the Independent Activities Period? Interested in taking part in either MIT fuse or StartMIT? Come learn about each program, which one is right for you, and how to submit a winning application.Sign up for one of our Info Sessions:TOMORROW at 12 noon in 32-155 (Stata Center)TOMORROW at 5:30 pm in E40-275 (Trust Center)Thurs. Nov 1 ay 12 noon in 32-155 (Stata Center)APPLICATIONS ARE NOW OPEN! TOMORROW AT 12 NOON IN THE GARAGEOur next speaker series event features Maynard Webb, a 40-year veteran in the tech industry, and an experienced mentor, investor, and board member. He will be speaking on the topics of his two critically acclaimed books, Rebooting Work in the Age of Entrepreneurship, and Dear Founder: Letters of Advice for Anyone Who Leads a Business. A few spaces are left for this lunchtime speaker event in the Trust Center Garage tomorrow.
Upcoming MIT Events
11.1 Is It Up to Business to Save the Planet?A livestream discussion of business priorities vs. sustainability concerns and the planet.
11.1 AMP Session #1A 4-week seminar for undergraduate engineering students who are curious about entrepreneurship and how to turn their ideas into businesses.
11.2 - 11.4 MIT Energy HackThis year's theme is "Hack Sustainability".
11.5 Pear VC Pitch NightGive a two minute pitch and compete to win a $1K prize. Judges include Katie Rae, head of The Engine.
11.6 MIT $100K PITCH Finale 2018The first of the three phases of the year-long $100K Entrepreneurship Competition, celebrating its 30th year.
11.8 AI and the Future of Work ConferenceWork is changing, driven by an AI revolution and new talent models. Come engage in this important conversation.
11.15 MIT Water Innovation Prize Kickoff DinnerThe first event for the 2019 Water Innovation Prize with $30K in prizes.
NOW OPEN MIT Ventureships Student ApplicationsFor students looking to work alongside MIT early-stage startups for a semester.
10.31 MIT Water Summit Poster SessionApply to present at the annual water summit on November 15th and 16th.
11.6 MITdesignX 2019 Cohort DeadlineFor student ventures featuring a member of SA+P.
11.14 MIT fuse Application DeadlineFor the Trust Center's team-focused mini accelerator during IAP in January 2019.
11.19 StartMIT Application DeadlineThis is the "on-ramp" to the entrepreneurial world at MIT taking place during IAP in January 2019.MIT E& I News
MIT News: Monitoring muscles to improve athletic trainingMIT delta v 2015 company Humon and its "Hex" wearable device gives athletes real-time data on muscle oxygen levels to guide workouts.
MIT Innovation Blog: Why We Hack for FreedomA participant from The Freedom Lab explains the passion behind this past weekend's hackathon.
MIT Sloan News: 3 Professional Life Hacks From a Billionaire IntrovertLinkedIn co-founder Reid Hoffman on limited serendipity, betting on a reference, and embracing your skillset.
MIT News: MIT spinoff takes top honor at MassChallenge AwardsMIT delta v 2017 company Infinite Cooling wins a $100K Diamond Winner at the MassChallenge Awards.
GeekWire: Fashion rental startup Armoire -- the 'closet of the future' -- raises $3M to grow and expand offeringsMIT delta v 2016 team will use funding to expand and further develop its predictive capability technologies.
StartU: Helping you take the pill, on time, every timeMIT delta v 2018 team Aavia has built a smart sensor device to help women on birth control take their pill regularly. BU LAW CLINIC - Every Friday 10a - 4pLooking to have your legal questions answered? Sign up for an appointment with the BU Law students who can help with entrepreneurship, IP, and cyberlaw issues. Clinic takes place at the Trust Center every Friday; walk-ins allowed but reservations strongly suggested. New MIT FinTech Bulletin BoardNow anyone can post and make announcements for the MIT FinTech community! Announce events, share news, look for resources, find co-founders, and launch a new venture. Learn all about the MIT FinTech community and conference on this page!…
a key invention(s) within a team environment
be a matriculated student in the spring of the year the award is given
serve as an inspiration to young people, through their creativity, outreach or mentoring activities
Applicants can be from any major, discipline, or research concentration and will be invited and encouraged to participate in Lemelson-MIT Program activities, including outreach opportunities to inspire young people to pursue creative lives and careers. All applicants benefit from networking opportunities with each other, the MIT community, and Lemelson-MIT Award Winners.
