MIT $100K Entrepreneurship Competition

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The MIT $100K Entrepreneurship Competition is a student-managed business plan competition, where undergraduates and postgraduates from various programs and all levels at the Massachusetts Institute of Technology (MIT) organize and enter the competition. Teams must include at least one full-time MIT student, but membership is not limited to the MIT community. The competition is supported by the MIT Entrepreneurship Center at the MIT Sloan School of Management. Every year a total of $300,000 is distributed as non-dilutive grant money. Since 1990, over 160 companies have been started as a result of the competition, generating 4,600 jobs, receiving over $1.3 billion in follow-up venture capital funding and totaling a cumulative market value of over $15 billion.

Contents

Process

Throughout the academic year, the teams take part in a process that includes industry and legal mentorship, multiple live judging rounds, prototyping and pitch workshops, expense accounts for venture development, networking events with sponsors and alumni, and the awarding of roughly US$300,000 in non-dilutive prize money.

The competition started in 1990 as the $10K competition and continued to grow throughout the 1990s. In 1996 the $10K evolved into the $50K, with $30K going to the winner and $10K to each of the two runners-up. In 2006, the $50K grant competition also added another aspect to the competition focused on business plans for low-income communities to complement the traditional business venture competition. Subsequently, the competition has rebranded itself with a larger grant amount of $100K and is called the MIT $100K Pitch Contest.

MIT $100K PITCH Contest

The MIT $100K Pitch Contest is organized yearly by the MIT $100K organizing committee. Intended to provide a way for entrepreneurs with ideas to form teams, it is held in the fall. The contest is a warm-up event for the Executive Summary Contest, held in the winter, and the Business Plan Contest, held in the spring. In the Elevator Pitch Contest, each contestant is given 60 seconds in front of a crowd to give their "elevator pitch," with the winner receiving a cash prize. This contest is open to the public.

MIT $100K ACCELERATE Contest

The MIT $100KACCELERATEContest replaced the MIT $100K Executive Summary Contest in 2011. It is held in the winter of the academic year and is intended to help teams build a robust prototype for their start-up idea. Teams work on creating a demonstration of their idea over December and January, and the best selected are the ACCELERATE Finale Show. MIT $100K provides resources and mentorship to help teams build their demonstrations, which will be reviewed by a panel of judges, with the winner receiving a cash prize. [1]

MIT $100K LAUNCH - Business Plan Contest

The MIT $100K Launch Contest is the flagship of the MIT $100K Entrepreneurship Competition. In the spring, semi-finalists are selected from all business plan submissions. LAUNCH is the final contest in the $100K cycle. Participants present full-scale business plans for the chance to win a $100,000 grand prize.

Winners - Business Plan Contest

YearWinnerTrack and DescriptionTeam Members
2023Active SurfacesCleantech, Sustainability, HardwareShiv Bhakta, Richard Swartwout
2022Nona+ DesalinationCleantech, Sustainability, HardwareJunghyo Yoon, Bruce Crawford
2021OsmosesCleantech, Energy EfficiencyFrancesco Maria Benedetti, Katherine Mizrahi Rodriguez, Holden Lai
2020Ocular TechnologiesHardware, Health & WellnessBrett Sternfield, Zona Liu, Grayson Armstrong
2019 Amplified industries Artificial Intelligence, IoTSebastien Mannai, Charles-Henri Clerget, Louis Creteur
2018Infinite Coolingn/aMaher Damak, Karim Khalil
2017LightmatterArtificial Intelligence, Machine Learning, Photonic ComputingNick Harris, Darius, Dr. Yichen Shen, Thomas Graham
2016Astraeus TechnologiesMedical Devices (Diagnostics)Joe Azzarelli, Alex Blair, Jay Kumar, Graham Lieberman
2015Raptor Mapsn/aNikhil Vadhavkar, Forrest Meyen, Edward Obropta
2014Disease Diagnostic Groupn/a
20133dimMobile TrackAndrea Colaço, Nan-Wei Gong, Vivek K. Goyal, Ahmed Kirmani, Nate Stewart, and Rahul Tejwani
2012Filepicker.ioMobile TrackBrett Van Zuiden, Anand Dass, David Chang, Thomas G
2011SanergyEmerging Markets TrackDavid Auerbach, Lindsay Stradley, Ani Vallabhaneni
2010C-CreteProducts & Services TrackRouzbeh Shahsavari, Natanel Barookhian
2009KspliceWeb/IT TrackTim Abbott, Jeff Arnold, Waseem Daher, Anders Kaseorg, Nelson Elhage
2008Diagnostics for AllLife Sciences Track Roozbeh Ghaffari, Jon Puz, Hayat Sindi, Gilbert Tang, Carol Waghorne, Krishna Yeshwant
2007RobopsyMedical Devices (for biopsies)John Harthorne, Conor Walsh, Nevan Hanumara
2006Semprus BioSciences (formerly SteriCoat)Surface Modifications on Medical DevicesChris Loose, David Lucchino, Joel Moxley, Mike Hencke and Vipin Gupta
2005BalicoMedical DevicesBaruch Schori, Harry Lee, Kathleen Sienko, Jimmy Robertsson
2004Active Joint Brace
Now:Myomo Inc.
Medical DevicesMira Sahney, Kailas Narendran, John McBean, Joe Jackson, Hocking Chen, Raja Surapanani,
2003SmartCellsMedical DevicesTodd C. Zion, Robert Bruch, Martin Curiel, John Hebert, Tsafrir Vanounou
1998 Direct Hit Technologies Internet search engine Mike Cassidy, Gary Culliss, Steven Yang
1992ToolboxMachine Tool ControllerMiles Arnone, Chad Clawson, Dan Berkery
1991 Stylus Innovation Barcode-based remote shopping Krisztina 'Z' Holly, Mike Cassidy, John Barrus

Notable companies formed through the competition

Since its founding, the $100K Competition has helped launch more than 60 companies with an aggregate value of more than $10.5 billion. Prominent $100K alumni companies include Akamai, net. Genesis, and C-Bridge.

