About
The MIT $100K Executive Summary Competition is designed to help you generate ideas and begin to build a team.
If you enter the MIT $100K Executive Summary Competition, no matter whether you win a prize or not, you may put yourself in a better position to enter the MIT $100K Business Plan Competition in the Spring because you will have looked at different issues involved in planning a business. Then you can either build on your MIT $100K Executive Summary Competition idea or discard it to work on a different project. Going through the different sections of your MIT $100K Executive Summary Competition entry may also help you identify areas in which you need the skills, perspectives and personalities of other people to fill different roles on your founding team.
The MIT $100K Executive Summary Competition is intended to encourage a broad range of MIT undergraduates, graduate students and outside Teams with at least one MIT student to flesh out their ideas in business terms and form teams that combine technology and business strengths. The MIT $100K Executive Summary Competition rewards all competitors with feedback from qualified judges and offers cash prizes to 6 exceptional entries.
Entrants are encouraged to address the following points in their executive summaries: Business Concept: What, precisely, is the product or service that you are trying to sell? What problem does your product or service solve? What types of people or companies suffer from this problem? What is the technology (if relevant) behind your product? Is your business model different from the industry standard? Sales and Marketing: How big is the market? How many customers? Who, specifically, will you sell/provide services to? Why will they buy/consume? How do you position your product? How do you divide up your target niche and execute? How do you make money/what is your path to sustainability? What is the possible total revenue (if relevant)? Competitive Advantage: Who is your competition/What other organizations provide the same service? How long have they been in business? What are their future prospects (revenue and growth projections, if relevant)? What alternative products or services already exist in the marketplace? Why are your idea and team better than the competition? What stops other people from copying you? Financial Plan: Explain in more detail the assumptions used for revenue and expense projections. When does cash flow become positive? How much money are you planning to raise? When? What will you use it for? Where will you source the capital? Management Team: Include a brief bio of each team member and the role that s/he will play in the venture. Submission Pointers - All entrants are required to read these pointers.Entry
