MIT $100K Entrepreneurship Competition

The MIT $100K Entrepreneurship Competition is a student-managed business plan competition, where undergraduates and postgraduates from various programs and all levels at the Massachusetts Institute of Technology (MIT) organize and enter the competition. Teams must include at least one full-time MIT student, but membership is not limited to the MIT community. The competition is supported by the MIT Entrepreneurship Center at the MIT Sloan School of Management. Every year a total of $300,000 is distributed as non-dilutive grant money. Since 1990, over 160 companies have been started as a result of the competition, generating 4,600 jobs, receiving over $1.3 billion in follow-up venture capital funding and totaling a cumulative market value of over $15 billion.

Process Throughout the academic year, the teams take part in a process that includes industry and legal mentorship, multiple live judging rounds, prototyping and pitch workshops, expense accounts for venture development, networking events with sponsors and alumni, and the awarding of roughly in non-dilutive prize money.

The competition started in 1990 as the $10K competition and continued to grow throughout the 1990s. In 1996 the $10K evolved into the $50K, with $30K going to the winner and $10K to each of the two runners-up. In 2006, the $50K grant competition also added another aspect to the competition focused on business plans for low-income communities to complement the traditional business venture competition. Subsequently, the competition has rebranded itself with a larger grant amount of $100K and is called the MIT $100K Pitch Contest.

MIT $100K PITCH Contest The MIT $100K Pitch Contest is organized yearly by the MIT $100K organizing committee. Intended to provide a way for entrepreneurs with ideas to form teams, it is held in the fall. The contest is a warm-up event for the Executive Summary Contest, held in the winter, and the Business Plan Contest, held in the spring. In the Elevator Pitch Contest, each contestant is given 60 seconds in front of a crowd to give their "elevator pitch," with the winner receiving a cash prize. This contest is open to the public.

MIT $100K ACCELERATE Contest The MIT $100K ACCELERATE Contest replaced the MIT $100K Executive Summary Contest in 2011. It is held in the winter of the academic year and is intended to help teams build a robust prototype for their start-up idea. Teams work on creating a demonstration of their idea over December and January, and the best selected are the ACCELERATE Finale Show. MIT $100K provides resources and mentorship to help teams build their demonstrations, which will be reviewed by a panel of judges, with the winner receiving a cash prize.

MIT $100K LAUNCH - Business Plan Contest The MIT $100K Launch Contest is the flagship of the MIT $100K Entrepreneurship Competition. In the spring, semi-finalists are selected from all business plan submissions. LAUNCH is the final contest in the $100K cycle. Participants present full-scale business plans for the chance to win a $100,000 grand prize.

Winners - Business Plan Contest Year Winner Track and Description Team Members2025CoFlo MedicalMedical DevicesSimon Rufer, Vishnu Jayaprakash, Kripa K. Varanasi2024Helix CarbonCleantech, Sustainability, HardwareEvan Haas2023Active SurfacesCleantech, Sustainability, HardwareShiv Bhakta, Richard Swartwout2022Nona+ DesalinationCleantech, Sustainability, HardwareJunghyo Yoon, Bruce Crawford2021OsmosesCleantech, Energy EfficiencyFrancesco Maria Benedetti, Katherine Mizrahi Rodriguez, Holden Lai2020Ocular TechnologiesHardware, Health & WellnessBrett Sternfield, Zona Liu, Grayson Armstrong2019Amplified industriesArtificial Intelligence, IoTSebastien Mannai, Charles-Henri Clerget, Louis Creteur2018Infinite Coolingn/aMaher Damak, Karim Khalil2017LightmatterArtificial Intelligence, Machine Learning, Photonic ComputingNick Harris, Darius, Dr. Yichen Shen, Thomas Graham 2016 Astraeus Technologies Medical Devices (Diagnostics) Joe Azzarelli, Alex Blair, Jay Kumar, Graham Lieberman 2015 Raptor Maps n/a Nikhil Vadhavkar, Forrest Meyen, Edward Obropta 2014 Disease Diagnostic Group n/a 2013 3dim Mobile Track Andrea Colaço, Nan-Wei Gong, Vivek K. Goyal, Ahmed Kirmani, Nate Stewart, and Rahul Tejwani 2012 Filepicker.io Mobile Track Brett Van Zuiden, Anand Dass, David Chang, Thomas G2011SanergyEmerging Markets TrackDavid Auerbach, Lindsay Stradley, Ani Vallabhaneni 2010 C-Crete Products & Services Track Rouzbeh Shahsavari, Natanel Barookhian 2009 Ksplice Web/IT Track Tim Abbott, Jeff Arnold, Waseem Daher, Anders Kaseorg, Nelson Elhage 2008 Diagnostics for All Life Sciences Track Roozbeh Ghaffari, Jon Puz, Hayat Sindi, Gilbert Tang, Carol Waghorne, Krishna Yeshwant 2007 Robopsy Medical Devices (for biopsies) John Harthorne, Conor Walsh, Nevan Hanumara 2006 Semprus BioSciences (formerly SteriCoat) Surface Modifications on Medical Devices Chris Loose, David Lucchino, Joel Moxley, Mike Hencke and Vipin Gupta 2005 Balico Medical Devices Baruch Schori, Harry Lee, Kathleen Sienko, Jimmy Robertsson 2004 Active Joint BraceNow:Myomo Inc. Medical Devices Mira Sahney, Kailas Narendran, John McBean, Joe Jackson, Hocking Chen, Raja Surapanani, 2003 SmartCells Medical Devices Todd C. Zion, Robert Bruch, Martin Curiel, John Hebert, Tsafrir Vanounou 1998 Direct Hit Technologies Internet search engine Mike Cassidy, Gary Culliss, Steven Yang1992ToolboxMachine Tool ControllerMiles Arnone, Chad Clawson, Dan Berkery 1991 Stylus Innovation Barcode-based remote shopping Krisztina 'Z' Holly, Mike Cassidy, John Barrus

Notable companies formed through the competition Since its founding, the $100K Competition has helped launch more than 60 companies with an aggregate value of more than $10.5 billion. Prominent $100K alumni companies include Akamai, net. Genesis, and C-Bridge.