YearCompetition ResultCompanyResultExit lue
1991Grand-Prize Winner Stylus Innovation Acquired - 1996$12.8M
1995FinalistHarmonix, Inc.Acquired - 2006$700M
1995FinalistSilicon SpiceAcquired by Broadcom$1.2 billion
1996Finalist Webline Communications Acquired by Cisco$325M
1998Grand-Prize Winner Direct Hit Acquired - 2000 [2] $517M
1998Runner-up Akamai IPO - 1999$26.00 per share

Current market cap: $12.50 Billion

2003Finalist Brontes Technologies Acquired by 3M - 2006$95M
2006Finalist HubSpot CurrenMarket cap$2.29 Billion
2010FinalistPushpinsAcquired by Ebates - 2012 [3] $10–17M
2010Runner-Up [4] Flywire (fka PeerTransfer)IPO - 2021 [5] $250M

History: MIT $10K/$50K/$100K Entrepreneurial Competition

The competition was founded in the 1989–1990 academic year and was initially intended as a promotional vehicle for the MIT Entrepreneurs Club (now the MIT E-Club.) Club members Richard Durling-Shyduroff and Douglas Ling along with club Founder Peter Mui envisioned a cross-campus event that brought MIT's varied schools together to identify and support innovative ideas on campus. The goal was to create a safe, nurturing, (relatively controlled) sandbox environment where fledgling entrepreneurs could try their wings. The lead alumni donor was George Hatsopoulos of Thermo Electron. with additional generous support from other alumni, the Sloan School (Dean Lester Thurow) and Engineering School (Acting Dean Jack Kerrebrock.)

Managing Directors

YearName
2023Stefan Sayre, Ping King, Santiago Tagle Llamosas
2022Ezgi Emiroglu, Jimmy Teng, Graziano Gallitto
2021Claire Beskin, Thierno Sylla, Samuel Lambert
2020Akhilesh Koppineni, Christian Mirabile, Jennifer Shin
2019Harry Kainen, Kat Krieger, Cy Schroeder
2018Jake Guglin, Sandy Corrales
2017Bar Kafri
2016Monique Guimond
2015Marc Chalifoux, Jake Auchincloss
2014Peri AbouZied, Gino Korolev
2013Ally Yost, Haya Al Ghanim
2012Alice Francis, Adam Borelli
2011Kourosh Kaghazian
2010Daniel Vannoni
2009Sombit Mishra, Brian Cantwell
2008Frederic Kerrest
2007Jeff Sabados
2006Karina Drees
2005Jason Fuller, Lawrence Walmsley
2004Ian Blakely, Marcus Lopez
2003Dan Riskin, Matt Richards
2002Brian Curtis
2001Michael Parduhn
2000Elad Gil
1999Heather Wilding
1998Scott Blankstein
1997Sally Shepard
1996Will Clurman
1995James Deverell
1994Joost Bonsen
1993Joost Bonsen
1992Doug Ling
1991Doug Ling
1990Peter Mui, Doug Ling
1989Peter Mui, Doug Ling

Entrepreneurship for Development Competition

The Entrepreneurship for Development Competition is a competition for business plans that are judged on the following criteria: uniqueness of business idea, management strength, path to sustainability and social impact. The competition was added in 2006 as a complement to the Business Venture Competition due to increasing demand and interest in socially conscious ideas. In the spring, semi-finalists are selected from all business plan submissions. Semi-finalists submit more detailed business plans, and 5-6 finalists are then chosen. At the awards ceremony, the top team is awarded the Entrepreneurship for Development grand prize.

Winners - Entrepreneurship for Development Competition

In 1998, a dual award within the Venture Competition was awarded to a pair of finalists including Volunteer Community Connection. At the time, VCC was a non-traditional entry into the competition and has since served as a motivating example for the genesis of the MIT $100K Developmental Entrepreneurship Competition. As a result, they are listed as a winner and implicitly as an innovator within the Entrepreneurship for Development Competition.

YearWinnerDescriptionTeam Members
2007BagazoAlternate Fuels from Agricultural WasteJohan Löfström, Felicita Holsztejn, Jules D. Walter, Gerthy Lahens, Amy Banzaert
2006CentroMigranteSustainable Housing for Migrant CommunitiesIllac Diaz, Neil Ruiz, Tina Laforteza, Artessa Salvidar-Sali, Bianca Locsin, Chester Yu
1998Volunteer Community ConnectionThe Volunteer Community Connection enables the easy and automated sign-up and management of volunteers with non-profit agencies.Michael Bryzek, Jonathan Allen, Oumi Mehrotra, Emily Sandberg, Mark Y. Sun

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