 Project name: YouTea!
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Despite being in the midst of the biggest economic crisis since the Great Depression, entrepreneurship at MIT is alive and well. This fact is evidenced by the record-breaking number of submissions received for this spring's MIT $100K Business Plan Contest and the hundreds of students, faculty, and professionals who packed the Stata Center for the March 5th MIT $100K Semifinal Award Show.
2009 is a milestone year for the MIT $100K Entrepreneurship Competition. This May 13th in Kresge Auditorium the MIT $100K will award its 20th Grand Prize. With 260 submissions across six industry tracks - Development, Life Sciences, Mobile, Products & Services, Web/IT, and the Clean Energy Prize - the 20th edition of the MIT $100K Business Plan Contest has been the most robust yet. Thanks to the generosity of our sponsors, these teams are competing for more than half a million dollars in cash prizes. The MIT $100K is particularly proud of its partnership with the MIT Clean Energy Prize, which runs a nationwide clean energy competition and also serves as the Energy track of the MIT $100K. The 2009 Clean Energy Prize boasted over 100 entries, indicating that while gas prices may be low, interest in cleaner energy production and transmission is extremely high.
Over the past 20 years, the MIT $100K has provided a platform for student entrepreneurs to build and launch businesses. The companies that have emerged from the MIT $100K have raised $700M in venture capital, created more than 2,500 jobs, and generated more than $12B in combined exit value and market cap. Based on the enthusiasm, ingenuity, and serious market potential of this year's competitors, we are confident that these numbers will continue to rise. Keep an eye on the crop of companies that emerge from the 2009 MIT $100K because you just may see them leading the economic revival.
Brian Cantwell & Sombit Mishra
MIT $100K Co-Managing Directors, 2009
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