Lemelson-MIT Student Prize Winners and Finalists are expected to attend EurekaFest, the Lemelson-MIT Program’s annual celebration of the inventive spirit. EurekaFest is a unique, inspiring opportunity for Student Prize Winners and Finalists to interact with Lemelson-MIT InvenTeams, and the Winners of the $500,000 Lemelson-MIT Prize and the $100,000 Lemelson-MIT Award for Global Innovation.
Student Prize Home | Selection Process | Application Guidelines…
of electricity—far from enough for a rapidly growing city of 18 million. To address this shortfall, students from across MIT have teamed up to launch a waste-to-energy company that will provide Lagos residents with cheap, reliable electricity.
"Lagos has a severe waste problem, severe unemployment, and an environmental problem. Millions of people are running diesel generators on a daily basis," said Adetayo "Tayo" Bamiduro, an MIT Sloan MBA '15 student from Nigeria. The company the students founded, NovaGen Power Solutions, aims to supply biogas to apartment buildings while providing local jobs. "The impact is social, environmental, and economic," Bamiduro said.
The brainchild of Adeyemi "Yemi" Adepetu, a student in MIT's System Design and Management (SDM) program, NovaGen will collect organic waste from apartments and convert it into biogas to fuel generators. The system will be piloted this summer at a seven-unit building and scaled up to 10 buildings, serving 70 units in total. If the pilot succeeds, the next step would be for NovaGen to equip all 210 units managed by their partner real estate company, Property Mart Real Estate Investment.
"We think what's available is too expensive," Adepetu said. "Our idea was: Look at the technology out there, build locally, and make it affordable for people."
While NovaGen will employ existing technology, it has a novel strategy, Bamiduro said. "The innovation is our business model. We're not targeting large businesses or customers one by one. We're looking for that sweet spot," he said, wherein 20-70 families share one waste-to-energy system. "That's why we picked real estate."
The fledgling company has racked up a number of successes in entrepreneurship competitions. The team—which also includes Ellen Chen, a Master's in City Planning (MCP) candidate in the MIT Department of Urban Studies and Planning—was a semifinalist this spring in the MIT Africa Innovate Business Plan Competition, the MIT IDEAS Global Challenge, and the MIT $100K Pitch and Launch Entrepreneurship Competitions (emerging markets track).
Adepetu was recently named a finalist for the 2014 Echoing Green Climate Fellowship, which supports next-generation social entrepreneurs committed to working on innovations in mitigation and adaptation to climate change. Adepetu also has a Legatum Fellowship that supports his work on NovaGen and is supported by the MasterCard Foundation.
Born and raised in Nigeria, Adepetu said the idea for the company had been percolating for a long time before he came to MIT and was inspired to act. "I thought [NovaGen] was 10 years away. MIT was the crucial influence that took me from the corporate world," said Adepetu, who spent several years working for United Technologies. "Before MIT... I thought I'd do this when I was done with my first career."
At MIT last fall, Adepetu met Chen in New Enterprises, a class designed to help students launch startups. "I wanted to do something in emerging markets and Yemi's was the only idea in a developing country," said Chen, whose interest in housing inspired the idea of targeting residential real estate. Adepetu had originally envisioned serving hospitals.
Bamiduro was the next team member to join NovaGen, bringing with him crucial, up-to-date contacts with the Lagos business community. (Adepetu had been out of the country for nine years, but Bamiduro had just left a lead analyst role in Nigeria's oil and gas industry.) Bamiduro said his goal in attending MIT was to gain the skills necessary to create "a high impact energy venture that would employ a lot of people."
NovaGen's founders credited the MIT Legatum Center for Development and Entrepreneurship for first believing in their idea, as well as the Martin Trust Center for MIT Entrepreneurship, the MIT Venture Mentoring Service, MIT Africa Interest Group, and the student club Energy for Human Development with giving them opportunities to meet mentors and connect to others with a passion for energy and the developing world. "The ecosystem at MIT Sloan gives you the chance to test your ideas vigorously," Bamiduro said. The MIT D-Lab group has also been a source of mentorship and advice, he added.
