1. 2013INNOVATIONECONOMYSURVEY

2. Situa7onSummary Nearly300entrepreneurs,venturecapitalists,serviceproviders,angelinvestors andothermembersoftheinnova7oneconomypar7cipatedinthesurveyinMay of2013 Goalwastogainabroadperspec7veonthestateofthefundingmarketfor earlystagetechnologycompaniesinMAwhatsworkingwell,whatarethe gaps,andhowhasitchangedsince2011?Thefollowingslidesandchartssummarizetheresultsandhighlightkeythemes andopinions 3. Surveyrespondentsbyprofession(298) Experiencedentrepreneur (95) 7%Serviceprovider(31)12% 46%8% 12% 15%Aspiringentrepreneur(26) Venturecapitalist(16) Angelinvestor(15) Other(26)Other=trade,government,universi7es 4. MassVenturescon7nuestobringaddi7onalcapital, credibilityandresourcestoitsentrepreneurs 70percent60 50 40 30 20 10 0196respondents 5. 70TheGapRemainsPrimarily$1-$3M ButtheSeriesARoundisBecomingMore Challenging60 50 40%201130201320 10 0 $0-$500K$500k-$1M$1M-$3M$3Mto$5M$5Mto$10MRespondentscouldselectmorethanonecategory 6. Othergapsdoexistforearlystagecompanies 80Percent2011 2013400Yes-Fundingfor 1st7me entrepreneursYes-Fundingfor underserved industriesYes-Fundingfor underservedMA regionsOtherNo 7. MostagreethattheStateshouldplayarolein iden7fyingin-stateopps,developingatalentpool andpar7cipa7nginVCnancings 100% 80%Not Appropriate60%Appropriate40%Very Appropriate20% 0%Inden7fying Helpsource VCnancings Underserved Underserved Angel in-state ordevelopa industries regions nancings revenueopps talentpoolUniversity spin-outs 8. 67%raisedfollow-onfunding in