The prestigious $200,000 nationwide competition was established by building off of the very strong base of two existing and nationally recognized MIT competitions - the MIT $100K Entrepreneurship Competition and the Ignite Clean Energy Competition.
Funding for the award is provided by NSTAR and the DOE. This expanded competition and more significant pool of prize money is designed to accelerate the pace of bringing innovation to the market. Entrepreneurial teams of all backgrounds and experience levels are being encouraged to participate, as the competition is open to both student and non-student teams that meet eligibility requirements.
Teams will undergo a rigorous mentoring, coaching and selection process as the competition progresses. The semifinalists and finalists from the competition will present and defend a full business plan before a distinguished panel of clean energy industry experts and venture capitalist judges for the awarding of the MIT Clean Energy Entrepreneurship Prize and runner-up prizes in May 2008.
The proposed business plans for clean energy solutions involve products or technologies that promote, enhance or advance diversity of supply sources/transmission; efficiency in resource use; and/or reduction in greenhouse gas emissions.
Additional information regarding the MIT Clean Energy Entrepreneurship Prize and the full competition is available at www.mitceep.com. Updates on the progress of teams participating in the competition will be available on the web site over the coming months.
The MIT Energy Initiative (MITEI) is a key driver of the competition. The campus-wide energy initiative is designed to help transform the global energy system to meet the challenges of the future through research, education and outreach activities.
Further support for the MIT Clean Energy Entrepreneurship Prize and competition is provided by the Ewing Marion Kauffman Foundation.
For more background, please visit the following web sites:
