Background

MIT and the world have recognized the need for supporting clean energy innovation

"[It is] our institutional responsibility to address the challenges of energy and the environment....Tackling the problems that energy and the environment present will require contributions from all our departments and schools...bringing scientists, engineers and social scientists together to envision the best energy policies for the future."

                                                               -Susan Hockfield, MIT President, Inaugural Address May 2005

"Energy security and climate change are two of the great challenges of our time. The United States takes these challenges seriously. The world's response will help shape the future of the global economy and the condition of our environment for future generations. The nations in this room have special responsibilities. We represent the world's major economies, we are major users of energy, and we have the resources and knowledge base to develop clean energy technologies. Our guiding principle is clear: We must lead the world to produce fewer greenhouse gas emissions, and we must do it in a way that does not undermine economic growth or prevent nations from delivering greater prosperity for their people. We know this can be done. Last year America grew our economy while also reducing greenhouse gases."

                                                              -President George W. Bush, September 28, 2007

MIT has a long history of entrepreneurship and energy innovation

MIT $100K Entrepreneurship Competition

History

Founded in 1990, the MIT $100K Business Plan Competition is the world’s leader in University Entrepreneurship Competitions and has facilitated the birth of over 85 companies with a market capitalization of over $10 billion to date.

Focus

• MIT students by bringing ideas and /or technology out of the labs and forming lasting businesses
• Transforming leading technology and business fundamentals into innovative companies

The competition will draw upon support from academia, government, and industry will lead to better energy innovation and liklihood of success

Advantages

• Critical mass of business ideas attracted by $200K+ in prizes which could transform the Clean Energy Ecosystem
• Provides a single process and unified effort, which connects innovative ideas, technology & entrepreneurs outside of their normal communities
• Provides mentorship, collaboration, networking, team building skills, and more exposure to help turbo-charge teams
• Creates a new model for working between academic institutions, and with external innovation players