(Check out Michael’s other blog postings here: On the Flying Bridge)

What are the limiting reagents for launching successful startups in Massachusetts right now, and what initiatives exist to help fill those gaps?

The economic crisis has forced all of us to look at creative ways to get the “company creation” process re-started. As has been widely reported funding activity is way down, entrepreneurs have never been this stonewalled while trying to raise capital, and VC returns are languishing. At Governor Patrick’s prompting a group of senior executives across many of the local IT sectors were convened – the IT Collaborative – earlier this year to better understand what is happening and suggest possible activities to begin to pull us out of this hole.

One issue we identified as a significant issue is the lack of compelling mentorship in the region. Building companies demands great passion, vision and intelligence; it also helps to have done it before. First-time entrepreneurs proceed on a “random walk” to refine their business plans and raise capital; arguably a very inefficient process at best. Many VC firms engage early to provide feedback and advice but that is still not completely adequate and frankly it is not a very deep engagement. What the marketplace really needs is senior successful serial entrepreneurs to give back, that is serve on the boards of the next generation of entrepreneurs’ boards, open up their rolodexes, share the war stories of what worked and what didn’t work. This mentorship is difficult to find.

It is those observations which led me to launch the “12 by 12″ program with Andy Ory, founder and CEO of Acme Packets in Burlington. (Andy and I co-chair the Entrepreneurship Committee for the IT Collaborative). In essence we are recruiting 12 senior executives in town and are pairing them up with 12 senior General Partners at leading local venture capital firms – and together that pair will commit to work with a next generation entrepreneur by providing guidance and seed capital. The goal of the program will be to launch 12 new companies over the next 12 months. In fact we expect to announce the first company early this fall and have another right behind it ready to go. Stay tuned for more details…we will announce the list of 12 CEO’s shortly.

And this is why I am excited to support MassChallenge, who will provide a great pipeline of young entrepreneurial talent to the “12 by 12″ program as well as provide intensive mentoring and support. To his great credit, Secretary of Economic Development for the Commonwealth, Greg Bialecki, has provided meaningful support as well to MassChallenge which will continue to raise the visibility of this important effort. It is going to take a number of thoughtful initiatives like MassChallenge and “12 by 12″ to return the local entrepreneurial ecosystem to a place of vitality.

How will you get engaged in this effort?

Michael currently serves as Chairman of the New England Venture Capital Association where he served as President from 2005 to 2008, and was recently appointed to the board of the National Venture Capital Association and as Chair of the Entrepreneurship Committee of the Massachusetts Information Collaborative.

Michael is a General Partner at Flybridge Capital Partners focused on information technology, healthcare and medical technology investments. Michael founded IDG Ventures Atlantic in 2001 before it transitioned to Flybridge Capital Partners in 2008. Michael served on the board of International Data Group, the flagship Limited Partner for the IDG Ventures global network of funds. He also currently serves on the investment committee of the Partners Innovation Healthcare Fund, is a member of the Executive Business Advisory Council for Mass General Hospital for Children, and a trustee and on the investment committee of the Massachusetts Eye and Ear Infirmary.

Learn more about Michael at Flybridge Capital Partners.

Read Michael’s blog at On the Flying Bridge.