All three founders are committed to a future with NovaGen—although Chen won't graduate until December, and Bamiduro won't complete his degree until 2015. Adepetu, who will graduate this spring with a master's degree in engineering and management, said he expects to spend the next couple years building the company in Nigeria, but the long-term plan for NovaGen is to build a U.S.-based multinational company. For now, the founders are actively seeking early seed investors, mentors, and additional business partners to help them move forward.
IME magazine's best inventions of 2012.
LiquiGlide, a nontoxic, nonstick, super slippery coating for condiment bottles, was developed by Kripa Varanasi's laboratory in MIT's Department of Mechanical Engineering. Made from food materials, it's easy to apply to food packaging and prevents stubborn condiments from sticking to the inside of the bottle.
For food-sauce companies — and their customers — easy removal of condiments is a constant challenge. Most people have experienced the frustration that comes with struggling to expel a condiment — such as ketchup, mustard or mayonnaise — with furious shaking, messy rummaging or pure brute force. Now, a simple tilt of the hand sends condiments sliding out.
This prestigious recognition comes on the heels of this fall's top MassChallenge award, including $100,000, and this past spring's MIT $100K Competition Audience Choice Award. Led by Varanasi, the Doherty Associate Professor of Ocean Utilization, the LiquiGlide team is J. David Smith, Christopher J. Love, Adam Paxson, Brian Solomon and Rajeev Dhiman.
Bounce Imaging's low-cost, easy-to-use imaging device for visual recconnaisance enables soldiers and first responders to get an inside look at potentially dangerous situations, such as fires, collapsed buildings, hostage situations and war zones, without having to run in blind and put their lives at increased risk.
The spherical device is stuffed with six cameras and infrared LEDs on the inside and covered with a rubber shell on the outside. Once it's thrown into an unknown area, the camera takes two photos per second — even in low light. The infrared LEDs and a camera with near-infrared range enable full panoramas that can be sent to phones, tablets or laptops for immediate viewing.
The startup's co-founder, MIT alum Francisco Aguilar MBA '12, says the idea came to him after the Haitian earthquake in 2010, which illustrated to him the need for a method of visualizing a potentially dangerous situation before entering it. Bounce Imaging's other co-founder, David Young, is currently a second-year MBA student at the MIT Sloan School of Management.
Bounce Imaging was also recognized at this year's MassChallenge Awards Ceremony with a $50,000 prize.…
Israelite explains his role at the Martin Trust Center and the Beehive's continuation. Read more here.
Music Hack Day @ MIT will be taking place this November 10th-11th (Veterans' Day Weekend) in the Stata Center. Over this weekend, some of the biggest companies in the music industry will be opening up their catalogs and interfaces to the MIT community. For more details, please visit the following site: http://boston.musichackday.org/2012
Ready, Set, Pitch! MIT $100K Pitch Contest is open. Read more: http://www.mit100k.org/register/
MIT Entrepreneurship Events
MITER Happy Hour
Tue, 10/2/12, 6:00pm - 9:00pm, The Muddy Charles Pub, Building 50
Join thought leaders from all across campus and learn more about the MIT Entrepreneurship Review (MITER), a student-run online publication at the intersection of technology, science and entrepreneurship. Please RSVP to Ido Salama (email@example.com) since food will be provided. Read more at http://miter.mit.edu
MIT $100K Pitch Workshop
Thu, 10/04/2012 - 6:00pm - 7:30pm, E25-111
READY? SET. PITCH!
