Two Prominent Business Competitions Align in 2008 to Enhance Benefits and Funding to Clean Energy Start-Ups in New England

Business Wire, Oct 11, 2007

Two MIT organizations combine resources and talent in an effort to consolidate the growing clean energy sector in New England

CAMBRIDGE, Mass. -- Two highly successful New England entrepreneurship competitions, the MIT $100K Entrepreneurship Competition and the MIT Enterprise Forum's Ignite Clean Energy Business Presentation Competition (ICE), today announced they will align resources for the 2008 competitions to offer further benefits to clean energy start-ups. In addition to combining resources, a new cash prize, called the MIT Energy Prize, will be introduced for clean energy start-ups.

"While both competitions will remain separate entities, by aligning resources, we will provide a higher quality and more comprehensive set of support programs and a better overall platform for energy entrepreneurs. Our two organizations have already had an impact on energy innovation in New England and we see this as a positive step in further developing the cluster, " said Clark Waterfall, 2008 Ignite Clean Energy Chair. "The additional capital and prize money, combined with bringing together larger numbers of teams, will aid in bringing more creative energy technology to the market."

The first opportunity to participate in the MIT Energy Prize is Saturday, October 13 with the MIT $100k Elevator Pitch Contest with more than $10,000 worth of prizes to be awarded. The competition is open to all entrepreneurs. This event is designed to be a great opportunity to share ideas, network with other entrepreneurs and build a balanced and winning team. For more information, go to www.mitepc.com

The MIT $100K, now in its 18th year, is the world's leading university entrepreneurship competition designed to encourage students and researchers to act on their talent, ideas and energy by offering real world experience in developing successful companies from the ground up. The competition has led to the creation of more than 85 companies with an aggregate market capitalization of more than $10 billion.

The Ignite Clean Energy (ICE) Competition of the MIT Enterprise Forum of Cambridge was founded in 2004 and was the first business presentation competition in the country focused exclusively on clean tech. The competition is for emerging entrepreneurs - both university students and professionals - who are developing the next generation of clean, renewable, or efficient energy resources. The competition also aims to add to New England's reputation for building new economic clusters in high tech and bio tech industries by making the Northeast a capital of innovation and commerce for clean energy. In just three years, over 200 companies in various stages of development, have applied to be part of the ICE competition. Winners have raised venture capital, won significant R&D grants, or have won major innovation awards.

About Ignite Clean Energy

Sponsored by the MIT Enterprise Forum Energy Special Interest Group, the Ignite Clean Energy (ICE) Competition began in 2004 to stimulate the growing clean energy industry in New England. It provides start-up clean energy companies and entrepreneurs with the opportunities and resources to develop business skills, network with industry professionals and the chance to attract potential investors. For more information, go to: www.ignitecleanenergy.com

About the MIT $100K Entrepreneurship Competition

The MIT 100K Entrepreneurship Competition is a leading business plan competition. The competition was founded in 1990 to encourage students and researchers in the MIT community to act on their talent, ideas and energy to produce tomorrow's leading firms. Entirely student-managed, the competition has produced hundreds of successful ventures that have created value and employment. For more information, go to: www.mit100k.org.