1995-96 $10K Official Contestant Kit
VERSION: 95.11.16 (November 16, 1995)
HTML conversion by
February 14, 1996.
SECTION ONE: ENTRY MATERIALS
II. Entry Guidelines
III. Entry Checklist
IV. Entry Cover Sheet
V. Entry Certifications and Agreements
SECTION TWO: USEFUL INFORMATION
VI. Available Resources
VII. Research Guide
VIII. Business Plan Structure
IX. How to Win
X. Team Formation
XI. MIT Entrepreneurs Club
XII. Sloan New Ventures Association
XIII. 1994/1995 $10K Entrants
XIV. 1994/1995 $10K Finalists [Not Included]
SECTION THREE: PRICE WATERHOUSE GUIDE [Not Included]
The MIT $10K Business Plan Competition, now in its seventh year, is
a competition designed to encourage students to act on their
entrepreneurial ideas. The $10K Competition has awarded over $75,000 in
cash in the past six years to student teams of entrepreneurs who
submitted business plans showing significant promise and business
potential. This money has helped many of these teams successfully act
on their dreams and start their own companies.
The MIT $10K Business Plan Competition seeks to fulfill two main
- Provide entrepreneurial services and education to a broad range
of students. Along these lines, the $10K Competition offers a wide
range of networking and teambuilding events and sponsors several IAP
courses with relevant entrepreneurial content.
- Provide financial support for those business plans which are
best developed and show the most promise. The $10,000 grand prize and
donated entrepreneurial business services given to the winner and
finalists fulfill this objective.
Business plans for a wide range of ideas have been submitted in the
past. Ideas have ranged from high-tech (SterWave: Next Generation
Sterilization Technology) to low-tech (Up & Comers Custom
Trading Cards) to no-tech (Tradesmith Business Park).
Entry teams have been as diverse as the entries themselves. Students
from all five schools at MIT (Sloan, Engineering, Science, Humanities,
and Architecture), at both the undergraduate and graduate levels, have
entered and been successful in the competition. Multi-disciplinary
teams are strongly encouraged. Past results have shown that teams that
combine students with a technology perspective and students with a
business perspective have fared well.
Many of the teams that have been successful in the $10K Competition
have gone on to be successful in business. A recent (Nov. 9, 1995)
article on the front page of the Living section of the Boston Globe
highlighted successful start-up technology companies in the
Boston/Cambridge area. Of the companies listed, over 60% were started
by MIT students and of those, 75% were started by teams from the MIT
$10K Business Plan Competition!
Success stories include 1991 $10K winner Stylus Innovations. Stylus
was co-founded by John Barrus, Ph.D., Mike Cassidy, and Krisztina Holly,
SM, all MIT graduates. After licensing their original bar-code
technology for $8 million, the Cambridge-based company shifted business
focus and is now shipping telephony applications and developer toolkits.
Another successful entry team are 1994 $10K finalists New Frontiers
Information Corp. (NFIC), founded by Frank Leibly and teammates. NFIC
develops custom internet applications and services, including PageAlert,
a service that automatically notifies you of problems with your WWW
pages. NFIC recently merged with Banta Corporation, a large publishing
The MIT $10K Business Plan Competition has been generously supported
- The David and Lindsay Morgenthaler Foundation
- Sullivan and Worcester
- Price Waterhouse
- MIT School of Engineering
- MIT Sloan School of Management
- MIT Enterprise Forum
- MIT Technology Licensing Office
- MIT Libraries
Section One: Entry Materials
II. Entry Guidelines
- PURPOSE of COMPETITION
To encourage the founding of high-potential new ventures and to
reward authors of promising business plans with cash, in-kind services,
useful feedback, and advice.
All full-time MIT undergraduate and graduate students, from any
department, registered in the Fall 1995 and/or Spring 1996 semesters are
Entries must be the original work of the entrants and may be made by
a single student or by multiple-student teams. The size of a team is
not restricted. The number of entries per student or team is not
restricted. Other members of the larger MIT Community may be on teams
so long as the principal contestant(s) are students.
The venture idea must be original and commercializable. The entry
may be developed in conjunction with a course or research project;
however, please provide approval from the faculty project supervisor.
Business plans for ventures which have already received outside
funding are not eligible.
- COMPETITION PROCESS
The competition takes place in three stages:
Phase I: Business Plan Executive Summary, due
Tuesday, February, 20, 1996, by 4pm. To help the Judges gauge the
relative merit of your business idea, please submit a concise Business
Plan Executive Summary of no more than five pages, containing:
- A description of the business opportunity and market need to be
- The product or service idea (plus brief technology assessment, if
- Preliminary analysis of the target market and potential market
- Brief competitive analysis;
- Brief action plan.
For this first round, your identity will not be a factor; therefore,
don't include ANY reference to the identity of ANY Team Member in the
body of your Summary. Along with the Cover Sheet, however, do include
one copy of each Team Member's resume. Please be sure to follow the
Competition Entry Checklist enclosed in this contestant kit.
