cleantech open northeast 2014 impact report

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Cleantech Open Northeast 2014 Impact Report

a program supported by

Cleantech Open Northeast | 2014 Impact Report 2

MISSION | Connectivity

Entrepreneur

Mentors and ExpertsEarly Adoption

Customers

Corporate Partner

Talent for Hire

Investors and Funding Opportunities

Through our six-month accelerator program, Cleantech Open Northeast finds, funds, and fosters the entrepreneurs solving our

greatest energy and environmental challenges.

Fostering Connectivity


MISSION | Impact

1,000+valuable connections

reported*

*Connections reported by event survey respondents.

We help make connections that grow the cleantech ecosystem in the Northeast.


OVERVIEW | Letter from the Director

2014 was a year of continued success for our accelerator program. We received

more than 90 applicants from around the Northeast and ultimately selected 32

startups to participate as semifinalist teams. In addition, our strategic alliance with

the NECEC was a natural evolution that addresses a region-wide resource gap and

allows us to expand our services to entrepreneurs.

The teams participating in 2014 have been among our most talented to date, with

a rise in the number of cleanweb companies, companies utilizing their technology

for social impact, and companies with an innovative business model. The 2014

accelerator was a whirlwind of activity, with monthly event programming in both

Boston and New York City. Over the course of six months, more than 200 mentors

and 100 judges contributed their time to help our semifinalist teams refine and

iterate on their business models and presentation skills. Finally, in October, we

awarded prize winners with over $130,000 total in cash and in-kind prizes.

With more than 200 volunteers, dozens of partner organizations,

and fifteen sponsor organizations involved this year we are proud to report our

most impactful program to date. We would like to extend a big thank you to all

the mentors, judges, volunteers, and allies who made this season the success

that it was. We could not have done it without you and we welcome all new and

returning collaborators to join us in 2015 as we continue to find, fund, and foster

the most promising cleantech startups in the Northeast.

Sincerely,

Katie MacDonald

Regional Director

Reflecting on 2014


OVERVIEW | Timeline

2014 at a Glance

An expert judging committee narrowed a pool of 91 geographically-diverse applications down to 32 participating semifinalist teams. 70% of teams hailed from the Boston and New York City metro regions, and the number of startups developing web-based “cleanweb” technologies increased from previous years.

May

Record Applications Result in 32 Talented Semifinalists for Class of 2014

Held for the first time at Barnard College in New York City, the East Coast Academy educated cleantech entrepreneurs participating in the accelerator from across America. Topics covered ranged from customer discovery to legal strategy to external financing choices and pitches.

JUNE

East Coast Academy Draws Over 200 Entrepreneurs and 40 Expert Speakers

More than ten workshops were held in Boston and New York City, and teams were given the opportunity to network and learn from experts at working sessions that included customer segmentation, financial modelling, and live investor pitch practice. The season concluded with a Mock Judging event to prepare teams for Regional Finals.

JULy - SEPTEMBER

Teams Attend Summer Workshops and Practice Pitches

More than 70 expert judges narrowed down our 32 teams to the top eight startups, who pitched at the Awards Gala in front of a live audience and all-star judging panel. From there, four regional winners were announced, each receiving a prize package worth $30K, with additional special prizes awarded.

OCTOBER

$130K in Prizes Awarded, 4 Winning Teams Announced

Our four regional winners moved onto the National Final Judging round in San Francisco to compete against startups from around the country. Although the Northeast teams did not take home the Grand Prize of $200K, one of our winners, Drinkwell, won the second-place prize, a category award, and the prestigious National Sustainability Prize.

NOVEMBER

East Coast Takes Home the National Sustainability Prize

FEBRUaRy

Cleantech Open NE Announces Formal Alliance with NECEC

NECEC’s Cleantech Navigate Northeast was launched as a complementary program to Cleantech Open Northeast, accelerating region-wide cleantech en-trepreneurship with a new approach.

http://northeast.cleantechopen.com/press-release-class-of-2014/

http://northeast.cleantechopen.com/press-release-class-of-2014/

http://northeast.cleantechopen.com/events/east-coast-academy/

http://northeast.cleantechopen.com/events/east-coast-academy/

http://northeast.cleantechopen.com/cleantech-open-hosts-funding-clinic-for-semifinalists/

http://northeast.cleantechopen.com/cleantech-open-hosts-funding-clinic-for-semifinalists/

http://northeast.cleantechopen.com/2014-awards-gala-press-release/

http://northeast.cleantechopen.com/2014-awards-gala-press-release/

http://events.cleantechopen.org/globalforum/2014/global-forum-news-winners/

http://events.cleantechopen.org/globalforum/2014/global-forum-news-winners/

http://www.necec.org/files/necec/News%2520Releases/NECEC_Alliance_CTO_2.18.14.pdf

http://www.necec.org/files/necec/News%2520Releases/NECEC_Alliance_CTO_2.18.14.pdf


