MIT $50K Entrepreneurship Competition winners show promise in today's entrepreneurial environment

Cambridge, MA, May 17, 2001--The MIT $50K Entrepreneurship Competition announced the winners of its 12th annual business plan competition last evening in an entrepreneurial environment that was anything but gloomy. The Angstrom Medica team was selected as the Robert P. Goldberg Grand Prize winner and Iptyx and Panta Rei were selected as the two runners-up. The winner will receive $30,000 and the runners-up will receive $10,000 each.

“This year's winners show the breadth and depth of MIT's expertise,” said Elad Gil, MIT student and lead organizer of the competition. Many of the finalists and other entrants are also planning to launch their businesses and three teams received funding, even before the final awards.

“MIT's brand of tech-based entrepreneurship continues to flourish in these turbulent times,” said Ken Morse, MIT Sloan lecturer and Managing Director of the MIT Entrepreneurship Center. “The quality of the students' vision, and their business plans is outstanding. Our entrepreneurial students and alumni were building solid companies long before the dot.com boom and will be doing so for years to come.”

Robert P. Goldberg Grand Prize Winner

  • Angstrom Medica - is working on synthetic bone to facilitate rapid and complete healing for the orthopedic spinal fusion and fracture reconstruction markets.

Runners-up

  • Iptyx - is developing new dichroic and fluorescent dyes and polymers that will yield higher contrast LCD displays that require less power.
  • Panta Rei - is developing system-wide optimization and yield management systems for complex networks, working initially in the natural gas industry.

The Competition's seven finalists were chosen from 135 entrants and narrowed to a field of 36 semifinalists. Judges selected the finalists based on their potential of becoming “tomorrow's leading firms.” Each finalist team presented its plan to an audience of more than 1,000, including venture capitalists and business leaders. The event reached a global audience through a live Internet broadcast.

Tom Jermoluk, general partner at Kleiner Perkins Caufield & Byers, gave the keynote speech on his experiences developing high-growth companies. As CEO of @Home, Jermoluk led the merger of @Home and Excite. Previously he served as president and COO of Silicon Graphics. “Since the year of its inception, I have followed the MIT $50K Competition results and I'm honored to speak at the reception this year,” said Jermoluk. “The experience the students undergo, in order to delve into the world of entrepreneurship, and what they teach us about their vision for the future is invaluable.”

[ back ]

“One of MIT's strengths is to advance science and technology, but also to transform these discoveries into new products and services — the Sloan School has been a vital part of this tradition.”

Former MIT President
Charles M. Vest

For Media Inquiries

Paul Denning
Director of Media Relations
Tel: 617-253-0576
Fax: 617-253-5875
E-mail: denning@mit.edu

Patricia Favreau
Associate Director of Media Relations
Tel: 617-253-3492
Fax: 617-253-5875
E-mail: pfavreau@mit.edu