The MIT $100K team is hosting a workshop where you can learn tactics and strategies for delivering an effective elevator pitch. MIT Sloan's Howard
Anderson will give his tried and true advice on effective pitching strategies.Be sure to sign up through Eventbrite to reserve your spot: http://100kworkshop.eventbrite.com/
AT&T Mobile App Hackathon Cambridge Fri, 10/05/2012 - 6:00pm - Sat, 10/06/2012 - 8:00pm, 32-124
Mobile App Hackathon is an event produced by the AT&T Developer Program and MIT Sloan Business Club that is designed for attendees (technical & non-technical) to build apps/mobile apps, get fed, compete for prizes across different categories and most importantly: meet new people and scout for teammates to work on new or current projects. To sign up and see an event schedule visit: http://mobileappmit.eventbrite.com/
Mon, 10/08/2012 (Columbus Day) - 9:00am - 5:00pm, Kresge Auditorium, W16
Startup Bootcamp, run by StartLabs, brings ten varied and inspiring startup founders to MIT's Kresge Auditorium for a free talk series each year. Open to the wider community, Startup Bootcamp has become one of the premier Boston-area startup events each year. Admission, coffee, and a light breakfast will be provided free of charge. http://startupbootcamp.mit.edu
-------------------------------------------------------------------------------- Community Events
1,000 Pirates Party Fri, 10/05/2012 - 6:30pm - 9:45pm, Boston Harbor Join Filepicker.io and 1,000 other Boston startup community members for an evening of fun. There will be a cash bar, a DJ (Monster.com founder Jeff Taylor!), plenty of people dressed in pirate costumes (so suit up!) and lively chatter on building things that people want. RSVP at http://1000pirates2012.eventbrite.com/
Greenhorn Summit Sat, 10/06/2012 - 10:00am - 4:30pm, Microsoft NERD 1 Memorial Dr Cambridge, MA 02142 The Greenhorn Summit is a one-day conference for students interested in Boston-area startups. Boston's best entrepreneurs and tech influencers will explain their experiences and insights so you can succeed in this startup environment. RSVP at http://greenhornsummit.eventbrite.com/
-------------------------------------------------------------------------------- Important Deadlines
MIT $100K Pitch Contest Registration
Deadline: Fri, 10/12/2012
The Pitch Contest (former Elevator Pitch Contest) is the first of three contests hosted by the MIT $100K Entrepreneurship Competition. It's about idea generation, connecting with others who have similar interests, and learning how to present your pitch to a potential investor in a moment's notice. 60 seconds for a chance to win $5,000! http://www.mit100k.org/pitch/
Calling All Inventive Seniors & Graduate Students at MIT for the $30,000 Lemelson-MIT Student Prize Deadline: Fri, 11/30/2012 Individual inventors and/or key contributors to a team project, or who have otherwise demonstrated a portfolio of inventiveness are encouraged to apply. Applicants become a part of a cohort, benefitting from events, networking, and other opportunities. In addition to monetary support, Winners (and up to 2 Finalists) gain national media attention, enabling them to further develop their ideas and/ or entrepreneurial ventures. Interested? Find out more at http://web.mit.edu/invent/a-student-2.html
The above listings are some of the many events that happen throughout MIT and the broader entrepreneurial ecosystem. For more, take a look at our event calendar at entrepreneurship.mit.edu/calendar.
MIT Community Members: If you have an event or opportunity to promote, please add it here .…
ng and the MIT Computer Science and Artificial Intelligence Laboratory (CSAIL), this summit brings together a diverse range of individuals, including: research scientists; educators from formal and informal settings; NGO staff members; computer scientists; representatives from industry; entrepreneurs; and others. The intimate size, exhilarating program, and accomplished attendees make the MIT App Inventor Summit the ideal opportunity to share current work, form new collaborations, and stay abreast of the latest developments within the MIT App Inventor community.
CALL FOR PARTICIPATION
Talks present participants with the opportunity to present their research, experience, projects or implementations of their App Inventor-related work. Each presentation will last no longer than 15 minutes with an extra 5 minutes specifically dedicated to questions. Authors who wish to submit possible topics to be considered for talk sessions at the App Inventor summit must submit a 2-3 page abstract following the talk formatting guidelines.
Find out more
Posters provide an interactive forum in which authors can present their work to attendees during poster sessions. We especially encourage students to submit their work-in-progress projects related to App Inventor. The poster sessions will be held over lunch and during coffee breaks. Posters provide an opportunity to describe new work or work that is still in progress using App Inventor.
Find out more
Panels present multiple perspectives on a specific topic. Each panel will have at most four panelists including a moderator.Panel submissions should include a list of the panelists, their affiliations, and a description of the overall topic, with brief position statements from each panelist.
Proposals with more than four panelists must specify the reason for the extra panelist as well as how the time will be divided so that each panelist will be able to speak.
Find out more
The App Competition allows users of MIT App Inventor to showcase their apps.