PARTNERS | NECEC

In February 2014, NECEC announced a formal alliance with Cleantech Open Northeast to form Cleantech Navigate Northeast, a first-of-its-kind resource network helping entrepreneurs in the Northeast make quality, targeted

connections on a regional scale. Cleantech Navigate Northeast assists entrepreneurs of all stages through

concierge-style Connection services, tailored networking events, and a web portal called the Navigate Explorer. The

Navigate Explorer provides entrepreneurs with an easily searchable catalogue of people, organizations and activities in the regional cleantech ecosystem. For more information,

please visit necec.navigate.org.

“NECEC and Cleantech Open Northeast are ideally positioned to address the regional resource gap that

leaves entrepreneurs in one locality unable to benefit from resources in another. Cleantech Navigate Northeast will draw upon NECEC’s strong relationships with investors,

leading global corporations, state partners, universities and private sector innovation experts to support entrepreneurs

at all stages of development.”-Peter Rothstein, President of NECEC

Our Alliance with the NECEC

http://necec.navigate.org

Cleantech Open Northeast | 2014 Impact Report 7Cleantech Open Northeast | 2014 Impact Report

SPONSORS | All Sponsors

Thank you to all of our dedicated sponsors, without which our program and its impact would not exist.


SPONSORS | New Sponsors

EnerNOCNortheast Silver Sponsor

“It’s so important to invest in early-stage technologies and the entrepreneurs behind them to ensure the industry innovates at a rapid rate. Developing talent focused on energy intelligence software ensures we’ll

keep finding increasingly smarter, faster, and more data-driven ways to manage energy use - and connect it to the most important

metric: dollars spent. We are proud to support Cleantech Open NE.”

-Tim Healy, Chaiman and CEO of EnerNOC

Commerce RINortheast Bronze Sponsor

“Commerce RI and our clients have recognized unique and powerful benefits by participating in innovation and entrepreneurship programs at Cleantech Open NE and NECECi. The access

to resources and networks is unmatched. Commerce RI looks forward to strengthening

our relationship with both programs and bolstering the cleantech industry in Rhode

Island and the region.”-Hannah Morini, Program Manager at Rhode Island Economic Development Corporation

MTI/E2TechNortheast Bronze Sponsor

“This year, the Maine Technology Institute presented a Cluster Initiative Award to partner

organization E2Tech for its work with the NECEC and Cleantech Open Northeast.

They look forward to working more closely with entrepreneurs in Maine and bringing greater regional awareness to the Maine

innovation economy.“-Jeff Marks, Executive Director of E2Tech

Thank you to the organizations who most recently joined oursponsor community in 2014.


SPONSORS | Premier Sponsors

MassCECNortheast Premier Sponsor

“By supporting our emerging cleantech companies, we can drive innovation, create

good local jobs and help grow the promising ideas of today into the leading companies of

tomorrow.” -Alicia Barton, CEO of the Massachsetts

Clean Energy Center (MassCEC)

MassCEC provides early-stage investments to startup companies, funds renewable

energy rebates for residents and businesses and supports the development of a local

clean energy workforce.

National GridNortheast Premier Sponsor

“National Grid is excited to see the abundance of emerging cleantech talent coming out of the Northeast. Innovative technologies that

enable customers to take control of their energy usage, reduce consumption through energy efficiency and provide more diverse tools for renewable power generation will

shape the evolution of electricity and natural gas systems.”

-Marcy Reed, President of National Grid in Massachusetts

National Grid is one of the largest energy companies in the world, serving

Massachusetts, New York and Rhode Island.

NYSERDANortheast Premier Sponsor

“New York continues to provide a strong showing of talented entrepreneurs to the

Cleantech Open Northeast. These innovative businesses exemplify some of the many ways

New York State is growing its clean energy economy under Governor Cuomo.”

-John B. Rhodes, President and CEO of NYSERDA

NYSERDA is a public benefit corporation that offers information and analysis,

programs, technical expertise, and funding to help New Yorkers save money and reduce

reliance on fossil fuels.

Thank you to our three Regional Premier sponsors who have supported theprogram for consecutive years.