Proposals showing significant promise will be selected as
Semi-finalists and asked to continue to Phase II. Semi-finalists will
be announced at the Semi-final Event, to be held in the MIT Faculty Club
on Tuesday, March 19, 1996.
Phase II: Complete Business Plan, due Wednesday,
April 17, 1996. The final Business Plan should not exceed 40 pages of
text, graphics, and appendices. We strongly recommend following the
Business Plan outline enclosed in this contestant kit and shown in the
Timmons book, New Venture Creation. Your entry should include:
- Expansion of the Executive Summary, including full factual support
- Quarterly financial projections for two years, and annual
projections up to Year 5, including Pro Forma cash flow and budget
- Breakeven analysis;
- A working model or prototype, if appropriate, is advantageous but
is not required.
Business Plans showing the most promise will be selected to move on
to the Finalist round. Finalists will be announced in Late April 1996.
Phase III: Finalist interviews, Early May 1996
Members from each Finalist Team brief the judges on the proposed
business. Judges seek to clarify issues that arise in evaluating the
Plans. The interview is not meant to substitute for a well-written
Winners will be announced at the MIT $10K Business Plan Competition
Final Event and Awards Ceremony, held in conjuction with the MIT
Enterprise Forum in 10-250 on Wednesday, May 8, 1996.
The Grand Prize is $10,000 cash. Other cash or in-kind prizes may be
Judging will be based on the commercial potential of the business,
innovative nature and technical feasibility of the idea, and the
credibility of the projections and assumptions. Judges look favorably
upon high potential, growth-oriented businesses catering to relatively
Since the initial judging is blind to Contestant identity, the
experiences and credentials of the Team Members will not be influential
in the first Executive Summary round, thus placing students of widely
varying backgrounds and experience on an even footing.
All decisions of the judging panel will be final.
- IMPORTANT DATES
Business Plan Executive Summaries due Tuesday, February 20, 1996
Semi-finalists announced Tuesday, March 19, 1996
Full Business Plans due Wednesday, April 17, 1996
Finalists announced Late April, 1996
Finalist Interviews Early May, 1996
Final Event and Awards Ceremony Wednesday, May 8, 1996
- PROTECTION of INTELLECTUAL PROPERTY
MIT (the principal sponsor and organizer), the co-organizers and
co-sponsors of the $10K Business Plan Competition have taken all
reasonable measures to assure that all Contestants retain their rights
to the Business Plan and Intellectual Property. The co-sponsors and
judges of the Competition include non-MIT organizations who are
interested in fostering the entrepreneurial process. Some of these
organizations are in the business of working with and investing in the
ideas of entrepreneurs. However, co-sponsoring organizations will not
have access to the Plans and shall make no claim to any of the property
The judges and mentors will sign a confidentiality and non-disclosure
agreement which extends for 6 months after the public announcement of
the winners of the Competition. Copies of these confidentiality
agreements are available from the organizers. The Competition can not
and will not take further responsibility to protect the intellectual
property or other rights of the Contestants.
The protection of these rights is the ultimate responsibility of each
Contestant. Contestants are urged to mark as "CONFIDENTIAL" any portion
of their Entries which they consider to be confidential. Contestants
should be careful about disclosing any patentable concepts in their
Entries because, although in the United States a patent application can
be filed up to one year after the first public disclosure of an
invention, in many foreign countries a patent application must be filed
before any public disclosure is made.
The information supplied by the contestants on the Cover Sheet may be
used by the Competition Organizers in promotions or press releases.
Contestants concerned about the protection of intellectual property
may contact the MIT Technology Licensing Office (TLO) or the Organizers.
The comprehensive Guide to the Ownership, Distribution and Commercial
Development of MIT Technology, is available from the TLO, E32-300,
- ENTRY SUBMISSION
All Entries should be sent to or dropped off at: Price Waterhouse
Entrepreneurial Services Center One Kendall Square, Building 200,
Cambridge, MA 02139 Attn: MIT $10K Business Plan Competition (617)
439-4390 -- ask for the Cambridge Office
- CONTACTING THE ORGANIZERS
For clarification or additional information, please contact the
1995/1996 MIT $10K Business Plan Competition Organizing Committee at:
telephone: 253-2000 ext. 5
III. Entry Checklist
Before finishing and submitting your Entry, please take a moment to
go through this checklist. Failure to follow Entry Guidelines and
Competition requirements may lead to the disqualification or rejection
of your Entry!
- I/We have read the $10K Entry Guidelines carefully.
- The Cover Sheet has been filled out. Enough information has been
provided in the idea description to be used by the Competition
organizers in any promotion and press releases. Only one copy of the
Cover Sheet is needed per Entry.
- The Certification and Agreements sheet has been read and signed by
all Team Members.