The app developer DOES NOT need to be present at the 2014 MIT App Inventor Summit. However he/she must agree that the MIT App Inventor Team can showcase the app. There will be three prizes awarded for this competition. In addition the prizes, each winner will also receive a certificate that reflects the winning category.
Find out more
Short video submissions allow users of App Inventor to tell their story, their experience in using the tool, reasons and motivations for creating apps or to just showcase their work etc. The video needs to be NO LONGER than one minute .
Find out more
p idea, and your team could be awarded up to $20k! The Founders' Skills Accelerator pilot is designed as a hands-on summer active learning experience for MIT students (including 2012 graduates).
The accelerator, a joint project of all five MIT schools, offers:
Up to $20k awards per team (no equity stake) upon completion of pre-determined, customized milestones
Monthly monetary fellowship for qualified students
Dedicated desk space at MIT
Mentoring and all the Institute's resources (including the SkTech MIT Innovation & Entrepreneurship Initiative, Martin Trust Center for MIT Entrepreneurship, Deshpande Center for Technological Innovation, MIT Venture Mentoring Service, MIT Technology Licensing Office, Gordon-MIT Engineering Leadership Program, MIT Media Lab Entrepreneurship Program, SUTD-MIT International Design Centre, and more!)
The desk space runs from June 4 through August 31. Teams also participate in a Demo Day to be held in conjunction with the t=0 Festival in mid-September.
The application period has now concluded. Please note that due to overwhelming interest, we will not be able to consider late applications.
Q: What kinds of teams are you looking for?
A: You are at an early stage. You might have entered the $100K, worked on your project in a class, or simply are working on the side with fellow students. You don't have funding (not much, anyway), but you have made enough progress that this summer will be an excellent learning and growth opportunity. Quite possible, you have even achieved some traction so that you will start the summer with momentum.
Q: How does the funding work?
A: The selected teams will be eligible to earn up to $20,000 in awards after completing pre-determined milestones (agreed on by the team and its advisory committee) over the course of the accelerator. Eligible team members will also receive a monthly fellowship of $1,000 for the months of June, July and August. There is no equity requirement, since we are focused primarily on building your ability to be a successful entrepreneur.
Q: How do the milestones work?
A: Each team will be working to fulfill milestones in four categories: Customers, Product, Team, and Financial. Teams will have between two and five milestones in each category. Teams will propose milestones in the application process, and each team will be paired with its own committee for oversight (similar to a board of directors) who will work with the team to refine the milestones, and to hold the team accountable as the summer progresses. Milestones will be designed to be rigorous yet achievable in the 3.5-month period leading up to the Demo Day.
Q: What if I don't know what to put for my team's milestones?
A: We're looking for you to take a first stab at defining milestones so we get a better sense of where your team is, and where you think your team is. If you are selected, an advisory committee custom-tailored to your team's needs will help you refine the milestones. For some generic examples of milestones, see below
Q: Who is eligible to receive a fellowship?
A: Team members who are full-time MIT students as of June 8, 2012, or who graduated from an MIT degree program in 2012 (as of June 8), are eligible to receive the $1,000/month fellowship. Please note that team members who are not founder-level for the project may not be eligible to receive a fellowship.
Q: Where is the desk space? What other space amenities are there?
A: Each team will have dedicated desk space in the Martin Trust Center for MIT Entrepreneurship in E40-160. The center also has shared conference spaces with IdeaPaint whiteboard walls, a videoconference system capable of connecting with Skype, Google Talk and IP-based room systems), teleconference capability (free calls, including international), and lots of coffee, tea, and Ramen noodles.
Q: What if I need fabrication space for my idea -- will dry and wet labs be made available?
A: Yes. We love these kinds of projects and want to encourage them. Facilities on campus will be made available to the teams within the standard safety procedures of MIT.
Q: How many people can be on my team?
A: Teams cannot exceed five members, and we will ask you how each team member contributes to the project. Remember that we are primarily focused on building your entrepreneurship skills, so we will favor teams where most or all teammates consider themselves founder-level for the project.
Q: Can I have non-MIT student team members?