CLASS of 2014 | Impact

91%teams who would recommend the program to a fellow entrepreneur

97%team satisfaction rate

97%of teams plan to stay involved with Cleantech Open

Impact of our Accelerator

“The progress we made during the Cleantech Open would have been very difficult to achieve otherwise, particularly in that time-frame. We were tremendously well supported, encouraged and coached both by our team of mentors and the Cleantech Open NE staff. Overall it was an invaluable experience and well worth the resources invested.”-Tess O’Brien, CleanPowerPerks


CLASS of 2014 | Distribution

Startup Class of 2014This year was one of our most geographically diverse yet, with 12 teams headquarted in New York, 11 in Massachusetts, four in New Jersey, two in Maine, and one each in Rhode Island, Connecticut, and Pennsylvania, respectively.

12Cleantech Open Northeast | 2014 Impact Report

CLASS of 2014 | Winners

Drinkwell2014 National Sustainability Winner &

Regional Award Winner

200 million people in India and Bangladesh are at risk of arsenic and fluoride poisoning. Drinkwell eradicates this crisis by blending novel filtration technology with a franchise business model that transforms this crisis into opportunity for entrepreneurs living in affected regions.

“Drinkwell would not be where it is today if it were not for Cleantech Open. It’s that simple. We came in with

a pilot and left with a real business (complete with paying customers!). If it weren’t for our mentors, I doubt

we could have refined our revenue model, acquired customers, and attracted investors as quickly as we did.

What has been most rewarding, however, is the platform Cleantech Open gave us to meaningfully connect with the incredibly supportive cleantech

community in the Northeast. I consider many of the people I met through Cleantech Open as genuine friends whom I will keep in touch with for years to

come.”- Minhaj Chowdhury, CEO

Cleantech Open Northeast | 2014 Impact Report

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ecovent2014 Regional Award Winner &

CleanWeb Award Winner

Ecovent’s automated temperature control system took home the Regional Award as well as the $5,000

EnerNOC & Mintz Levin CleanWeb Award for its revolutionary design. The system incorporates easy-to-install wireless vents, plug-in sensors, and a mobile app

for total integration and comfort in any home - and is currently available for pre-order!

“The Cleantech Open is very comprehensive, but it is also flexible. We had help where we needed it, and were left alone when it was clear we knew what we

were doing. As a result, the program tailors itself and really creates a lot of value.”

- Dipul Patel, CEO and Co-Founder



Full Circle Feed2014 Regional Award Winner

Based in Syracuse, Full Circle Feed produces dog biscuits from restaurant and institutional food waste. The company’s inspiration came from founder Michael Amadori’s master’s thesis in

ecological engineering at the SUNY-College of Environmental Science and Forestry.

“The mentors were a great asset and really cared about helping us.” - Michael Amadori, CEO

Sol Power LLC2014 Regional Award Winner

Sol Power LLC presents outdoor cell-phone and device charging stations that are 100%

solar-powered, modular, and customizable for advertising, making them an ideal choice for

outdoor events. The stations’ accessible appeal and practicality impressed the judges and

audience alike.Sol Power operates at music festivals and other

institutions throughout the Northeast, and currently offers stations to rent, lease, or buy.



Toilets for PeopleGlobal Impact Award

In a stunning surprise, judges decided to create a new award to honor Toilets for People’s dedication to their mission of providing

accessible and affordable sanitation to countries in the developing world.

“The kind of change Toilets for People hopes to see in the world certainly goes beyond

national boundaries. It’s very rewarding to receive accolades for doing what we love doing

- working to end open defecation.” - Nidhi Shah, Director of India Operations



PureQuantumRising Star Award

PureQuantum seeks to use its coreshell quantum dot phosphors in LED lighting for better efficiency and lighting color control.

Avalanche EnergyRising Star Award

Avalanche Energy produces a solar thermal collector for hot water that is double-

reflecting and has tracking capability to follow the sun.

WattlotsRookie of the Year Award

Wattlots specializes in a variety of outdoor solar energy systems and structures, including a solar parking structure.


MENTOR PROGRAM | Impact

230active members

92%mentors would recommend the program to a fellow professional

3mentors matched per semifinalist team

20hours of one-on-one mentorship per team

Impact of our Mentor Program


MENTOR PROGRAM | New Mentors

Learn more about a few of the newest additions to the Cleantech Open Northeast mentor community who contributed to our teams’ development and success in 2014.

Deb KemperManaging Director,

Golden Seeds

“We need more sustainable solutions to get to market and I want to help accelerate that process.

I hope to do that by sharing my experience and providing support and guidance to entrepreneurs in

the sector.”

Stan FischerVice President Sales,

Vestlynx

“My mentoring experience has been to help companies refine their market targets, pricing

structure and go to market strategy and to take a hands-on approach to helping them present to

potential customers and acquire traction accounts in the New York area.”