- Ten copies of the Business Plan Executive Summary are included.
- One resume from each Team Member is attached to the Cover Sheet
- Absolutely no reference by name to ANY Team Member is in the
Business Plan Executive Summary text.
- The Business Plan Executive Summary is no more than five pages,
including appendices, graphs, etc.
- I/We know how to find the drop-off point (Price Waterhouse in One
- It's currently no later than 4:00pm EST on Tuesday, February 20,
IV. Entry Cover Sheet
1995/1996 MIT $10K Business Plan Competition
Attach 10 copies of your Business Plan Executive Summary and 1 copy
of each Team Member's resume.
Please type or print clearly.
Business Plan Executive Summary Title: Name of Business -- Product
Brief description of the product, service, or idea: For promotional
use by the $10K organizers
Team members: List principal contestant (point-of-contact)
Name Address and e-mail Tel S.S. I.D. Dept. Yr.
Please list all the participants who contributed significantly to the
preparation of the Business Plan Executive Summary. Attach additional
sheet if necessary.
V. Entry Certifications and Agreements
1995/1996 MIT $10K Business Plan Competition
By submitting a Business Plan Executive Summary ("the Summary") or a
Business Plan ("the Plan") to the MIT $10K Business Plan Competition
("the Competitions"), each Contestant listed below agrees:
Originality of Plan. The ideas and concepts set forth in the Summary
or the Plan are the original work of the Contestants and that the
Contestant is not under any agreement or restrictions which prohibit or
restrict his or her ability to disclose or submit such ideas or concepts
to the Competition.
Compliance with Guidelines of the Competition. Each Contestant has
reviewed the Entry Guidelines ("the Guidelines") and by his or her
signature below certifies that this entry complies with the Guidelines
and agrees to abide by the Guidelines.
Waivers and Releases. Each Contestant understands that MIT, each of
the co-sponsors, judges, mentors, co-organizers (the "Competition
Officials") and its directors, officers, partners, employees,
consultants and agents (collectively "Organizer Representatives") are
volunteers and are under no obligation to render any advice or service
to any Contestant. The views expressed by the judges, co-sponsors,
co-organizers, and the Organizer Representatives are their own and not
those of MIT or any person or entity.
Each Contestant also understands and agrees that although the
Competition Officials have taken and will take the steps described in
the Guidelines regarding confidentiality of the ideas and plans
submitted by the Contestants, the legal protection of the ideas and
plans submitted by the Contestants to the Competition is otherwise the
sole responsibility of the Contestant. In consideration of the time,
expertise and other resources provided by the Competition Officials and
Organizer Representatives to the Competition, each Contestant hereby
voluntarily releases each Competition Official and each Organizer
Representative from any further liabilities, responsibilities, and
accountabilities relating to or rising out of such Competition Officials
or Organizer Representative's participation in the Competition.
Business Plan Executive Summary Title: Name of Business -- Product
Contestants (a.k.a Team Members): List principal contestant
Section Two: Useful Information
VI. Available Resources
The following resources are available to assist in shaping your
product idea and business plan. Most of these resources are available
year-round; please use them freely!
- $10K IAP Seminars: Various classes are offered over IAP to help
you, including (check the 1996 IAP Guide for more details):
The Nuts and Bolts of Writing Business Plans, taught by Joe Hadzima
SM ’77, an attorney in the High Technology/New Ventures Group at
Sullivan and Worcester, is a six session course covering: business
plans, marketing, finance, teambuilding, legal issues, and start-up "war
Preliminary Venture Analysis and Personal Entrepreneurial Career
Strategy, taught by Professor Russ Olive, is a course where students
develop and analyze the feasibility of a new venture.
Starting and Running a High-Tech Company, presented by the MIT
Enterprise Forum. Call the Forum at x3-8240 for information.
- MIT Entrepreneurs Club: Weekly meetings held on Tuesday 6PM,
Bldg. 66-144/148, year round. At the Club you might catch the
entrepreneurial spirit and also discuss your ideas with peers. For more
information, see the e-club page in this kit.
- Sloan New Venture Association (NVA): Talks by local
entrepreneurs and a forum to present and test your ideas. For more
information, see the NVA page in this kit.
- Technology Licensing Office (TLO): If you find your idea might be
patentable, you might seek advice from the TLO regarding patenting and
licensing. The TLO is located in E32-300, at x3-6966.
- Area Libraries: See the "Research Guide" in this kit.
- Price-Waterhouse Guide: A presentation of helpful hints for
business start-ups and an example of a business plan, which is enclosed
in this kit.