Year Competition Result Company Result Exit lue 1991 Grand-Prize Winner Stylus Innovation Acquired - 1996 $12.8M 1995 Finalist Harmonix, Inc. Acquired - 2006 $700M1995FinalistSilicon SpiceAcquired by Broadcom$1.2 billion1996FinalistWebline CommunicationsAcquired by Cisco$325M 1998 Grand-Prize Winner Direct Hit Acquired - 2000 $517M 1998 Runner-up Akamai IPO - 1999 $26.00 per share Current market cap: $12.50 Billion 2003 Finalist Brontes Technologies Acquired by 3M - 2006 $95M2006FinalistHubSpotCurrenMarket cap$2.29 Billion 2010 Finalist Pushpins Acquired by Ebates - 2012 $10–17M2010Runner-UpFlywire (fka PeerTransfer)IPO - 2021$250M

History: MIT $10K/$50K/$100K Entrepreneurial Competition The competition was founded in the 1989–1990 academic year and was initially intended as a promotional vehicle for the MIT Entrepreneurs Club and MIT New Ventures Association (which became the MIT E-Club.) Club members Richard Durling-Shyduroff, Marshall Van Alstyne, and Douglas Ling along with club Founder Peter Mui envisioned a cross-campus event that brought MIT's varied schools together to identify and support innovative ideas on campus. The goal was to create a safe, nurturing, (relatively controlled) sandbox environment where fledgling entrepreneurs could try their wings. The lead alumni donor was George Hatsopoulos of Thermo Electron. with additional generous support from other alumni, the Sloan School (Dean Lester Thurow) and Engineering School (Acting Dean Jack Kerrebrock.)

Managing Directors Year Name2023Stefan Sayre, Ping King, Santiago Tagle Llamosas2022Ezgi Emiroglu, Jimmy Teng, Graziano Gallitto2021Claire Beskin, Thierno Sylla, Samuel Lambert2020Akhilesh Koppineni, Christian Mirabile, Jennifer Shin2019Harry Kainen, Kat Krieger, Cy Schroeder2018Jake Guglin, Sandy Corrales2017Bar Kafri2016Monique Guimond2015Marc Chalifoux, Jake Auchincloss2014Peri AbouZied, Gino Korolev2013Ally Yost, Haya Al Ghanim2012Alice Francis, Adam Borelli2011Kourosh Kaghazian2010Daniel Vannoni2009Sombit Mishra, Brian Cantwell2008Frederic Kerrest2007Jeff Sabados2006Karina Drees2005Jason Fuller, Lawrence Walmsley2004Ian Blakely, Marcus Lopez2003Dan Riskin, Matt Richards2002Brian Curtis2001Michael Parduhn2000Elad Gil1999Heather Wilding1998Scott Blankstein1997Sally Shepard1996Will Clurman1995James Deverell1994Joost Bonsen1993Joost Bonsen1992Doug Ling1991Doug Ling1990Peter Mui, Doug Ling1989Peter Mui, Doug Ling

Entrepreneurship for Development Competition The Entrepreneurship for Development Competition is a competition for business plans that are judged on the following criteria: uniqueness of business idea, management strength, path to sustainability and social impact. The competition was added in 2006 as a complement to the Business Venture Competition due to increasing demand and interest in socially conscious ideas. In the spring, semi-finalists are selected from all business plan submissions. Semi-finalists submit more detailed business plans, and 5-6 finalists are then chosen. At the awards ceremony, the top team is awarded the Entrepreneurship for Development grand prize.

Winners - Entrepreneurship for Development Competition In 1998, a dual award within the Venture Competition was awarded to a pair of finalists including Volunteer Community Connection. At the time, VCC was a non-traditional entry into the competition and has since served as a motivating example for the genesis of the MIT $100K Developmental Entrepreneurship Competition. As a result, they are listed as a winner and implicitly as an innovator within the Entrepreneurship for Development Competition.

Year Winner Description Team Members 2007 Bagazo Alternate Fuels from Agricultural Waste Johan Löfström, Felicita Holsztejn, Jules D. Walter, Gerthy Lahens, Amy Banzaert 2006 CentroMigrante Sustainable Housing for Migrant Communities Illac Diaz, Neil Ruiz, Tina Laforteza, Artessa Salvidar-Sali, Bianca Locsin, Chester Yu 1998 Volunteer Community Connection The Volunteer Community Connection enables the easy and automated sign-up and management of volunteers with non-profit agencies. Michael Bryzek, Jonathan Allen, Oumi Mehrotra, Emily Sandberg, Mark Y. Sun

MIT $100K Entrepreneurship Competition

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