$125,000 Ignite Clean Energy Business Presentation Competition under Way; Invention To Venture Workshop to Train Entrepreneurs February 24

Business Wire, Feb 20, 2006

CAMBRIDGE, Mass. -- Some of the most creative minds in Massachusetts are developing ways to meet the country's need for reliable, affordable, and environmentally-sensitive energy. Even as electricity, gasoline and home-heating prices are causing sticker shock, the MIT Enterprise Forum of Cambridge is hosting a competition to speed the development and commercialization of clean and renewable energy technology solutions.

The 2nd annual Ignite Clean Energy Competition, hosted by the Energy Special Interest Group (ESIG) of the MIT Enterprise Forum of Cambridge, is considering academic and professional teams that are developing the next generation of clean, renewable, or efficient energy technology. The competition aims to give Massachusetts entrepreneurs a competitive edge in the funding race by training contestants in the best practices for creating money-winning presentations and gaining recognition from the energy venture community.

To be eligible for the awards totaling $125,000, entrants' businesses must be at an early stage, without venture capital funding at the time of the competition, and based in Massachusetts. Entrants with SBIR/STTR funding from a U.S. government agency or SEED funding from the Massachusetts Technology Collaborative are allowed to enter the competition. Entrants with $50,000 or less funding from Angel investors or Friends/Family investors are also eligible to enter the competition.

To help those with ideas develop them to the stage where they can be presented for funding and ultimately into businesses, Ignite Clean Energy offers a series of networking, team-building, training, and mentoring opportunities that culminate in the actual business-plan competition.

"We anticipate that these new leaders will help make Massachusetts the center for clean energy economic development, creating new jobs and growth opportunities," said Dr. Linda Plano, competition Chair. "In many ways, the Ignite Clean Energy Competition is the farm team for the Massachusetts clean energy industry. We're doing the hard work as the 'pre-incubator accelerator,' helping innovators develop and eventually commercialize technologies so that venture capital and angel financing become viable funding options."

The three goals of the competition are to:

--Help new business leaders create a compelling story for raising funds from government, angel, and venture capital investors,

--Teach entrepreneurs superior presentation skills, and

--Encourage networking among participants and industry leaders.

"Great business ideas will not get funded unless entrepreneurs present their ideas in a clear, compelling manner that is focused on the needs of investors as well as customers. A common complaint of venture capitalists and other investors is that new business presentations are often disorganized, jargon-filled, or lacking key elements," said Plano. "The Ignite Clean Energy program aims to give Massachusetts entrepreneurs a competitive edge in the funding race by training contestants in the best practices for creating money-winning investor pitches."

The competition is not limited to new energy sources but also encourages development of technologies that will help reduce energy use, make existing energy systems perform better, or simply provide better solutions for existing technologies. Clean Energy technologies include: Renewable Energy: solar, wind, fuel cell, bio-energy, geothermal, hydro-technologies; Energy Efficiency and Demand Response: electricity end use, building use, management applications, grid management technologies; Enabling Technologies: power electronics, storage, cables and wires, sensors and instrumentation, control systems, materials and manufacturing technology; and High-Performance Buildings and Green Systems: sustainable design and integrated clean energy applications.

A key component of the competition is the Invention to Venture Entrepreneur Bootcamp, a day-long program co-hosted with the National Collegiate Innovators and Inventors Alliance (NCIIA), UMass Lowell's Commercial Ventures and Intellectual Property (CVIP) Incubator, and the MIT Enterprise Forum of Cambridge Energy SIG. The Entrepreneur Bootcamp features a series of panels of experts - venture capital/angel investors, industry analysts, and communication/speech trainers - who provide insights and examples into every aspect of developing a successful high tech startup, particularly with regard to clean energy technologies. Keynote speaker is Steven Strong, founder of Solar Design Associates, North America's leading authority on integration of renewable energy systems. Invention to Venture will be held Friday, February 24, from 8:00 am - 4:30 pm at UMass Lowell.

Students and entrepreneurs based in Massachusetts are invited to participate in the Ignite Clean Energy Competition. The competition's schedule is as follows:

--Entrepreneur "Bootcamp," February 24

--Registration Deadline, March 3 (Executive Summaries due)

--Semi-Final Competition, April 11

--Finals & Awards, May 9