Comcast Ventures, IBM Back MState
January 9, 2018
MState has launched a blockchain
growth lab focused on scaling early stage start-ups that sell to the
enterprise. MState will focus on investing in the most promising
blockchain companies globally and help them scale successfully with
Fortune 500 customers.
"The first wave of killer apps built on blockchain are already growing
explosively, Cryptocurrencies built on blockchain like Bitcoin (BTC),
Bitcoin Cash (BCH), Ethereum (ETH) and Litecoin (LTC) have collectively
surged past $500B in market valuation," said MState Co-Founder and CEO
Rob Bailey. "In 2018, we will see a growing number of enterprise
blockchain use cases go mainstream from healthcare applications to
government, supply chain and retail to the real estate and
transportation industries. But for most of these use cases to succeed,
blockchain start-ups need to be able to engage well with enterprise
customers. Our growth lab is going to help make that happen."
The founding team of Rob Bailey and the partners from Boldstart Ventures
(www.boldstart.vc) have collectively helped scale from inception more
than 80 enterprise-focused companies that have raised more than $1B in
capital, had more than 30 exits and 3 IPOs.
Backing MState are:
•Comcast Ventures: The venture
capital affiliate of Comcast Corporation, which invests in blockchain
technology to explore new media models.
•IBM: The leader in open-source
blockchain solutions built for the enterprise (Source: Juniper
Research). Dedicated to supporting the development of openly-governed
blockchains, IBM has worked with clients across financial services,
supply chains, IoT, risk management, digital rights management and
healthcare to drive blockchain adoption in the enterprise.
•Galvanize: A technology incubator,
venture fund, and coding school with 8 campuses around the US.
How MState Will Help Enterprise Blockchain Start-Ups
will run a six-month program at Galvanize offices in New York and San
Francisco that will focus on helping technical founders with all aspects
of their go-to-market strategy, including product development, team
building, sales, marketing, finance, business development and customer
support. A core focus will be helping start-ups in the program engage
successfully with prospective enterprise customers and partners. MState
has already built a network of 30 advisors which include five founders
who have successfully built billion-dollar tech companies, as well as a
team of 25 CMOs, COOs and CROs.
The growth lab will invest in all of the companies in its program and
has already made its first investment in Blockdaemon (www.blockdaemon.com),
a blockchain deployment platform that provides easy, one-click
deployment, management and supervision of nodes to all major protocols,
including Hyperledger Fabric, Ethereum Enterprise and R3.
How The Application Process Will Work
MState has launched an online application process on its website (www.MState.io).
Applications will be evaluated by a committee of venture capitalists and
blockchain experts. The best five companies will be selected for
inclusion in the program and their names announced February 1st, 2018.
What MState is looking for in start-ups:
Company & Team Pre-Seed or Seed Stage
•Based anywhere, does not have to be
San Francisco or NYC
•Technical/product co-founder required
•Core team must have experience with B2B and/or building for developers
•Team deeply understands the market they are entering
Market & Customers
•Enterprise use cases, not SMB or B2C
•Big addressable market, non-US okay
•Solving a big business problem that is uniquely suited to blockchain
•Early customer validation preferred (customer meetings, feedback, etc)
•Clear potential to be a category leader
•Working prototype or product in
production preferred, but not a requirement
•Unique product features/performance vs competition
•Thoughtful, long term product roadmap that is realistic