What is this?
This spring, the MIT $100K launched a new competition – the Entrepreneurship for Development Prize. The competition is focused on business plans targeting low-income communities in developed and developing countries. 

How does this fit with the traditional MIT $100K?
The MIT $100K Entrepreneurship Competition will have 2 parallel tracks now – Venture Competition and Entrepreneurship for Development Competition.  The Venture Competition is for high technology value/risk products with a targeted market.  The Entrepreneurship for Development Competition is for products with low technology risk that target a large market and are replicable. 

Who should enter?
Anyone who in the past had an idea but did not feel that his/her product had a chance to win the MIT $50K because of its social and/or developmental characteristics should enter.  For this competition, plans can have charters that are either non-profit or for-profit.  These plans can be technology/product focused or mission-based.

All full-time and part-time MIT students at all levels of education and from any department, registered with MIT for the current semester, are eligible to enter. People who 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. Always check the entry kit for the appropriate year's Competition for complete eligibility guidelines.

Who should enter?
Anyone who in the past had an idea but did not feel that his/her product had a chance to win the MIT $100K because of its social and/or developmental characteristics should enter.  For this competition, plans can have charters that are either non-profit or for-profit.  These plans can be technology/product focused or mission-based.
All full-time MIT students at all levels of education and from any department, registered with MIT for the current semester, are eligible to enter. People who 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. Always check the entry kit for the appropriate year's Competition for complete eligibility guidelines.

Why should I enter?
Entering the MIT $100K Development Competition will give you:

• Access to team-building opportunities with other students from MIT and the region
  
• Mentoring help from selected entrepreneurs and foundations
  
• Prize money

What is the process?
You must write a 2,000 word executive summary that outlines your business idea (more specifics are in entry kit and on website).  Submission date is February 28, 2007.  Semi-finalists will be announced in on March 20, 2007 and the Final Awards Ceremony will be held on May 16, 2007.

How do you win?
The judges are looking for plans that have a measurable social impact, are built around an innovative idea, are sustainable over the long run, and have a strong management team.

How much can you win?
The Grand Prize winner will receive $30,000, and the two Runner-up teams will receive $10,000 each.

What happens after you win?
In addition to the prize money, your winning the MIT $100K will give your business plan a seal-of-approval, which will help you reach future sources of funding.
If you have further questions, check out our website at www.mit100k.org. The entry kits will be posted online, as well as the contact information for the lead organizers.

Please review FAQs and the Entry Kit for more details.
Submission Date: February 28, 2007

Submission Date: February 28, 2007