We’ve gotten this one a few times. The MIT $100K is 1 Competition and 3 Contests. Each contest is independent. What this means is that you don’t have to enter or win one to enter the others (see below for details). The first is the Elevator Pitch Contest (EPC), followed by the Executive Summary Contest (ESC) and culminating in the Business Plan Contest (BPC). So yes, this is a very official MIT $100K event and the first and important step to $100K greatness.What is the MIT $100K? Is the EPC a real MIT $100K event?
Imagine you are an entrepreneur sharing an elevator with a prominent venture capitalist or angel investor. You only have 60 seconds to pitch your big idea and impress your potential investor. What would you say? How would you pitch your idea in those 60 seconds without visual aids or props? The Elevator Pitch Contest simulates that moment, and is a great way to practice your pitch in front of a qualified panel of judges and get immediate feedback on your idea and presentation.What is an elevator pitch? What is the Elevator Pitch Competition?
All you need to do is register, show up, and give a 60 second pitch outlining your business idea. This is a great opportunity to practice pitching, get feedback on the idea and how you can improve it. No business plan, slide decks, or prototypes are required (or allowed, see next question).What do I need to submit? Do I have to have a business plan?
Of course – this is a zero risk trial. The three contests are independent. That said, if you enter the Elevator Pitch Contest, you get valuable feedback that you can roll into your Executive Summary. And if you enter the Executive Summary, you get valuable feedback that you can roll into your Business Plan. And chances are, the more you’ve refined your idea, the better it will be and the better your chances to win the big check. So register now! register.mit100k.orgIf I don’t win the Elevator Pitch Contest, can I still enter the Executive Summary and Business Plan Contests?
No, the three contests are independent.Do I need to enter the Elevator Pitch Contest in order to participate in the Executive Summary and/or Business Plan Contests?
No. No props or any other visual aids allowed. Just you and the mic. Check the rules here. http://www.mit100k.org/elevator-pitch-contest/epc-rules/Can I bring in the device/prototype/slides/my dog/my roommate to help demonstrate?
Check out the Rules Page (http://www.mit100k.org/elevator-pitch-contest/epc-rules/) for a high level overview of what the judges are looking for. When you are planning and rehearsing your pitch, imagine that you are pitching to an investor. What would you need to tell them and how would you need to say it in order to convince them to give you their cash? Answer that and you’ll win $5K on November 2nd. To get some ideas, watch the winners of last year’s EPC at http://www.mit100k.org/the-100k-competition/contests/What am I being judged on?
When you register, you will be asked to select the most applicable industry track for your idea. The tracks are: Emerging Markets, Energy, Life Sciences, Mobile, Products & Services, and Web/IT. Preliminary rounds will take place on October 31st and November 1st on MIT’s Campus. There will be dedicated rooms for each track. Participants will be called in random order to deliver their pitch to the room. Pitches must be delivered in 60 seconds or less without the use of any visual aids or props. Not being present when your name is called, writing on the board, or using any other type of visual aid will lead to disqualification. The finale round will take place on November 2nd on MIT’s campus, in the Stata Center. Semifinalists will be announced at the EPC Finale Show. The names of these semifinalists will be announced in random order, at which point they will be asked to come down to the stage and redeliver their pitch. If you are a semifinalist, you will want to make sure that your business pitch is polished and ready to go because in the Finale Round you will be judged not only by a new panel of judges, but also by the audience (don’t forget to bring your cell phone for live text polling!).How do the Preliminary and Final Rounds work?
We will be awarding cash prizes for the audience choice award, and our top three best pitches of the night.What is the prize for winning the EPC?
Of course. Check out the rules page for answers to other related questions (http://www.mit100k.org/elevator-pitch-contest/epc-rules/).I am not an MIT Student…can I still pitch and win?
Absolutely not! In fact, entries are subject to funding requirements, and teams that have received institutional funding, or who have accepted non-institutional funding in excess of $15,000, will not be eligible. Please consult the EPC rules for more information: http://www.mit100k.org/elevator-pitch-contest/epc-rules/I’m not sure I’m ready. Is this only for companies that are ready to go to market?
We’re not sure either. The deadline for registration is October 24, 2011.What am I waiting for?