• Boston Business Journal, Wednesday, February 12, 2014 2:11 PM

Startup accelerator program MassChallengeon Wednesday opened applications for the 128 slots in its 2014 program — the program's fifth session and its first at a new location in South Boston.

MassChallenge officials also announced that they expect to run an accelerator program in London for the first time in 2015. The program is expected to accept 60 to 100 startups in its inaugural year (see more details below).

For this year's Boston program, MassChallenge will depart One Marina Park Drive on Fan Pier in South Boston, where the program had been located since its initial session in 2010.

The program will move to the Innovation and Design Building at 21 Drydock Ave., where it will receive five years of free rent, courtesy of real estate and investment firm Jamestown. The program is moving effective May 1, according to its website, and will have 26,000 square feet on the sixth floor of the building.

MassChallenge — which bills itself as the world's largest startup accelerator — provides free space to 128 finalist teams, along with mentorship and services such as legal advice.

The four-month program is funded by sponsors and doesn't take any equity in the participating companies.

Grants awarded to startups this year through the program will total $1.5 million. The program will run from June until October of this year.

In remarks at a kick-off event Wednesday, newly elected Boston Mayor Marty Walsh said he and his staff are going to make sure companies that start in Boston will stay in Boston.

Track record

Last October, MassChallenge named 15 startups as cash prize winners for the 2013 competition.

Graduates from the first four years of MassChallenge have included Ministry of Supply, CoachUp, Ksplice (acquired by Oracle), Locately (acquired by Service Management Group), Ubersense, Bounce Imaging, RallyPoint, Wanderu, Zagster and ViralGains.

As of October, the four cohorts of MassChallenge — consisting of a total of 489 startups — had raised a combined $472 million in funding and created 3,928 jobs, according to figures provided by the program.

MassChallenge also offers a program for startups in Israel.

The full details on the planned London program, from a MassChallenge news release:

MassChallenge announced the anticipated launch of MassChallenge UK, which aims to take up residence in London this December and run its first accelerator program in 2015. In London, MassChallenge leaders and local supporters gathered earlier this week at the British Prime Minister’s office, 10 Downing Street, to ensure its London program will best meet the needs of the UK economy. The initiative enjoys the strong support of the British Government including the Prime Minister’s office and the Mayor of London, Boris Johnson. The Royal Bank of Scotland will join as a Founding Partner of MassChallenge UK.

“The amazing impact that MassChallenge has generated on the global startup ecosystem over the past five years is a testament to the unwavering support of the Boston community and partners from around the world, including our family of entrepreneurs who work tirelessly to build companies that produce powerful results,” said MassChallenge CEO John Harthorne. “Expanding to the UK will better connect the global network of innovation hubs of the U.S., Europe, the Middle East and beyond.” 

Mirroring the Boston program, MassChallenge UK intends to accept 60-100 startups from all industries around the world to engage in an accelerator program and compete for cash awards with no strings attached. As in Boston, MassChallenge UK will provide entrepreneurs with mentorship and training, free office space, access to additional funding, legal advice, media attention and other in-kind support.

Read the whole story at Boston Business Journal »