MIT $100K Launch Prizes

Robert P. Goldberg Grand Prize

The winner of MIT$100K Launch gets $100,000

MIT $100K Track Winners

The winners of Emerging Markets, Energy, Life Science, Mobile, Products & Services and Web / IT each get $15,000

Thomson Reuters Data Prize

The winner of Data Prize established by Thomson Reuters gets $10,000

The Thomson Reuters Data Prize is a $10,000 prize awarded to a team or teams for which an innovative use of data is core to their business.

The Thomson Reuters Data Prize is part of the MIT $100K Business Plan Contest, but is separate from the competition for the grand prize of $100,000. This used to be called the “Linked Data Prize,” but was renamed in 2012 to encourage a broader use of data in innovative businesses. The Data Prize was created to encourage the use of Big Data, Linked Data, and other innovative uses of data in businesses.

Data is a tool to gain further insight or information to enhance a business. We typically think about data as Big Data, Linked Data, and other innovative uses of data.

Big Data

Big Data is about taking a complex set of data that is too large to use normal database tools to manage. Big Data has historically been used to track consumer behavior and trends, evaluate meteorology, genomics, connectomics, complex physics simulations, biological and environmental research, Internet search, finance and business informatics, according to Wikipedia’s “Big data” entry. There is no size requirement for big data, but it must meet the first rule about it being “too large” for databases.

Linked Data

Linked Data is about using the Web to connect related data that wasn’t previously linked, or using the Web to lower the barriers to linking data currently linked using other methods. More specifically, Wikipedia defines Linked Data as “a term used to describe a recommended best practice for exposing, sharing, and connecting pieces of data, information, and knowledge on the Semantic Web using URIs and RDF.” (Source: linkeddata.org)

Other Innovative Uses of Data

Data can be used in many creative ways and the contest seeks to encourage that. If teams feel they use data in a new or better way and that they do not use “Linked” or “Big” data, then they should be encourage to apply for this prize.

Teams must be a registered entrant in the MIT $100K Business Plan Contest, and meet all the related qualifying criteria for that contest. A team can participate in any of the 5 industry tracks for this contest, Segal Family Foundation Emerging Markets, Life Sciences, Mobile, Products & Services, and Web/IT. Any team that applies to the MIT $100K Business Plan Contest can be eligible to win the Thomson Reuters Data Prize. Teams eligible for the prize will be evaluated for innovative use of data against a set of judging criteria. The criteria are listed below. Judging will be done by an esteemed industry panel to determine if the business idea meets the below criteria. Winner(s) will be announced via e-mail on May 9th, 2013. Prize awards will be a pool of $10,000. The prize could be given to one or multiple teams.

Teams that qualify for the Thomson Reuters Data Prize will submit an updated 2 page executive summary, an up to 250-word response to the question “how does your business use data in an innovative way?” as well as an optional one “freelance” page to demonstrate use of data in the business. A panel of data and analytics experts will review these materials to determine which team will be awarded the Thomson Reuters Data Prize.

In addition to the standard Business Plan Contest Judging Criteria, the teams that qualify for the Thomson Reuters Data Prize will be evaluated on how innovative their use of data is, how central data is to their business, and how impactful the data is in providing the intended service / benefits to their customers.

The winning team will be notified via email on May 12th, 2014. A representative from Thomson Reuters will present the Thomson Reuters Data Prize to the team at the MIT $100K Business Plan Finale in Kresge Auditorium on May 14th from 7 – 9pm. If the team is not already a finalist, the Thomson Reuters Data Prize winner will present a 3-minute pitch during the finale event. Please note that if you are not a Track Winner or Wild Card Finalist, winning the Thomson Reuters Data Prize does not make your team eligible to compete for and win the $100K grand prize.

Creative Arts Prize

The winner of Creative Arts Prize established by the Office of the Arts at MIT gets $10,000

The MIT Creative Arts Competition is a $10,000 prize, awarded every year at the MIT $100K LAUNCH Contest, for the innovative use of the arts as a core component of a business plan. Deadline to apply for the MIT $100K LAUNCH Contest to be included in the $10K Creative Arts Competition is March 7, 2014.

Our mission is to support innovative and entrepreneurial student start-ups that have arts at their core, while also placing MIT at the forefront of arts and design competitions.

Any MIT student team in the $100K LAUNCH Contest is eligible to win $10K if the arts or design are a core component of the proposal. It is possible to win the $10K competition even if the team does not win the entire MIT $100K LAUNCH Contest. The funds awarded help support the launch of the team’s enterprise and are awarded as a grant. The same rules that apply to MIT $100K LAUNCH Contest prizes apply to those of the $10K Creative Arts Competition. Please note that if you are not a Track Winner or Wild Card Finalist, winning the Creative Arts Prize does not make your team eligible to compete for and win the $100K grand prize.
Your business must create, integrate or promote the arts as a primary goal. This can be a new web platform that connects artists, a game company that focuses on music, a network designed to promote artistic culture, a company that licenses an algorithm used to collect data points on songs for better searching and disseminating. As long as arts and/or design are at the center of your business, you are eligible to compete. Judges may include former and current MIT visiting artists, entrepreneurs in the creative industries, local artists and leaders of the Arts at MIT.
The winning team will be notified via email on May 12th, 2014. A representative from the Office of the Arts at MIT will present the Creative Arts Prize to the team at the MIT $100K Business Plan Finale in Kresge Auditorium on May 14th from 7 – 9pm.
Gino KorolevMIT $100K Launch Prizes