Enterpreneurs hold contest for the best business project
By Kathy Sun
The MIT Entrepreneurs Club is currently gearing up for one of its major events, the annual 10K Contest. The event, jointly [it11p,0]sponsored with the Sloan School of Management's New Venture Association, is a contest in which participants compete to present the best business project. Contest kits will be available starting on Dec. 11, according to Douglas [it0,0]C. Ling '87, the club's president.
The Entrepreneurs Club was founded in 1988 by a group of undergraduate students who shared a common interest in brainstorming business ventures. From a small group of friends who met on a regular basis to compare and argue over potential entrepreneurial capers, the club has now achieved a membership exceeding 100, Ling said.
The club "is actively involved in putting mere ideas into strategic, real-life enterprises," Ling added.
"As a forum, the members have the benefit of seeing how their ideas are viewed by others with many different disciplines and backgrounds," Ling said.
First prize is $10,000
In the first round of the contest, each participant submits a five-page proposal for a new business idea. The best proposals, as determined by a panel of judges, continue on to the second round, in which participants present 30-page business plans that include financial projections.
Teams that make it to the final round are interviewed and asked to clarify specific points in their proposals. In this way, students are allowed to take part in a various aspects of the real business world, Ling said.
The first-place winner receives $10,000.
Examples of past winners include Dial a Fish, which is in the process of being marketed; Cyclone, an idea based on using bicycle covers for car roof decks; MegaKnowledge and Edible Holograms.
Other projects include Firestation Earth, a project to use technology to alleviate the hunger stress in Russia, and projects involving real estate marketing research.
The club is also sponsoring an Independent Activities Period course entitled "Start new ventures, steps, and technical licensing."