- MIT Courses: Engineering students are encouraged to check out
Sloan courses and vice versa. For example 15.375, New Enterprises, is a
course on entrepreneurship, taught by Prof. Russ Olive in the fall and
Prof Eric von Hippel in the spring, which includes development of a
business plan. $10K participants are welcome to use term projects as
$10K entries. Prof. Nyhart's Managers Legal Function is highly
recommended, as are other courses in the Sloan Product and New Venture
VII. Research Guide
Great technical ideas are often a good start, but successful business
plans include sections on marketing and financials based on additional
research and facts. There are many resources available to help write
business plans and to research strategies, industry trends, and
potential competitors. This guide is a good starting reference to help
you create winning plans.
MIT and Boston area libraries are a rich source for you in preparing
- MIT Libraries Online via the WWW: http://nimrod.mit.edu/
- Dewey Library (E53) is the MIT library for management and the
social sciences located next to the Sloan School. The Dewey Library
offers multiple routes for getting help with your research. For on the
spot advice, librarians and reference assistants are available at the
reference desk from 9-5 on Mon - Fri. You can also get advice or
answers to research questions via Email through OWL (Online With
Libraries.) To access OWL, login to your Athena account and type add
library then owl then ask. More extended assistance can be provided by
meeting with a librarian. To arrange a consultation, ask at the
reference desk for a Research Consultation form.
- Boston Public Library (666 Boylston, 536-5400) has a huge
collection. Especially useful is the patent depository where you can
perform patent searches.
- Boston Public Library - Kirstein Business Branch (20 City Hall Ave,
523-0860) is also a comprehensive business library, with special
resources on Massachusetts and regional businesses and data. Open
during business hours Mon-Fri 9-5.
- Cambridge Public Library (449 Broadway, 349-4040) has extensive
resources and helpful librarians. Pick up a copy of their pamphlet "So
you want to start a business..."
At Dewey Library
Materials placed at the Dewey Library Reserve Desk, include how-to
manuals, past Contest entries, and reading used by MIT Undergraduate
Seminar SEM-089, Starting-Up New Technology-Based Business Enterprises
at MIT and the Class Notes for Russ Olive's 15.375 New Enterprises
Books On Reserve at Dewey Library:
- Timmons, Jeffrey, New Venture Creation: Entrepreneurship for the
21st century, 4th ed. Irwin, 1994
Reserves HD 69 .N4 .T55 1994
- Timmons, Jeffrey, New Venture Creation: Entrepreneurship in the
1990s, 3rd ed. Irwin, 1990
Reserves HD 69 .N4 .T55 1990
- Merrill, Ronald E., Raising Money: Venture funding and how to get
it. AMA, 1990.
Reserves HG 4751 .M47 1990
In Book stacks (2nd floor Dewey Library), available for check
- Christy, Ron, The Complete Information Bank for Entrepreneurs and
Small Business Managers. Center for Entrepreneurship and Small Business
Management, Wichita State University 1988 Books HD 2346 .U5 .C45 1988
- Cohen, William, The Entrepreneur and Small Business Problem Solver:
an Encyclopedic Reference and Guide. Wiley, 1990 Books HD 62.7 .C63 1990
- Kravitt, Gregory I. How to Raise Capital: Preparing and Presenting
a Business Plan. Dow Jones-Irwin, 1984. Books HG 4026 .K7 1984
- Roberts, Edward, Entrepreneurs in High Technology: Lessons from
M.I.T. and Beyond. Oxford University Press, 1991 Books HC 108 .B65 .R62
- Venture Capital Journal, Entrepreneurship Theory and Practice, and
Inc. (available at Dewey)
- MIT Forum Reporter (at Archives or call MIT Enterprise Forum
Finding Market and Industry Information:
Dewey Library and Athena
In order to be sure your product or service targets the needs of your
customers you will need to be familiar with how these people behave. In
order to construct convincing sales and revenue forecasts you must
understand competing firms. Some resources to get this information are:
Research Guides at Dewey Library
These guides are available at the Reference desk and on reserve for
- Industry Information lists sources for finding information on
markets and industry conditions.
- Company Information suggests sources for finding out about
- Electronic Reference Center describes electronic databases
available at Dewey Library.
- FirstSearch describes databases available from MIT Libraries
through your Athena account.
- Lexis/Nexis Cheat Sheet provides brief information on using
- ABI/Inform has abstracts from 800+ business periodicals. Good
place to start your research.
- Wall Street Journal on CD-Rom for full text searches of the leading
- Laser Disclosure has detailed reports from the SEC about companies
traded on stock exchanges.
- National Trade Data Bank has information from the US government to
help companies export, a good source of statistics and information on
- National Economic, Social, and Environmental Data Bank a useful
source for statistics.
- Lexis/Nexis is available to Sloan students only through a special
arrangement with the database provider. This huge full text database
can be very helpful if you know how to search it. Training is highly
recommended--watch for classes in the Sloan Lab.
- More databases! The MIT Libraries have many more CD-Rom databases
and access to numerous remote databases. The Librarian can recommend
those most appropriate for your project.
