MIT $50K sees entries decline, but other entry categories still strong

MIT Entrepreneurship Competition to announce semi-finalists

What: MIT $50K Entrepreneurship Competition Semi-Finals

When: Wednesday, March 14, 2001, 7:00 p.m.

Where: MIT Sloan School of Management's Wong Auditorium, 70 Memorial Drive, Cambridge, Building E51, enter at corner of Amherst and Wadsworth

Speakers: Ian Eslick, founder of Silicon Spice, 1995 MIT $50K alumnus and Alex d'Arbeloff, chairman of MIT Corporation

Cambridge, Mass., March 9, 2001--As Massachusetts Institute of Technology's student organizers prepare to hold the semifinals for the MIT $50K Entrepreneurship Competition's 12th year, they have noted a big shift away from type entries. “We've seen two major changes,” said Elad Gil, MIT '01 and lead organizer of the 2001 competition. “There are fewer business ideas that fit into the definition and almost no teams are using ‘.com’ in their company name. But looking at the whole picture, the students' submissions look even stronger than the last few years.”

As each semifinalist team is announced, they will be given 45 seconds to present to an audience including judges, venture capitalists, and entrepreneurs. After their presentations, the teams will develop and submit detailed business plans for the final round of judging. Winners will be announced at the finals on May 16.

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. It its eleven year history, it has facilitated birth of over 75 companies with over $10 billion in aggregate market capitalization and created over 1000 jobs. Alumni companies include Akamai Technologies, Direct Hit Technologies (acquired by Ask Jeeves), Lexicus (acquired by Motorola), Sensable Technologies, net.Genesis, and Silicon Spice.

The keynote speaker for the event is Ian Eslick, founder of Silicon Spice. Silicon Spice is an MIT $50K alumnus company acquired in October, 2000 by Broadcom, for $1.2 billion. They are a developer of semiconductors that enable the high-speed transmission of voice, data, and video content to and throughout the home and within corporations.

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