Workscope Joins MassChallenge Fintech 2021 Vertical

This week the MassChallenge Fintech 2021 accelerator launched with a virtual launch event hosted from Boston. Workscope was selected as one of the thirty companies to join the 2021 cohort (one of only two from the UK). Over 380 fintech companies from 35 different countries applied to join the programme.

As part of the 2021 cohort, Workscope brings expertise in end-user computing, spreadsheet management, process discovery and data lineage to the programme.

What is MassChallenge?

MassChallenge is a global, zero-equity startup accelerator, based in Boston, Massachusetts. MassChallenge was built with a purpose "to make it as easy as possible for entrepreneurs to launch and grow new ventures". Since being founded in 2009, the accelerator has supported over 2,400 startups from 54 countries.

What programmes does MassChallenge run?

MassChallenge runs accelerator programmes in Boston; Rhode Island; Texas; Mexico; Israel and Switzerland. The programmes are designed to help entrepreneurs build the next generation of transformational businesses by connecting early-stage companies with the resources, community, and partnerships that they need to grow and scale their businesses.

There are three types of accelerators that MassChallenge provide:

• The regional accelerators generally accept startups from any industry
• Some of these programmes have their own focus area - For example, MassChallenge Switzerland accelerates innovation in the food sector
• FinTech and HealthTech industry verticals - aimed at helping later-stage startups and enterprises build outcome-driven partnerships
• Bridge to MassChallenge partners with international leaders to build new approaches to transform local economies and help startup ecosystems evolve

Is MassChallenge an Incubator or an Accelerator?

MassChallange runs accelerator programmes designed for companies that have already validated their product and have some market traction.

Incubators and accelerators both aim to serve promising ventures albeit for different purposes - the difference between incubators and accelerators if often not very well understood.

Incubators typically target early-stage companies who have a great idea. However, the start-ups are often still developing their MVP, building the founding team and designing their business model. Incubators are designed to help startups in their infancy to succeed and generally are designed as more open-ended programmes.

Accelerator programmes are typically much more competitive than incubators and have specific outcome-based objectives. As such, they usually run for a shorter period of time, purely because they are more focused.

Which MassChallenge programme has Workscope joined?

Workscope has joined the MassChallenge FinTech vertical programme. It was first launched in 2018 and, as of 2021, has an acceptance rate of less than 8%. The programme is designed to accelerate outcome-driven partnerships between startups and financial services enterprises. To date, over 150 engagements have been facilitated by the programme. The initiative provides an opportunity for Workscope to work with partner companies to tackle specific challenges facing the financial services industry.

The partner companies involved in the accelerator include MassMutual; Putnam Investments; Fidelity Investments; John Hancock; Citizens Bank and the Massachusetts Competitive Partnership.

From January-June 2021, Workscope will be a part of the programme and will be working with selected partners based in Boston.

Learn more about MassChallenge at masschallenge.org.