"It's a meritocracy here. If you are passionate, if you are persistent, and you work really hard at something, you will be rewarded for it."
The MIT $100K Entrepreneurship Competition
The MIT $100K Entrepreneurship Competition is a yearlong educational experience that encourages MIT students to act on their talent, ideas, and energy to produce tomorrow’s leading firms. Beyond the $100K, the Elevator Pitch and Executive Summary contests each award prizes near $20,000 — the Business Plan contest awards prizes of more than $300,000.
As the world leader among student-run university entrepreneurship competitions, the MIT $100K Entrepreneurship Competition has facilitated the birth of more than 130 companies with aggregate exit values of $2.5 billion captured and a market cap of over $15 billion. These companies have generated more than 2,500 jobs and have received $770 million in venture capital funding.
Success stories from the $100K contest include:
C-Bridge Internet Solutions
“It was really rewarding that they wanted to know what we thought. We left there being fairly certain that they will do some of the things that we suggested.”
“We’re very interdisciplinary. Among the faculty in the group are an economist, a political scientist, a sociologist, and an industrial relations specialist. We’ve always made a big effort to be open to a variety of perspectives, but also to go beyond being open to them, to want to bring them in, because it makes for a richer environment.”
“The concept behind enterprise architecture is that you have all these machines, you have all these business processes, you have all these people doing things, how do you make sure they all come together and achieve business objectives that make you more competitive.”
“I knew about American business, but not enough about what’s really become a global economy. … You can read about it all you want, but there’s no substitute for being there and seeing the context and seeing how completely different these [other countries] are.”
“Our mission, along with the mission of MIT Sloan, is to both develop leaders who make a difference in the world, and also to make a contribution to thinking about the topic of leadership.”
“I love being in a place that is such a nexus of people and ideas — people coming to learn something new and to define themselves. Being a part of that process is a real honor and a real gift.”
“The conditions in the neighborhoods we were visiting were different than what we realized before getting there. Beyond that, what was surprising was that there weren’t surprises!”
"After we gave our recommendations, the great part was that the very next day the CEO was in the boardroom implementing them with his top vice presidents."
“These companies are really excited to work with MIT students.They reach out to the community to set up these projects and are great to work with. They give us access to all their resources and are very open to us.”
“The assistant to the CEO was like our host mom while we were there. She arranged our housing for us, she took us out to her friend’s game farm, and we got driven around in 4x4s. She was just wonderful to meet, and we developed a personal as well as professional relationship with her.”
“You could talk about watershed management and conservation of energy all you want. But until you put numbers to it and financial analysis to it, you’re not going to get much done. I came to business school to speak that language, speak with people in terms of numbers, financial numbers so that I can get projects done.”
“One of the reasons I came to Sloan was because I wanted to be at a top MBA institution worldwide. But I also wanted access to working with the latest innovations and the highest technology that was coming out of the MIT labs.”
“At MIT Sloan you have a lot of opportunities to explore entrepreneurship. Especially in a place like Kampala where you have a lot of development, entrepreneurship can be very exciting.”
“Because of the diversity of our backgrounds, when we hit the ground in Tanzania it almost was a natural play where different people assume different roles.”
“MIT Sloan students respond to an amazing level of give-and-take in class. When they hear something that doesn’t make sense, they’re not afraid to push back — and that creates this terrific creativity in the classroom.”