[Hidden-tech] MassMutual commits $5 million to invest in small business, $1.5 million to mentor and accelerate start-ups

[Andrew Bellak]

This is indeed fantastic news.

I want to give props to Paul Silva, Valley venture mentors and River valley investors for their part in making this possible.

Ab

On June 28, 2014 12:01:23 PM EDT, Rich Roth <webmaster at hidden-tech.net> wrote:
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>In case you have not seen this
>
>http://www.masslive.com/business-news/index.ssf/2014/06/massmutual_commits_5_million_to_invest_i.html
>
>
>masslive.com
>
>
>  MassMutual commits $5 million to invest in small business, $1.5
>  million to mentor and accelerate start-ups
>
>*Jim Kinney | jkinney at repub.com * By *Jim Kinney | jkinney at repub.com *
>*Follow on Twitter*
>on June 26, 2014 at 3:58 PM, updated June 26, 2014 at 6:22 PM
>
>SPRINGFIELD --- *MassMutual,* founded in 1851 and one of Springfield's 
>oldest businesses, committed a total of $6.5 million Thursday to help 
>out the region's newest start-ups.
>
>"It's about having an idea that can grow," said MassMutual President
>and 
>CEO Roger W. Crandall on Thursday. "Who knows how many jobs it can
>grow: 
>5, 50, 500. But these are the businesses that can grow and add jobs."
>
>Crandall made the announcement Thursday during the *Western 
>Massachusetts Developers Conference*, an event that drew more than 350 
>to the Naismith Memorial Basketball Hall of Fame to hear about 
>development opportunities in the region.
>
>The $6.5 million is part of a two-part plan to address the most
>pressing 
>needs felt by entrepreneurs: access to capital and access to advice. 
>MassMutual has granted $1.5 million to fund a  entrepreneurial  
>accelerator run by*Valley Venture Mentors* in Springfield's *Tower 
>Square*. The accelerator is modeled on MassChallange, a mentoring space
>
>and business competition in Boston. Some of the $1.5 million wil also
>go 
>to DevelopSpringfield, a non-profit organization dedicated to driving 
>development in Springfield which will build out a physical location for
>
>the Accelerator.
>
>MassMutual also is providing $5 million for the Springfield Venture 
>Fund, a source of investment capital for new businesses.
>
>*MassMutual CEO Roger Crandall announces Springfield venture fund* At 
>the Western Mass Developers Conference on Thursday, Massachusetts
>Mutual 
>Life Insurance Company CEO Roger Crandall announced that they will fund
>
>"high potential" startups through a $5 million Springfield Venture
>Fund. 
>Additionally, the company will invest $1.5 million over the next three 
>years to support the creation of a startup accelerator by Valley
>Venture 
>Mentors.
>
>"We will be looking for business plans, for things that can make 
>money,"Crandall said. "They say money follows the idea. But sometimes
>it 
>can be hard to get that first investment. This is going to shovel fuel 
>on the fire."
>
>Often, when money is available, Pioneer Valley start-ups have to go to 
>Boston or beyond to find those investors, said Paul Silva, executive 
>director of *Valley Venture Mentors*. But going there for funding often
>
>means relocating the entire business.
>
>"If they have to go to Boston for the funding, often there are strings 
>attached. You have to go to where the money is," he said.
>
>Crandall said the MassMutual investments will help keep these 
>entrepreneurs here, close to the markets in New York City or Boston but
>
>in a place where office space salaries are affordable.
>
>"Boston is expensive. You want to buy a house? You want to park your 
>car?" he said.
>
>He said  that it will be a competition. MassMutual will look for 
>business ideas that have a good chance of growing and succeeding.
>
>"That doesn't mean everyone will succeed. The vast majority will fail. 
>That's the way it works," Crandall said.
>
>The investments will be made over the next five years. Crandall doesn't
>
>yet know how many companies will get funding, but he hopes to help out
>a 
>number of companies starting almost immediately.
>
>The Valley Venture Mentors space will be open in January 2015, said 
>Scott Foster, president and director for the organization. They'll stay
>
>for four months in a collaborative workspace getting advice from
>experts 
>and honing their ideas. At the end, they will compete for a total of 
>$200,000 in grants.
>
>Those grants, two for $50,000 and four for $25,000, are separate from 
>the MassMutual Springfield investment Fund, Foster said. He also
>expects 
>an additional $1 million in funding from other sources, but that deal
>is 
>not yet final.
>
>MassMutual is donating the space in Tower Square. It is the former Mad 
>Maggies's billiard hall on the first floor.
>
>"So it will be on the first floor and public and accessible," Foster
>said.
>
>The space will serve as cooperative work space and as a place for 
>entrepreneurs to gather and swap ideas.
>
>Valley Venture Mentors works with a variety of companies, Foster said. 
>Many are high tech, but past members have included a company that 
>procures environmentally and socially responsible wedding gowns.
>
>"Or a jam company, from the kitchen to selling at Whole Foods," Foster
>said.
>
>© 2014 masslive.com. All rights reserved.
>
>
>
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