MENTOR PROGRAM | Returning Mentors

Mitch TysonPrincipal,

Tyson Associates

“No matter what else I have on my plate I always make time for Cleantech Open mentoring because

there is hardly anything else I do that is as much fun, takes advantage of my experience, or makes me feel like I am making a difference like participating in the

Cleantech Open.”

Ladd GreenoBoard of Directors,

GEI Consultants, Inc.

“Serving as a mentor in the Cleantech Open program is an incredibly rewarding experience; I

help guide enthusiastic entrepreneurs with exciting cleantech business concepts while the Cleantech

Open provides a great structure to further develop and commercialize a start-up. Fantastic program!”

Our program is fortunate to have a high mentor retentation rate. Learn more about why some of our veteran mentors decide to keep coming back year after year.




MENTOR PROGRAM | Mentor of the Year

John Lonczak2014 Mentor of the Year

“I nominated John Lonczak for Mentor of the Year because he was very organized and pushed us to stay on top of our tasks. John

really gave the process his all, allowing us to systematically move forward. He helped us see the holes in our business model and pushed us

to strategize on a path forward.” - Nidhi Shah, Toilets for People


VOLUNTEER | Volunteer of the Year

Rob Parker2014 Volunteer of the Year

Volunteering with Cleantech Open Northeast for the past three years, Rob

made tremendous efforts in supporting the mentor program and was an invaluable

team member assisting the New York region’s programming in 2014.

“I have been very pleased to see the Cleantech sector grow in the New York Metro region over the past few years. There is so much talent and a tremendous resource base in the Northeast that is becoming increasingly focused on our

climate and energy challenges.” - Rob Parker, Director at the Blackstar Group


ALUMNI | Impact

Alumni Community Impact*

*Data collected as part of a survey performed in December 2013, covering years 2011-2012.

$260million raised in 2011-2012

Venture Capital

60 %15%

5%

10%

5%5%

Funding Sources

Grants

Corporate Investors

Structured Debt

angel

Self, Friends, Family, and Other

96%alumni respondents want to stay involved

660jobs created in 2011-2012




Ogin Energy2008 Regional Winner

Formerly FloDesign Wind Turbines, Ogin Energy owes its success due to its

innovative wind turbine that is both more compact and more efficient. Its modular

design was inspired by jet-propulsion technologies from the aerospace industry.

To date, the company has raised $143 million in funding.

ALUMNI | Early Success


ALUMNI | Recent Graduates

NBD Nanotechnologies 2013 Regional Winner

Somerville-based NBD Nanotechnologies most recently closed a Series A Round with the support of Phoenix Venture

Partners. The company is developing and piloting durable functional surface wetting modifying coating and additives for water collection purposes, such as fog collection.

Refresh2013 Regional Winner

Refresh is redesigning the bottle water supply chain with dispensers that purify,

carbonate, and flavor water at the point of use. Since its success at Cleantech Open

Northeast, the company has received seed funding from the Dorm Room Fund, been

accepted into TechStars, and is beginning to sell products commerically.

Sealed2013 Regional Winner

Sealed guarantees savings from home energy efficiency improvements. Following

the improvements’ installation, Sealed becomes the clients’ utility billing agent, and the clients receive a single Sealed Energy Bill

guaranteed to be lower than normal. They currently offer their services in the New York

and Chicago metropolitan areas.



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EVENTS | Impact

30total events

2,800total attendees

89%% of attendees found the events highly educational

92%% of attendees thought the events provided valuable networking

4connections made per person per event*

*Average number based on survey responses

Impact of Our 2014 Events

Types of Programming

Offered

Education

Outreach & Recruitment

Networking & Connection

44%

33%23%


EVENTS | East Coast Academy


40expert speakers

200startup attendees

2014 East Coast Academy

educational sessions on business fundamentals12


EVENTS | Awards Gala

Following a long day of live pitches for final judging, the Cleantech Open Northeast

community gathered to celebrate this year’s achievements and to listen to the top eight

startups pitch. More awards were given out to startups than ever before - totaling more than

$130,000 in cash and in-kind services.

2014 Innovation Expo & Awards Gala


PARTNERS | Key Partners

Without our partners’ support, our startup teams would not receive

the quality of the training and ad-vice that they do. Thank you to all

of our 2014 partners!

Key Partners



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CLOSING | Fun Facts


10amazing Volunteer Chairs and Metro Directors

1,000+emails sent per month by Cleantech Open staff

10,000business cards ordered each season

Fun Facts

200chocolate bars consumed each accelerator season by staff

cleantech open northeast 2014 impact report

Government & Nonprofit