How to Enter the MIT $100K (and $1K)

There are two steps involved in entering the MIT $100K: (1) Individual participants enter their own demographic information; (2) Teams enter the actual executive summary information. On the team entry form, you will be asked for the participant ID numbers of the individuals making up the team. At least one principal contestant on the team must have registered before filling out the team entry form. You can go back at any time before the deadline and update the information we have stored for either individuals or teams.

Good luck!

Questions frequently asked

Who is eligible to participate in the Competition?

All full-time and part-time MIT students at all levels of education and from any department, registered with MIT for the Spring 2003 semester, are eligible to enter. People that do not meet this requirement may join or form teams, provided that at least one of the principal contestants on the team is a current full-time MIT student. Teams are encouraged to seek the involvement of MIT faculty, alumni, post-docs, researchers, and staff.

Why do we have to submit resumes?

Part of the exercise of starting any new venture is convincing others (potential employees, funding sources, customers,etc.) that you and your team are the right people to make the proposed venture a success. Specifically in the case of the MIT $100K, you are trying to convince the judges. Resumes provide a standard way for you to demonstrate your background, experience and qualifications in a relatively concise form. If you feel comfortable describing your background and qualifications in some other form, such as free-form paragraphs, please go ahead and do so. (The resume section does not count toward the entry word limit.)

Why do you collect demographic information about participants?

Our sponsors, as well as the press, like to know what part of the MIT community is taking part in the Competition. We share only aggregate information such as percentage of Course VI students - your individual information is not disclosed.

What is the "Elevator Speech?"

The Elevator Speech is a very brief description of your idea and market. Imagine that you step into an elevator in a tall building and a potential investor or employee is already there; you have about 45 seconds to explain your idea, but you have to be sure not to give away any proprietary information. This is the only information we will publish from your entry.

What if I want to include table(s) in my entry?

Use the section called "Appendix." This section will be printed in a monospace font (like this) so that your tables will line up correctly.

Do we have to enter Executive Summaries online?

Yes. All teams must enter their executive summaries online, using the team entry form linked from the bottom of this page. We are not accepting hard-copy entries. You may be aware that most West Coast VC firms are now accepting initial inquiries in text-format email, and basing their decisions whether or not to have a meeting on this information. Semifinalist teams will enter their full business plans on paper and will be able to include color graphics, charts, etc., at that time.

Are there any sample Executive Summaries?

We have a few sample Executive Summaries from past successful entrants. Please note that these summaries are not perfect, and there is no guarantee that they would win in any given year. They may also be in a different format from your entry. The content of the summary is what is important. You will need the Adobe Acrobat reader to view the summaries.