the city
itself–I’m starting to realize the benefit of Boston as a post-grad option,
and I think others are too.
Additionally, companies here are engaging
more with students. Speaking on campuses, offering tours, answering emails…
That trend wasn’t as common as it was a few years back. Connecting with college
students sooner is the best way to raise awareness and spark interest in our
tech scene. I think Boston is starting to wake-up, in a sense, and recognize
just how badly we’re losing the talent war. Recruiting efforts on campuses here
are growing and helping make Boston a more viable option.
more with students. Speaking on campuses, offering tours, answering emails…
That trend wasn’t as common as it was a few years back. Connecting with college
students sooner is the best way to raise awareness and spark interest in our
tech scene. I think Boston is starting to wake-up, in a sense, and recognize
just how badly we’re losing the talent war. Recruiting efforts on campuses here
are growing and helping make Boston a more viable option.
Last point– I think Boston’s confidence is
on the rise. The city is starting to murmur with conviction and excitement
around the startup ecosystem here, and I’m not sure if I’m ready to leave that
yet!
on the rise. The city is starting to murmur with conviction and excitement
around the startup ecosystem here, and I’m not sure if I’m ready to leave that
yet!
What’s Next?
Yes, progress has been made, which is the
good news. However, there is still a lot that needs to be
done. Here are my thoughts:
good news. However, there is still a lot that needs to be
done. Here are my thoughts:
1. Companies Need to Be Even
More Vocal!!!
More Vocal!!!
One of the biggest issues for the Boston tech
community is that it’s a very humble group that doesn’t show off. I’m a
humble person myself, but if you are not promoting the amazing things that are
going on in the Boston area, then it will never be heard on campus.
community is that it’s a very humble group that doesn’t show off. I’m a
humble person myself, but if you are not promoting the amazing things that are
going on in the Boston area, then it will never be heard on campus.
For example, why can’t LogMeIn have the same
allure that working at Dropbox does? LogMeIn made the move from Woburn to
the Innovation District with very cool, hip offices (amazing roof deck and even
an Irish pub). They are a very innovative company and millions of
people use their product, and yet , many don’t even know that they are using
one of their products. For example, did you know that their Join.me product has over 100M
(yes 100,000,000) users? If Join.me was a stand-alone company in the Bay
Area, it would be getting Dropbox-like billion dollar valuations.
allure that working at Dropbox does? LogMeIn made the move from Woburn to
the Innovation District with very cool, hip offices (amazing roof deck and even
an Irish pub). They are a very innovative company and millions of
people use their product, and yet , many don’t even know that they are using
one of their products. For example, did you know that their Join.me product has over 100M
(yes 100,000,000) users? If Join.me was a stand-alone company in the Bay
Area, it would be getting Dropbox-like billion dollar valuations.
This is why we created the BizzPages section
on VentureFizz, as a way for companies to showcase their companies in terms of
their products, team, culture, jobs, investors, thought leadership all is one
spot. This is a way to help market companies and build up their employment
brands locally.
on VentureFizz, as a way for companies to showcase their companies in terms of
their products, team, culture, jobs, investors, thought leadership all is one
spot. This is a way to help market companies and build up their employment
brands locally.
2. Branding
I think it would be a lot easier if Boston
and Cambridge had one name that referred to the whole area. The
Innovation District is a cool name, but it is confusing where it technically
begins and ends. Having a singular brand that everyone can refer to would
be a step in the right direction.
and Cambridge had one name that referred to the whole area. The
Innovation District is a cool name, but it is confusing where it technically
begins and ends. Having a singular brand that everyone can refer to would
be a step in the right direction.
3. Showing Up
There has been improvement with companies
interacting with students earlier, yet there is still a major gap in this
regard. Michael Gaiss recently had a great blog post titled: “The
Battle for Boston’s Students is Being Fought Right Now.” In
this post, he talks about this issue and refers to the HackMIT event. Out
of the 70 or so sponsors, only ten were Boston-based companies. All the
other companies were from the Bay Area or NYC. Imagine if 50% of the
sponsor list was littered with Boston logos and there were representatives from
each of the local companies there all weekend?
interacting with students earlier, yet there is still a major gap in this
regard. Michael Gaiss recently had a great blog post titled: “The
Battle for Boston’s Students is Being Fought Right Now.” In
this post, he talks about this issue and refers to the HackMIT event. Out
of the 70 or so sponsors, only ten were Boston-based companies. All the
other companies were from the Bay Area or NYC. Imagine if 50% of the
sponsor list was littered with Boston logos and there were representatives from
each of the local companies there all weekend?
We need to continue the trend of having
Founder/CEOs and investors speaking at schools. Michael Skok has his
Startup Secrets series that he does at the Harvard iLab, Bijan Sabet recently
spoke at Tufts, Jeff Bussgang is a regular at HBS, and Rob Go visited Boston
College. This trend needs to continue!
Founder/CEOs and investors speaking at schools. Michael Skok has his
Startup Secrets series that he does at the Harvard iLab, Bijan Sabet recently
spoke at Tufts, Jeff Bussgang is a regular at HBS, and Rob Go visited Boston
College. This trend needs to continue!
These are my initial thoughts. I’m sure
a lot of people have other observations and ideas as well. So please, share
them in the comments below.
a lot of people have other observations and ideas as well. So please, share
them in the comments below.
Keith Cline is the Founder of VentureFizz.
You can follow him on Twitter (@kcline6) by clicking here.
You can follow him on Twitter (@kcline6) by clicking here.
