MIT $50K Competition Recognizes Promising Student Biz Ideas as Entrepreneurship Activity Increases: Competition celebrates 15 years of supporting entrepreneurship at semifinals ceremony

What: MIT $50K Entrepreneurship Competition Semifinals
When: Tuesday, March 9, 2004, 8:00 p.m
Where: MIT Sloan School of Management's Wong Auditorium 70 Memorial Dr., Cambridge. Building E51, (corner of Amherst and Wadsworth)
Speaker: Sherwin Greenblatt, Co-Founder & Former President of Bose Corp.

Cambridge, Mass., March 8, 2004 — Massachusetts Institute of Technology this week will announce the semifinalists for the MIT $50K Entrepreneurship Competition. This multi-faceted educational experience offers students real-world experience in developing successful companies from the ground up. Only about 35 of the 127 entries will make it to the semifinal stage. This year, the number of entries exceeded the past two years as interest in entrepreneurship is on an upswing.

As each semifinalist team is announced, they will be given 60 seconds to present to venture capitalists, successful entrepreneurs, judges, fellow students and competition alumnae. The team with the best pitch or “elevator speech” will win $100. After their presentations, the teams will develop and submit detailed business plans for the final rounds of judging. The winners, who will split the $50,000 prize, will be announced at the finals on May 12.

About the MIT $50K Entrepreneurship Competition

The MIT $50K Entrepreneurship Competition is the world leader among business plan competitions, described by Inc. Magazine as the business plan competition that is “more equal than all the others.” The competition encourages students and researchers in the MIT community to act on their talent, ideas and energy to produce tomorrow's leading firms. Now in its 15th year, the MIT $50K has awarded hundreds of thousands of dollars in cash and business startup services to outstanding teams of student entrepreneurs who submitted business plans showing significant business potential. The Competition's refinement process, its network of mentors, investors and potential partners, and the cash prizes awarded, have helped many of these teams to act on their dreams and build their own companies and fortunes.

Successful alumni include: Akamai Technologies (NASDAQ: AKAM), Direct Hit Technologies (acquired by Ask Jeeves), Lexicus (acquired by Motorola), Sensable Technologies, Webline Communications, net.Genesis (NASDAQ: NTGX) and Silicon Spice (acquired by Broadcom Oct. '00).

Contacts for Media:

Armina Karapetyan, $50K Communications Lead

Kathleen Rowe, MIT Sloan Media Relations

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