On a recent Saturday afternoon, three young men barreled down the Mass Pike in a white Jeep toward Amherst to photograph Juice, the popular md传媒国产剧 College鈥揼rown band performing at the local Oktoberfest.
The trio, all entrepreneurs who recently graduated from md传媒国产剧 College, know that the social media buzz they create will be critical to the success of their company. Darkroom is an online platform where amateur and professional photographers can display and sell their limited-edition photos鈥攚ithout spending big money out of pocket to print copies in bulk. On this particular day, Darkroom鈥檚 founders鈥擳heo Chapman, Carroll School 鈥�17 and Anders Bill, Morrissey College 鈥�17, along with Bradley Tramer鈥攑lanned to pull double duty as photographers, snapping concert photos that they hoped fans of Juice鈥檚 rock-pop-jam-hip-hop music would purchase on听.
Whether it鈥檚 a popular band or a YouTube celebrity that appears on Darkroom, 鈥渋f someone has 10,000 or 100,000 followers,鈥� Bill explained, 鈥渢hey drive their traffic to us.鈥�
Flashes of entrepreneurial inspiration like that are precisely what听听was looking for when it selected Darkroom and two other companies with md传媒国产剧 College roots for its summer 2017 mentorship, or 鈥渁ccelerator,鈥� program. SSC Venture is a brand-new VC firm, composed largely of md传媒国产剧 College alumni, that is seeding startups born on the Heights.
THE TIME IS NOW
鈥淭here鈥檚 no better time than in college to try to start a company,鈥� said Tom Coburn, Morrissey College 鈥�13, one of SSC Venture鈥檚 managing partners. He reasoned that undergrads and recent graduates, not yet saddled with mortgages or family obligations, can devote themselves fully to the all-consuming task of turning their dreams into reality.
鈥淭he students at BC are absolutely capable of building the next Facebook,鈥� said the former pre-med student and founder of听, a md传媒国产剧 company that improves the user interface for shoppers searching for products on small cell phone screens. A couple of years ago he was named to the听Forbes听30 Under 30 list of America鈥檚 most important young entrepreneurs.
SSC Venture鈥檚 program provides $5,000, office space at firms around md传媒国产剧, and moral support so that Carroll School and other BC students and recent alumni can develop their startup companies, with the possibility of larger investments in the future by SSC Venture Partners. Formed earlier this year, the venture capital fund has 24 investors鈥攏early all of them md传媒国产剧 College alumni. They鈥檝e put up $270,000 to invest in startup companies coming out of Chestnut Hill.
The venture capital investment fund is for, by, and all about BC entrepreneurs. It鈥檚 practically an extension of the Carroll School鈥檚听Edmund H. Shea Jr. Center for Entrepreneurship. 鈥淲e work really closely with them,鈥� said Kelsey Kinton, Morrissey College 鈥�12, M.B.A.鈥�18, the center鈥檚 assistant director. 鈥淭here鈥檚 no separation. There鈥檚 no competition. It鈥檚 collaborative.鈥�
Indeed, student entrepreneurs who have won various Shea Center competitions often go on to participate in the summer mentorships funded by SSC Venture Partners and, prior to this year, its predecessor nonprofit, Soaring Startup Circle. In turn, SSC Venture鈥檚 managing partners are regular judges for Shea Center competitions.
鈥淭he students at BC are absolutely capable of building the next Facebook.鈥�
ENERGY AND EXPERIENCE
In addition to Coburn, the managing partners include Miguel Galvez, Morrissey College 鈥�12. The two met the day Galvez won the business plan competition鈥攏ow known as the Venture Competition@Shea鈥攚hich Coburn had won his sophomore year. Galvez and collaborator Deckard Sorensen, Morrissey College 鈥�12, have since spun their winning entry into NBD Nanotechnologies, which makes water-repellent and absorbent coatings using a technology modeled on the way beetles control water absorption on their backs.
SSC Venture鈥檚 third managing partner and chief rainmaker is Peter Bell, Carroll School 鈥�86, who is also chairman of BCSV, a Palo Alto鈥揵ased investment firm. Bell, who worked at EMC Corp. during its early years, was a Carroll School professor from 2003 to 2010 and a University trustee from 2002 to 2010. After moving to the Bay Area in California, he continued his involvement as a trustee associate. Bell is also a cofounder and vice chair of the md传媒国产剧 College Technology and Entrepreneurship Council, which provides networking and mentorship opportunities to students and alumni entrepreneurs on the East and West Coasts.听
At SSC Venture Partners, Bell uses his deep roots in the venture capital world and his ties to older, well-heeled BC alumni entrepreneurs to raise money. Coburn and Galvez raise money too, but they focus on networking with the budding entrepreneurs on campus, often through Shea Center activities.
