This past Wednesday, MIT hosted their 100k Entrepreneurship Pitch Challenge. The contest awards grants to projects that are determined by a distinguished panel of judges to surpass all others in terms of feasibility and potential positive impact to the world. Teams consisting of of at least one MIT student could take part in the competition and could win $1,000 for 3rd place, $2,000 for 2nd, and $5,000 for 1st.
The participating teams emerged victorious in preliminary competitions in seven different tracks—creative arts, energy, emerging markets, mobile, web IT, products and services, life sciences—and were excited to compete in the final round of competition. Each team was allotted one minute of time to make their elevator pitch to the assembled crowd of interested spectators and potential investors. After their pitch, the judges asked questions for the contestants to elaborate on the merits of their project.
While all the projects were fascinating and well pitched, there could only be one winner. Foxtrot, an app that allows delivery companies to digitally and efficiently plan routes took home the first prize. The runner up and third place entries were AquaFresco, a filter technology for laundry wastewater, and TVision Insights, a device to capture information on television viewers, respectively. The audience choice award went to FuelDrop, an a la carte gas refilling service for cars.
The competition was a rousing success, and served as a wonderful showcase for the innovative spirit that defines Cambridge. Feel free to check out a summary of each project here. Additionally, check out the recorded stream of the event here.