CAMBRIDGE, Mass., March 21, 2007 — With thousands of dollars in cash prizes and invaluable business start-up services on the line, the 2007 MIT $100K Entrepreneurship Competition is in full swing with the selection of 31 semifinalist teams.
Among those advancing to the next round are nine teams in the “Development Track,” which targets business ideas for advancing low-income communities in developed and developing countries. Semifinalists in the “Venture Track” consists of 22 teams that span multiple industries and business models including energy, medical devices, software and biotechnology, among many others.
The 31 student-led teams were selected from a field of more than 140 entrants by a panel that includes successful entrepreneurs, investors and venture capitalists. Following an awards ceremony last evening, the semifinalists must now get down to business and craft the business plans that are the basis for the next round of the competition.
“Making the semifinal round of the $100K competition is a significant accomplishment,” said Karina Drees, MIT $100K chair. “We're looking forward to seeing the how these talented entrepreneurs translate vision into innovative businesses. There's a lot of hard work yet to come as the semifinal teams develop their business plans but it's also an amazing learning opportunity.”
Now in its 18th year, the MIT $100K Entrepreneurship competition is the world's leading university entrepreneurship competition designed to encourage MIT students and researchers to act on their talent, ideas, and energy. This educational initiative offers students real-world experience developing successful companies from the ground up. With an impressive track record of success, the competition has facilitated the creation of more than 85 companies with an aggregate market capitalization of more than $10 billion.
Winning teams will be announced on Wednesday, May 16, at an awards ceremony to be held on the MIT Campus at 7 p.m. in Kresge Auditorium.
Frederico Sada, $100K Communications Lead
MIT Sloan School of Management, Class of 2007
KMC Partners for the MIT $100K