For example, on October 26 Coburn judged the fun Elevator Pitch competition, in which students dip their toes into entrepreneurship. He and Galvez both judged the University-wide 2016 Venture Competition@Shea鈥擝C鈥檚 answer to the television hit听Shark Tank鈥攊n which students vie for a $15,000 top prize and two $7,500 prizes (for runner-up and social impact) by presenting their business plans for startups to a panel of alumni who spend a day on campus as judges. Last spring, Bell also judged the Competition@Shea, and he sometimes gets involved in various other entrepreneurship activities on campus.听
THE SWEET SPOT
The first step to forming SSC Venture Partners came in 2013, when Coburn and Galvez formed the nonprofit Soaring Startup Circle to raise donations from md传媒国产剧 College alumni to fund BC-bred entrepreneurs who took part in Soaring Startup Circle鈥檚 summer mentorships. But Peter Bell had bigger ideas. He鈥檇 first met Coburn during a summer 2011 entrepreneurship program at a venture capital firm, Highland Capital, where Bell was managing partner. In fact, the Highland Capital program inspired Coburn to form Soaring Startup Circle. Bell and Coburn stayed in touch, and in 2016 Bell proposed turning the nonprofit, which provided a tax break to donors, into the current investment fund, which would give each investor a proportionate share of SSC Venture鈥檚 two percent equity stake in each startup the fund invested in.
Bell explained his argument for doing so. 鈥淭he way I think about donating is to schools or hospitals or other charities, but if someone wants to start a business it鈥檚 not a charity,鈥� he said. 鈥淚 want to invest, which is also better for the young entrepreneur because he or she and I [as an investor] are aligned鈥� in supporting the company鈥檚 success. At first, Coburn and Galvez turned Bell down. But they thought about it for a few months and said yes last January.
Galvez described SSC Venture鈥檚 鈥渟weet spot鈥� as investments of $25,000 to $50,000 in startups that have progressed to the point where they are capable of using that seed money to raise a total of $250,000 to $1 million in total financing鈥攁lso with SSC Venture鈥檚 help. In August, SSC Venture made its first such $25,000 investment, in听, a Cambridge materials company Galvez has mentored in recent years. Lux Labs, cofounded by Spencer Powers, Morrissey College 鈥�07, invented a technology to control the direction of light in everything from cell phones to car headlights.听听
WINNING COMBINATIONS
Darkroom and two other startup companies, after winning the 2017 Venture Competition@Shea, went on to participate in SSC Venture鈥檚 summer 2017 program. All are now aspiring to the next level鈥攖he Lux Labs level.听
Darkroom started out strong with the company鈥檚 July 28 launch by simultaneously posting a virtual photo gallery online while the large photographer community听听was being featured in a real-world gallery opening in downtown md传媒国产剧. Darkroom topped that with a collaboration with photographer听, who raised $3,000 for charities by selling photos on Darkroom鈥攁nd Darkroom donated its profits from the sale. Nor has the company neglected its other target, the millions of amateurs who snap high-quality pictures on their iPhones.
A second participant in SSC Venture鈥檚 summer program was听, founded by former Eagles offensive guard Harris Williams, Morrissey College 鈥�14, M.B.A.鈥�16. After he broke his right leg and dislocated his right ankle, the one-time computer science major was doodling with code when 鈥渢he light bulb鈥� flicked on, he recalled. What started as an idea for a training aid for his teammates evolved into a marketable cell phone app. MentalRep helps football players complete the mental repetitions required to memorize a team鈥檚 myriad plays in preparation for the next game. Launched in April 2017, CompuCog has sold MentalRep to five high schools, and Williams plans to eventually take it to the college and pro levels.
The third participant,听, is a global startup founded by Pedro de Almeida and Fernando Nazario, both Carroll School 鈥�20. They created a cell phone app that allows parents to track their children on the school bus and collects and analyzes school districts鈥� data to optimize bus routes. BusWays鈥� chief programmer is also a Carroll School undergraduate, Alex D鈥橝gostino 鈥�18. BusWays has already signed up three school district clients in Panama and one in Newburyport, Massachusetts, de Almeida said.
Could one of these startups be the next Facebook?听
Kimberly Blanton, who covered the economy and financial industry as a听md传媒国产剧 Globe听reporter for many years, now writes a blog,听, for the Center for Retirement Research at md传媒国产剧 College.
Photography provided by Soaring Startup Circle.
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