CAMBRIDGE, Mass., October 5, 2007 — A panel of venture capitalists, angel investors and entrepreneurs will judge MIT's first ever Elevator Pitch Contest on October 13, 2007 at the MIT Stata Center. There is no fee to participate or attend, and the competition is open to both students and the public. More than $10,000 in prize money will be awarded.
Eight prizes of $1000 each and a $2500 grand prize, will be awarded following the finalist round.
An elevator pitch is a brief overview of an idea for a product, service, or project. The pitch is so called because it can be delivered in the time span of an elevator ride. Each competitor's 60-second pitch will be evaluated on three equally important criteria:
Contestants are invited to compete with one pitch within one category. Categories include Healthcare/Life Sciences; Internet and Communications; Products and Services; Energy/Green Technologies; and Development. Contestants will be randomly selected, and will give a 60-second pitch without any slides, visual aids, or other presentation materials are permitted.
“The Elevator Pitch Contest is a brand new addition to the $100K Entrepreneurship Competition series that allows up-and-coming entrepreneurs to test their ideas with passion,” says Jeff Sabados, lead organizer of this year's annual business plan competition at MIT. “Conceivably, a participant could win $2,500 in 60 seconds, which isn't bad for an afternoon.”
Competitors are encouraged to deliver elevator pitches structured in the following manner:
A preliminary round kicks off from 3-6pm, followed by a VIP reception. The final round and award ceremony will be held from 7:30pm-9:30pm. Registration will be available from 8:30am on throughout the day of October 13.
Now in its nineteenth year, the MIT $100K Entrepreneurship Competition is one of the world's leading multi-faceted business plan competitions. It remains an economic barometer on what new ideas are being funded by venture capitalists. Since its launch in 1989, the competition has led to the creation of over 85 companies with aggregate exit values of $2.5 billion captured and a market cap of over $10 billion. These companies have generated over 2,500 jobs and received $600 million dollars in Venture Capital funding.