- At the Kirstein Library are three CD-ROM databases worth
mentioning. Investext (on InfoTrac) has full text reports on companies
and industries written by stock analysts. F&S has abstracts from hard
to find industry periodicals--a good source of specific product & market
information. Compact Disclosure allows you to create lists of public
companies that meet specific criteria (i.e. public firms in certain
industries & geographic locations, with chosen financial
- Electronic Archives of the MIT Entrepreneurs Club, including the
archives of the $10K dating back to the first contest in 1990. To
access this locker, at an Athena prompt type attach e -club and then cd
/mit/e-club. Or go straight to the World Wide Web site at URL:
- FirstSearch offered on Athena by the MIT Libraries gives you access
to 18 databases, including ABI/Inform, ArticleFirst, and NewsAbs. To
use FirstSearch, at the Athena prompt, type add library and then tfirst.
To exit, type bye.
- MITOSIS, access information on the Internet through the MIT
Libraries Gopher. To get in type add library and then mitosis.
Be sure to review the 1996 IAP Guide for courses on Patents, Law,
Entrepreneurship, Invention, Business, Time Management, Government
Information, How to Speak, Internet use, and more. Many times the
fastest way to get the information you need is simply to ask the people
who know. You can contact potential customers, suppliers, and
competitors directly through interviews or surveys; this is often the
most useful and efficient method. To identify contacts, use the Yellow
Pages, the Encyclopedia of Associations, or the Washington Information
Directory (available at many libraries).
VIII. Business Plan Structure
Here is a recommended structure for a business plan, excepted from
New Venture Creation, by Jeffrey Timmons (Irwin, 1994. Page 420). For a
more complete description, the book is available on reserve at Dewey
Library (see Research Guide section).
I. EXECUTIVE SUMMARY
A. Description of the Business Concept and the Business.
B. The Opportunity and Strategy.
C. The Target Market and Projections.
D. The Competitive Advantages.
E. The Economics, Profitability, and Harvest Potential.
F. The Team.
G. The Offering.
II. THE INDUSTRY AND THE COMPANY AND ITS PRODUCT(S) OR SERVICE(S)
A. The Industry.
B. The Company and Concept.
C. The Product(s) or Service(s).
D. Entry and Growth Strategy.
III. MARKET RESEARCH AND ANALYSIS
B. Market Size and Trends.
C. Competition and Competitive Edges.
D. Estimated Market Share and Sales.
E. Ongoing Market Evaluation.
IV. THE ECONOMICS OF THE BUSINESS
A. Gross and Operating Margins.
B. Profit Potential and Durability.
C. Fixed, Variable, and Semivariable Costs.
D. Months to Breakeven.
E. Months to Reach Positive Cash Flow.
V. MARKETING PLAN
A. Overall Marketing Strategy.
C. Sales Tactics.
D. Service and Warranty Policies.
E. Advertising and Promotion.
VI. DESIGN AND DEVELOPMENT PLANS
A. Development Status and Tasks.
B. Difficulties and Risks.
C. Product Improvement and New Products.
E. Proprietary Issues.
VII. MANUFACTURING AND OPERATIONS PLAN
A. Operating Cycle.
B. Geographical Location.
C. Facilities and Improvements.
D. Strategy and Plans.
E. Regulatory and Legal Issues.
VIII. MANAGEMENT TEAM
B. Key Management Personnel.
C. Management Compensation and Ownership.
D. Other Investors.
E. Employment and Other Agreements and Stock Option and Bonus Plans.
F. Board of Directors.
G. Other Shareholders, Rights and Restrictions.
H. Supporting Professional Advisors and Services.
IX. OVERALL SCHEDULE
X. CRITICAL RISKS, PROBLEMS, AND ASSUMPTIONS
XI. THE FINANCIAL PLAN
A. Actual Income Statements and Balance Sheets.
B. Pro Forma Income Statements.
C. Pro Forma Balance Sheets.
D. Pro Forma Cash Flow Analysis.
E. Breakeven Chart and Calculation.
F. Cost Control.
XII. PROPOSED COMPANY OFFERING
A. Desired Financing.
D. Use of Funds.
E. Investors’ Returns.
IX. How to Win
Some advice ...
... if you learn something about starting a business, you've already
- Form a diverse team with both technical and business skills.
"Assemble a group of individuals who are headstrong enough to
be entrepreneurs, but flexible enough to work together as an effective
team." - a past $10K champion
- Develop a business concept, not just a neat invention.
"It is not enough to say what your product or service is. You
need to clearly articulate the who, why, where, when, and how. No
amount of sordid technical details can substitute for a clear and
concise marketing plan." - another past $10K winner
- Seek advice from everyone: peers, professors, fellow competitors,
- Analyze customers: what are they looking for
- Analyze competitors: what do you have that they don't?
- Demonstrate that you can achieve a sustainable, competitive
advantage. For example, create barriers to entry or proprietary
technology that prevent others from taking your market away.