A: The pilot is focused on MIT students and is not open to the general public. As such, at least one team member must be a full-time student as of June 8, 2012, or have graduated from an MIT degree program in 2012 (as of June 8). Note this is a minimum requirement, as we are looking for significant involvement from the MIT student/2012 grad team members. Teams whose membership represents multiple MIT schools or disciplines will be at an advantage.
Q: What is required of my team once I am in the accelerator?
A: The main requirement is to make adequate monthly progress toward fulfilling your milestones. Teams will meet on at least a monthly basis with an advisory committee tailored to the team's needs, and will submit a progress report in advance of each meeting. We will also hold a luncheon series that teams are required to attend. Finally, at least one MIT student/2012 grad team member will be required to work full-time at the provided desk space for the duration of the summer.
Q: Who judges the applications and selects the participants?
A: Applicants will be evaluated by a committee made up of MIT and external people. The committee has full discretion to determine the number of teams to interview and to choose the number of teams that will participate in the accelerator. The committee will look to select a set of teams that represent a wide array of industries and MIT courses.
Q: Who is running the accelerator?
A: The accelerator is a joint project across all five of MIT's schools. Numerous campus entities are providing the resources to make this pilot successful; they include the SkTech MIT Innovation & Entrepreneurship Initiative, Martin Trust Center for MIT Entrepreneurship, Deshpande Center for Technological Innovation, MIT Venture Mentoring Service, MIT Technology Licensing Office, Gordon-MIT Engineering Leadership Program, MIT Media Lab Entrepreneurship Program, SUTD-MIT International Design Centre, to name just a few.
If your question is not answered here, please email firstname.lastname@example.org.
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As part of the application process, we will ask you to sketch out some milestones -- some accomplishments you think you can achieve in the 3.5-month accelerator period. We will later work to refine them with you, as they will determine how much of the $20,000 award you receive.
The suggestions below are meant to stimulate ideas for examples of milestones in our four categories, Customers, Product, Team and Financial. You do not need to (and should not) include all of the below suggestions in your application, and you can propose milestones not listed here.
Examples of some generic milestones are below, followed by a few sample project milestones. Note that the sample projects' milestones are more specific, have 2-5 milestones in each category, and closely fit the team and project.
Potentially relevant Customers generic milestones may include: Clear definition of target customer, persona, identification and validation of a significant need/opportunity, primary and secondary research to test, validate and refine assumptions, , concrete first customer list, TAM (Total Addressable Market) calculations for initial and overall markets, proof of customer traction, mapping of the customer decision making unit and/or decision making process, etc.
Potentially relevant Product generic milestones may include: Product definition: clear linkage to target customer, quantified value proposition, identification of key assumptions to be tested, tests designed to timely and efficiently validate/invalidate key assumptions, a well documented and validated use case, validation data on key assumptions, Minimum Viable Product, marketing requirements document, product plan to achieve differentiation. Technology base: functional specifications, product development plan, definition of sustainable competitive advantage, building the sustainable competitive advantage, building the product, clarity on resources required to develop product, etc.
Potentially relevant Team generic milestones may include: Clear identification of a balanced core team, clarification of each person’s strengths and weaknesses, definition of each person’s role, proof of alignment among team members, building an appropriate and mutually acceptable equity plan, incentive plan, identification of additional people resources needed and when, recruitment of additional team members or board members, etc.
Potentially relevant Financial generic milestones may include: An analysis of business models to monetize for the project, selection and testing of business model, building the company’s financials – especially cash flow, required investment (if needed), calculation of COCA (Cost of Customer Acquisition) and LTV (Life Time Value of a customer), development of a plan to obtain the needed resources after an evaluation of the options (including customers, equity, debt, government), sensitivity analysis of financials. If outside funding is important – development of a pitch deck, development of a fundraising plan, execution of a thoughtful fundraising plan, commitments for funding, etc.
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Hypothetical Examples of Milestone Selection
Here are some sample milestones for a few different types of projects. Please note that they are based on a longer timeline than 3.5 months -- we prefer that you aim to be ambitious in the application. Your milestones should be customized for your project, so do not let these examples constrain your thinking, and remember, we will help you refine the milestones prior to the beginning of the program.
Website or App Project
Clear definition of target customer profile & problem/opportunity being addressed in their words, detailed persona, well-documented use case, initial market TAM (total addressable market) -- all validated through extensive primary direct customer research.
