MIT $50K 12th Annual Entrepreneurship Competition to Announce Winners and Award $50,000 in Seed Money

What: MIT $50K Entrepreneurship Competition Final Awards

Speaker: Tom Jermluk, general partner of Kleiner, Perkins, Caufield and Byers, and past chairman of Exite@Home

When: Wednesday, May 16, 7:30 p.m.; Chairman's reception at 5:30 p.m.

Where: MIT, Kresge Auditorium, opposite 77 Massachusetts Ave., Cambridge

Cambridge, MA., May 1, 2001-- On Wednesday, May 16, the MIT $50K Entrepreneurship Competition will announce the winners of its 12th Annual Competition. That evening, the seven finalists (TBA on May 11th) will present their business concepts to the audience and then three winners will be announced. They will share the $50,000 cash prize. The awards ceremony is the culmination of this year's Competition, which began in February with 135 teams submitting executive summaries. After narrowing the field to 36 semi-finalists in March, the teams developed full business plans for a subsequent round of judging that will produce about seven finalists.

The MIT $50K Entrepreneurship Competition gives students a chance to hone their business skills and refine their plans to launch their own companies. MIT is known as a hotbed of innovation and entrepreneurship, having spawned over 4,000 companies. MIT's unique combination of world-class science and engineering and MIT Sloan School of Management leadership has provided students with the edge to launch successful companies in today's technological marketplace.

The Final Awards will feature a keynote speech by Tom Jermluk, general partner at Kleiner Perkins Caufield & Byers since 2000. Prior to joining KPCB, Jermoluk was CEO of @Home, where in 1999 he led the largest merger of an internet company to date: He joined @Home and Excite into Excite@Home. He then took the position of chairman. Before leading @Home he served as president and COO of Silicon Graphics.

The MIT $50K Entrepreneurship Competition is the world leader among university-based business plan competitions, described by the Inc. Magazine as the business plan competition that is “more equal than all the others.” Its mission is to produce tomorrow's leading firms. In its eleven year history, it has facilitated birth of over 75 companies with over $7 billion in aggregate market capitalization and has created over 2000 jobs. Successful alumni companies include: Akamai Technologies (Nasdaq: AKAM), Direct Hit Technologies (acquired by Ask Jeeves), Lexicus (acquired by Motorola), Sensable Technologies, Webline Communications, net.Genesis (Nasdaq: NTGX), Silicon Spice (acquired by Broadcom Oct. '00).

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MIT Sloan founder Alfred P. Sloan, Jr. was dedicated to the innovation ethic. “Too often,” he said, “we fail tribute to the creative spirit.”

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