"Make sure you tell the judges who your customers are and how
they can benefit from your products or services" - a former judge
- Write clearly and directly. Remember, the judges have to read your
"Put enough time and effort in writing your executive summary
and your business plan. Do your best, treat it seriously." - another
past victorious contestant
- Be realistic in your plans and schedules, avoid pie in the sky
- Think about whether you want to enter. Once you've decided to
enter, be committed.
"$10K equals a $500 good idea and $9500 of hard work." - yet
another past winner
- The Judges are favorably inclined towards plans with targeting a
large (but not necessarily known or fulfilled) market need; they like
high potential, growth-oriented businesses.
X. Team Formation
Forming an effective team is an integral part of a successful $10K
entry. A good team contains members with diverse skills, both technical
and managerial. For example, a team may include someone who understands
computer software, someone who has experience with market research, even
someone who can write well. There is no set limit on the size of a
team. Below we present some avenues that should be helpful to you for
forming a team.
- MIT $10K Organizers
- The Organizers are often most aware who's looking for team members
and can put potential collaborators in touch with one another. E-mail
us directly or to firstname.lastname@example.org.
- MIT $10K Ondtne Team Building
- Check out our new ondtne team building resources on our web page
- If you are looking for a team to join, you can enter information
about your background and skills for others to see. If you are in
search of teammates, you can search through the entries to find people
with the skills and background you desire.
- If you lack WWW access, or want more information, please send email
- $10K Teambuilding Mixers
- These mixers are a way to meet other people who are also interested
in the $10K. For more info watch for posters, both paper and via
- MIT Entrepreneurs Club Phone Tree x3-2000
- Callers hear and leave messages about the $10K. Leave a message
and let others know about yourself or your idea. Dtsten to messages to
find out about team or idea opportunities.
- MIT Entrepreneurs Club (e-club) IAP Meetings
- The e-club meets each Tuesday of IAP except on the Tuesdays taken
by the IAP seminars. To be placed on the e-club e-mail dtst send your
request to email@example.com. The regular semester meetings are at
6p.m. in 66-144. These meetings are a great place to encounter
potential team mates.
- Teams may change between the time of Business Plan Executive
Summary submission and Business Plan submission. Sometimes teams split
up, other times new members are brought on board to help properly flesh
out the Plan. This is allowed, but please ensure the $10K Organizers
are aware of the changes.
XI. MIT Entrepreneurs Club
The goal of the MIT Entrepreneurs Club (the e-club) is to support
entrepreneurs in the early stages of developing their business ventures.
- Our Network was established to make the process of starting a
business easier. There are countless books and written resources
available to help one in the start-up process, but none are comparable
to talking to the right person with the right experience and the right
information. Having established a network of people who have gone
through the process before, we offer start-up experience and help
members make fewer false starts and go up fewer blind alleys.
- We actively promote innovation and entrepreneurship. This Network
is about doing, with a de-emphasis on lectures and talks. We keep our
focus on the hands-on aspects and the logistics of getting your venture
ideas off the ground.
- All venture ideas are treated with enthusiasm. The idea need not
be "high-tech". It can be a product or a service; a full-time venture
or a lifestyle business. All members listen to and contribute to other
people's start-up efforts and vision.
- Multi-disciplinary approach to problem-solving is strongly
encouraged. We have a diverse collection of experts among our
membership. We tackle all problems including technology, product
design, fundraising, and marketing.
- The Club is a network of MIT students, faculty, alumni, friends,
and professionals from outside of MIT. Our members represent a full
spectrum of backgrounds in business, engineering, and the arts &
sciences, including founders of innovative companies such as Stylus
Innovation, Inc. (phone-based bar-code ordering), Edible Hologram Inc.
(images on chocolate), ACT Research Corp.(three-dimensional displays),
Novus Products (inflatable packaging materials), and SterWave (medical
product and packaging sterilization).
- Our formal meeting is primarily a forum for presenting ideas.
Usually, a 10-minute presentation is followed by a 20 minute period of
discussion, questioning and suggestions from the audience.
- $10K Business Plan Competition, an annual contest co-organized by
the e-club and the Sloan New Venture Association (NVA) during Spring
Semester, awards MIT students for their original business ideas.
Besides MIT, our sponsors include prominent venture capital, accounting
and law firms, and high-tech companies.
- Networking is the major function of our meetings. Members may meet
and pool their resources or experiences to launch or expand on ideas!
You'd find your aspiration for entrepreneurship shared by many who are
eager to lend support and to help. The e-club also serves as a resource
for young start-up companies recruiting students.
- Electronic Networking is our major mode of communication and
collaboration outside of the weekly meetings. We are active lead users
of MIT's phone and computer networks, using voice, electronic mail, and
network tools for projects ranging from high-tech to K12 education, from
market research and business plan development to distance learning and
Where and When
Meetings are held every Tuesday at 6p.m. in MIT room 66-144 across
from the Media Lab on Ames Street, Cambridge.
