FAQ

What are the judging criteria?

Judges will use their extensive industry experience in order to determine the best submissions.  Judges will be asked to consider the following questions when evaluating entries:

Does the team…

Communicate market size and attractiveness?

Identify target customers?

Identify growth potential?

Have a feasible idea?

Have a distinctive and defensible idea?

Have a competitive advantage?

Possess the right mix of people/skill sets?

Identify the time-to-market?

Present their idea clearly and powerfully?

Have a clear value proposition for customers?

Have a clear idea of the required investment?

Show financial viability / profitability?

Will this business be around in 5 years?

Note: Entries in the Development track will be evaluated on additional criteria

How does the BPC work?

Contestants will initially submit a 2 page executive summary and 12 page slide deck.  After a round of judging by industry experts, five semi-finalists in each track will move on to a second round. Moving to the second round entitles the selected teams to formal legal and venture mentorship, an expense account to be used towards developing the business, and access to invite-only events to broaden the team’s network in the larger entrepreneurial community. The deliverables due during the second round include a full business plan (20 pages) + cover sheet and a revised pitch deck. These deliverables will undergo a final round of judging before any cash prizes are awarded. Additional specifics around each of these areas can be found on the Rules page.

What is the Wild Card round?

The Wild Card round will allow an addition 2 teams to move into the second round of the competition.  The 5 runners up in each track that were not selected as semi-finalists will be eligible for the Wild Card round.  In order to participate, contestants will submit and expanded Executive Summary (5 pages) and revised pitch deck.

What are the key dates?

First Round Submissions Due: March 4, 6pm EST

Semi-finalists announced: March 11

Wild Card Round Submissions Due: March 18, 6pm EST

Second Round Submissions Due: April 29, 6pm EST

Finale Show: May 12

What type of funding is allowed?

Teams are eligible to compete if they have received only non-institutional funding (primarily grants) and the funding totals less than $100,000.  For the purposes of this contest any funding that has an equity component (including funding from non-managing founders) will be considered institutional.  Teams receiving any amount of institutional funding will not be eligible.

What are the competition categories?

Prizes will be awarded for each of the five following industry tracks:

Development

Life Sciences

Mobile

Products and Services

Web/IT

Note: There is no Energy track in the preliminary round of the BPC.  Energy related ideas should be entered in the Clean Energy Prize contest (CEP).  The MIT qualifying winner of the CEP will compete against the winners of each of the 5 BPC tracks for the $100,000 grand prize.  For more details on the CEP, go to www.mitcep.org

What are the differences between the tracks?

Life Sciences

Entries in the Life Sciences track may include, but are not limited to:

-Pharmaceutical technology

-Medical Devices

-Health care industry tools and services

Development

Entries in the Development track may include, but are not limited to:

-Social entrepreneurship

-Non-profit

-Private growth strategy

-Nutrition

-Education

-Emerging markets opportunities

Mobile

Entries in the Mobile track may include, but are not limited to:

-Mobile devices

-Mobile applications/software

Products & Services

Entries in the Products and Services track may include, but are not limited to:

-B2C/B2B Products (hardware, software, consumer products, etc.)

-B2C/B2B Services

-Retail solutions

Web/IT

Entries in the Web/IT track may include, but are not limited to:

-Internet services, applications/software, and related technologies

-Telecom, networks, and infrastructure