50k unique visitors to site with measurement of user engagement, click-through rates and repeat visitors as compared to the industry.
Detailed web site definition in Balsamiq for the complete use case leading to clear definition of MVP (Minimum Viable Product) and assumptions it is designed to prove.
Identifying and building of alpha version of site.
Based on the analytic feedback from alpha, building of beta version.
Definition of the product’s “core” and how the company will leverage and grow this to create sustainable competitive advantage.
Clear definition of team members’ strengths and weaknesses along with role(s) on the team.
Finalizing the founders’ stock/equity splits and vesting schedules.
Identification of gaps on the team and development of plan to fill those gaps, then executing this plan.
Progress of founders to build skills in key capabilities with regard to their role(s).
Build out a credible and committed Board of Advisors.
Decision on business model after testing (a) advertising, (b) freemium/subscription, (c) affiliate, (d) other?.
Financials for three years (cash flow) including sensitivity analysis to determine (a) breakeven analysis, (b) key assumptions, (c) investment needed to get to cash-flow positive.
Develop a high quality short and long pitch deck for investors and pitch to 3 potential angel investors.
Clean Energy Hardware Project
Make a clear definition of landfill market opportunity and decision making process. Do extensive customer interviews (20+) and on site visits (3+) to understand the essence of their business and their DMU (Decision Making Unit). Policy considerations for each location will be considered in this analysis. Build up and justify a TAM for the original market.
Make a list of the top ten potential customers with their total potential size and get letters of intent from at least 3 of them.
Gain commitment to pilot this summer.
Build the well head sensor system at MIT and test it to ensure the full system will work. Build and test a prototype for field test.
Pilot the system in at least one customer and analyze data.
Determine true cost of goods sold at volumes of 10, 20 and 100. Identify and gain commitments from suppliers for all key parts.
Define an IP strategy to protect your business and file at least a provisional patent if appropriate.
Clear definition of team members’ strengths and weaknesses along with role(s) on the team.
Finalizing the founders’ stock/equity splits and vesting schedules.
Identification of gaps on the team and development of plan to fill those gaps… then executing this plan. Most specifically, find a sales person or channel.
Find and recruit a highly credible land fill expert for your team who has strong connections with Waste Management.
Analyze business models (subscription, shared savings, one time sale plus maintenance, consumables, others) and determine the best possible.
Construct financial projections, focused on cash flow as being the most important, for a five year period. Include a sales funnel analysis, COCA, LTV and a sensitivity analysis.
Build a pitch deck for government funding to support the team getting to cash flow positive.
Complete license agreement with Cleveland Clinic by July 1, 2012.
Secure institutional review board approval and begin recruiting subjects by August 15, 2012.
Complete initial beta design and documentation by June 15, 2012. This will include the complete manufacturing plans and bills of materials for the beta version of Product A.
Complete product requirements report by August 15, 2012. This document will be written with extensive input from prospective customers and will provide the basis for writing the testing plan.
Write formal testing plan by August 31, 2012. This document will cover both mechanical reliability and clinical tests and will be used as a guide to determine if our design meets our product requirements.
Build schedule and commitment for initial beta samples in October 2012. This will include contracting manufacturing organizations to build parts to our specifications and fabricating entire samples.
With the founding team, identify a common set of deeply held relevant values for the company that will be the basis for a strong corporate culture going forward for the long journey this company will have to make.
Determine the missing gaps on the team and when we will need to add them.
Make a stock pro forma table for the company that includes the founders and potential future hires as well as funding.
Build a strong Technical Board.
Develop a short and long pitch deck for investors and a plan to raise the seed round of financing.
Execute the plan by giving a number of presentations to individuals, strategic partners and at industry fundraising conferences (e.g., Needham’s Biotech conference in August in Boston).
Close $250,000 of XYZ Tech’s Series A Financing by August 31, 2012.
Again, these are simply examples, and they are based on a longer timeline than 3.5 months. Please be creative to come up with rigorous, measurable yet achievable milestones.
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In Summer 2011, nineteen student teams participated in the FSA's predecessor, Summer Startup Central, which included desk space and mentoring. Here's what some of the participants had to say about Summer Startup Central:
"The Summer Startup Program at the Martin Trust Center was extremely helpful to Liquid Metal Battery Corporation getting off to a good start. Great program."