XII. Sloan New Ventures Association
The Sloan New Venture Association (NVA) seeks to promote
entrepreneurship in the Sloan/MIT community through a dual emphasis on
academic and practical skills.
This is done by:
- Facilitating the creation of new ventures with our network of
students, faculty, alumni and local business leaders.
- Emphasizing new ventures as a part of the management curriculum at
Sloan, through elective courses, workshops and research projects.
- Working with the Technology Licensing Office to provide NVA members
access to technology licensing information and assistance.
- Utilizing the resources of the Sloan Career Development Office to
match Sloan students with entrepreneurial companies.
The Sloan NVA membership and network is its greatest asset. Members
have an average of five years of experience in a rich variety of fields
such as engineering, marketing, accounting, finance, and operations
management. Members have worked in a wide variety of industries
including aerospace, automotive, banking, biotechnology, brokering,
computer hardware and software, consulting, consumer products,
electronics, manufacturing, transportation and venture capital.
- The Sloan NVA Speaker Series invites prominent industry leaders,
venture capitalists and successful entrepreneurs to Sloan to share their
insights and experience with NVA members.
- The Sloan Entrepreneurs Night involves Sloan students describing
their own business startup experiences.
- The NVA Biotech Panel brings pioneers of the rapidly growing
biotech industry to Sloan to discuss current and future opportunities
- The $10K Competition is the annual contest organized by both the
E-Club and the Sloan NVA during the Spring semester, which awards prizes
to the best new business developed by student teams. The contest is
sponsored by MIT and local venture capitalists, accounting and law
firms, and high-tech companies.
Where and When
Dates and times of Sloan NVA meetings are publicized in News@Sloan
(the Sloan weekly newsletter) as well as posted in the Sloan lobby,
Scott Johnson firstname.lastname@example.org
Reza Moazzami email@example.com
Jim Schoonmaker firstname.lastname@example.org
XIII. 1994/1995 $10K Entrants
Here is a listing of the public summaries for the business plan
executive summaries submitted in the first round of the 1994/1995 MIT
$10K Business Plan Competition. This list is intended to give you a
feeling for the kinds of business plans that have been entered in the
past. These summaries were supplied by the 1994/1995 $10K entrant teams
and are Copyright © 1995.
- MRI Systems/Boston Instruments -- Developing MRI in China
- MRI Systems will develop and market Magnetic Resonance Imaging
(MRI) machines for the huge Chinese market.
- Borg Designs -- The Cyborg
- Borg Designs will develop both hardware and software technologies
which truly liberate individuals
- Redfire Capital Management Group
- Redfire Capital Management Group combines the inference methods of
artificial intelligence with the simulation techniques of artificial
life to create fully automated trading strategies for bond, currency,
and equity markets.
- Osprey Engineering -- Innovations for the Disabled
- Osprey Engineering will design, manufacture, and market innovations
for the the disabled. The first products are aftermarket accessories
- Edusoft develops educational software for teaching Computer
- Digital Dynamics Corporation
- Digital Dynamics Corporation will build digital set-top boxes and a
range of other products to address the problem of rapidly evolving
coding and compression technologies.
- WoNDerS -- World-wide Newspaper Delivery Service
- WoNDerS is a World-wide Newspaper Delivery Service.
- SafeNet -- A Fast and Accurate Positioning System
- SafeNet will provide a special system and service to help users in
case of emergency.
- VNet -- Virtual Reality Through the Telecommunications Network
- VNet synthesizes virtual reality and telecommunications
- Impulse Systems and Services (ISS)
- Impulse Systems and Services will develop and market a recently
patented compact apparatus for characterization of thin film mechanical,
thermal, and adhesion properties.
- Fairytale Fashion
- Fairytale Fashion designs, produces, and markets high quality
creative dress-up clothing for children ages 3 to 9.
- ExerQuest -- Virtual Reality Exercise Systems
- ExerQuest is committed to leading the exercise equipment industry
by establishing a new genre of fitness solutions: virtual reality (VR)
- NanoWave -- High Precision Position Measurement and Control System
- NanoWave has developed a position measurement and motion control
system offering subnanometer, or atomic level precision, which is five
to ten times better than that of existing systems.
- MicroArray -- Wafer Bumping and Semiconductor Packaging Services
- MicroArray proposes to be a premier provider of area array
semiconductor packaging solutions.
- DERC -- Educational Software for the Disabled
- DERC will develop adaptable educational software design to meet the
specific needs of the disabled.
- SenFlex -- A Wireless Data Acquisition System
- SenFlex provides wireless data acquisition products to the process
- Galileo Multimedia Technologies -- Math Voyager
- Galileo Multimedia Technologies will develop Math Voyager, an
interactive multimedia educational software package, to teach
mathematics to high school students in both school and home settings.
