Title: MassChallenge CEO
Age: 37
Education: B.A. in public policy, Princeton University, 2007; MBA, Harvard Business School, 2012
Residence: Newton
After serving as acting CEO of MassChallenge for about six months, Cait Brumme has officially been named chief executive of the state's largest startup accelerator.
As a global network, MassChallenge says it supports more than 400 startups a year with its accelerator model. In Boston, the organization is known for launching industry-specific programs focusing on healthtech and fintech, as well as for its flagship startup program. Early-stage companies participating in MassChallenge are not offered funding, but can apply to compete for cash awards. Earlier this year, MassChallenge tapped Damon Cox from the state to investigate emerging tech areas and improve the accelerator's inclusion efforts. Lucia Maffei chatted with Brumme about the future of MassChallenge, Boston's next hot tech areas, and her hypothetical, ideal role in a startup.
What's the difference between 'acting CEO' and 'CEO' of MassChallenge?
On the one hand, I'd like to say nothing. The board told me to step into the acting role and lead with vigor and conviction as if the "acting" wasn't there, because that's what the organization required. I brought that energy to the job every day. With that said, I think there is a big difference for the organization and for our community, and (for) me as a human, to know that I'm here for the long term.
What is the most exciting part of leading MassChallenge now that you are officially CEO?
The most exciting part is to know with permanence that I have the honor and responsibility of leading MassChallenge in pursuit of its mission.
MassChallenge celebrated its 10th year in 2019. What do you think MassChallenge will look like 10 years from now?
We think the way we extend our impact is to be a global network with programs, one that supports and on-ramps entrepreneurs into a supportive ecosystem through our accelerator programs, which will absolutely remain the heartbeat of what we do. But in this future, they'll also be this community wrapper, which is an ecosystem of entrepreneurs and experts and innovators and advisors that can connect outside of our programs, both through our physical hubs but also, if we do this right, through digital means as well.
In Boston, MassChallenge runs programs focusing on fintech and healthtech. What is the next area where you want to expand?
We call these our "big bets." One is sustainable food systems. We have an awesome portfolio of work that's being led out of Switzerland, and we want to extend that work into Boston ... Climate is a key area of focus for us. We're in early stages of defining what that program could look like, but are very committed to having a strong climate presence here in the commonwealth and globally.
Imagine for a moment you are joining a startup. What do you think your role would be?
I love connecting the dots between what's happening in the market and how the product runs. In that regards, product, strategy, those are where my energy and interest lie, alongside leading people. I would want to be alongside the founder helping them convert their vision into something extraordinary.
You have two sentences to persuade a founder to apply to MassChallenge's accelerator program. Go.
"We're the only no-equity accelerator at scale that can give you access to the mentorship, the expertise, the customers and the capital you need to launch and grow at no cost. And you're joining a community for life."
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