Each year for the past seven years, the MassChallenge program has accepted approximately 128 emerging companies in many industries, which become resident in the MassChallenge incubator (now in South Boston). For each of the last seven years, our firm has been a primary sponsor. Various firm partners, myself included, have mentored many companies. At last night’s award ceremonies, $1,500,000 in monetary awards were distributed to all kinds of businesses from high-tech to beauty aids to a vegan restaurant (hopefully soon to be a chain).

Although based in Boston (now with branches in Newton, London and Israel by the way), MassChallenge attracts an international cadre of emerging companies. The three largest cash award winners included a German company with U.S. operations in Houston, a South Korean company, and a Cambridge start-up that analyzes satellite imagery for commercial purposes.

Innovation is everywhere and some of the world’s largest companies, including those which you might not think would be interested in making investments and supporting emerging companies, were represented at the award ceremony, hosting tables or speaking from the stage. For example, I was seated at the table sponsored by State Farm, the insurance company. I learned that, in several cities, State Farm has representatives of its Innovation Office, and 90 persons are active in seeking  emerging companies for possible investment. The insurance industry is being disrupted, we were told, and it is necessary for any large enterprise to adapt to and become a part of the new economy.