- Angularis Inertial Technologies -- Inertial Head-Trackers for Virtual Reality Applications
- Angularis develops virtual reality motion-tracking systems.
- The Firehouse -- Brew Pub and Restaurant
- The Firehouse is a brewpub serving organic beer, a selection of
wines, and light pub food to be opened in the heart of Kendall Square.
- ProThema -- Interactive Music Performance for the Mass Market
- ProThema's recently-developed software technology will allow
non-musicians to perform music improvisationally on new computer "
- Programmable Equipment Corporation (PEC)-- Dynamically Programmable Gate Arrays (DPGA)
- Programmable Equipment Corporation will design and market a new
generation of programmable logic devices.
- SensAble Devices --The PHANToM Haptic Interface
- The PHANToM haptic (touch) interface represents the next generation
of human-computer interfaces useful in virtual surgery simulators and as
a new Computer Aided Design (CAD) interface.
- CADEX Technology Group -- Information Management Systems
- CADEX will develop client-server software tools and consulting
services for responding rapidly to dynamic market conditions.
- Software Pioneers -- OfficeMap
- Software Pioneers develops OfficeMap, a Windows based facilities
- Less Housing
- Less Housing renovates 6 by 10ft soft drink vending trailers into
private shelters for homeless people.
- Vispertek -- The New Perimeter
- Vispertek has developed a rapid and objective perimetry system
capable of measuring patients' visual fields crucial for early detection
and diagnosis of Glaucoma.
- RIB Scanner
- The RIB Scanner is a pen-style scanner that allows the user to
capture text from written pages and transfer that text to a personal
- Renaissance Technologies Inc (RTI)-- Haptic Device Software for Virtual Reality Simulation and Training
- RTI develops operating system and application software for Virtual
Reality based training and simulations using haptic (touch) interfaces.
- MotorMouth automates word-of-mouth and revolutionizes direct
marketing by refining customer segments down to one person.
- NewsFlash is a device and service designed to provide access to
large amounts of information to end users with little or no delay via a
small book-like device.
- Larynx -- Voice Controlled Musical Instruments
- Larynx develops hand-held electronic musical instruments used to
convert vocal music into the output from any synthesized instrument.
- Hammerhead Technologies -- Little Snook Recreational Remote Operated Vehicle
- Hammerhead's Little Snook is essentially an underwater video camera
encased in a watertight and durable housing. Lead users of this low
cost, user friendly Remotely Operated Vehicle (ROV) are owners of larger
- net.Genesis -- net.Tools
- net.Genesis is a supplier of advanced business communications
solutions integrating Internet and World Wide Web (WWW) based services
into the business and communication infrastructure of a wide variety of
- Fruitopia -- Specialized Healthy-Food Retail Chain
- Fruitopia is a specialized retail chain serving healthy desserts
and drinks using fresh fruits as the primary ingredients.
- Total Quality Asset Management
- TQAM manages equity funds to support and sustain the Total Quality
Management initiatives undertaken by companies
- Playa -- Interactive Gaming
- Playa is a specialized modem which connects home video game
consoles like the Sega Genesis and Super Nintendo Entertainment System.
- HyperLearning -- HyperLearning Guide Series
- HyperLearning develops computer-based interactive learning guides
for high school and college math, science, and engineering.
- Cybernetics -- ManualBuster
- Cybernetics' ManualBuster series is multimedia computer software
tutorials to replace manuals.
- ThinkFish Productions -- Mingus, a Real-Time 3D Rendering Toolkit
- ThinkFish will produce Mingus, a real-time rendering toolkit for
the popular multimedia tool Macromedia Director.
- Cyberia -- Virtual Reality Enhanced Exercise Equipment
- "Cyberia's enhanced exercise equipment is unique because it puts
fun into fitness and fitness into fun." Cyberia synergistically
combines fitness equipment and video game enjoyment.
- Eye_D Systems -- Irises: The Ultimate Identity Cards
- Eye_D Systems dispenses with artifactual means of identification by
developing technology that uses iris-patterns as reliable and unique
identifiers of individuals.
- Integrated Medical Technologies (IMT) -- Advanced Health Support
- IMT reengineers the care delivery process by optimizing some of the
parameters involved in an efficient flow of information.
- The Golden Retriever
- The Golden Retriever is an inexpensive product allowing immediate
auditory localization of objects not in view, for instance, keys, TV
remotes, shoes, and children.
- CyberStations cater to business-people who require Internet
services while traveling and will be placed in airports, convention
centers, hotels, and cafes. Users will be charged by the minute.
- Robotron Corporation -- Electro-mechanical Linear Actuators
- Robotron will design, produce, and sell next-generation lower-cost,
fail-safe, durable, maintenance-free patented electro-mechanical
actuators for use in the medical/dentistry, automotive, heat,
ventilation & air conditioning (HVAC), and other markets.
© 1996 The MIT Entrepreneurship Competition
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