-- Prof. Donald Sadoway, Founder, LMBC
"It was a great experience. It was incredibly valuable to share and learn from the experiences of other MIT students who were going through the same stages of forming and launching their companies. As a first-time female CEO, it was beneficial to have access to mentors and advisors as well as the support of the entire Trust Center team."
-- Fatma Yalcin, MBA '11; CEO, Curisma
"It gave us the perfect environment to spend time working through the challenging issues of strategy, team, funding, and market selection. It was incredibly valuable."
-- Miles Barr, PhD '12 Course 10; President, Ubiquitous Energy
"Locu would not at all be where it is today without the program. It allowed us to really develop our plans, solidify our team, and achieve escape velocity. The community and mentorship were invaluable."
-- Rene Reinsberg, MBA '11; CEO, Locu
"The kernel that became Manus Biosynthesis started as a project in i-Teams, but it was really in the summer startup program -- with its network of support, resources and connections -- that it became clear that we had a viable and exciting new venture that could have a significant impact on the world."
-- Prof. Greg Stephanopoulos, Chairman of the Scientific Advisory Board, Manus Biosynthesis
"It was everything for us. In so many dimensions, it helped make our new venture idea a reality. To cap off the experience, it ended with us being introduced on Demo Day at the t=0 Festival to the person who has become our cornerstone blue-chip investor."
-- Tyler Spalding, MBA '11; CEO, StyleSeek
Questions? Email email@example.com.
’ nutritional information. That’s the concept behind an innovation that won first place at the 15th annual IDEAS Global Challenge, held Saturday in the MIT Media Lab.ValueMe, co-founded by two MIT Sloan School of Management students, earned the $15,000 award — and high praise from judges — for inventing an app that gives food shoppers “nutrition receipts” for their purchased groceries, and tells them if the foods in their cart are lacking in essential nutrients. In all, 12 teams split $97,500 in cash prizes at the IDEAS innovation showcase and awards ceremony, organized by MIT's Priscilla King Gray Public Service Center. The other winners were: Muhit ($5,000), dot Learn ($5,000), Bamboo Bicycles Beijing ($5,000), SmartSocket ($7,500), Flare ($7,500), PrepHub Nepal ($7,500), Ricult ($7,500), Torr Energy ($7,500), Roots Studio ($10,000), Astraeus Technologies ($10,000), and Tactile ($10,000).IDEAS is an annual competition that provides MIT’s social entrepreneurs with mentorship and resources to launch social enterprises. This year, 46 teams competed in nine categories: water and sanitation, education and training, agriculture and food, health and medical, emergency and disaster relief, housing and transportation, energy and environment, mobile devices and communication, and finance and entrepreneurship.Nutritional valueValueMe team member Malena Gonzalez, a student in MIT’s Executive MBA Program, said the team’s app is powered by an algorithm that leverages data from the U.S. Department of Agriculture’s National Nutrient Database. In so doing, the app can analyze someone’s groceries for missing vitamins, minerals, protein, and carbohydrates needed to fulfill a preset diet. By partnering with the American Association of Retired Persons, ValueMe also plans to incentivize buyers with discounts for buying healthier foods.The team aims to partner with supermarkets to integrate their system at registers. At check-out, a person will swipe their insurance card, and the system will recognize the person and analyze all food items purchased for nutritional value. This information will be sent to the buyer’s app. “When they’re printing your receipt, [you] will receive a nutrition snapshot of everything that you purchased and it will analyze if there are components or nutrients that are missing in your diet,” Gonzalez said. “This provides, at the point of sale, education for consumers on how healthy they’re eating.”In presenting the award to ValueMe, Ben Sanchez, co-founder of the Latin American Science Education Network, which won a $7,500 prize at last year’s IDEAS competition, said judges called the concept “more innovative than anything they have seen in the history of the competition.” One judge noted that ValueMe “could trigger a systematic change in the food industry,” Sanchez said.ValueMe will put the IDEAS prize money toward a pilot program with a grocery store in Philadelphia, according to Gonzalez. The other ValueMe team member is executive MBA student Tomasz Grzegorczyk, a former researcher in MIT’s Research Laboratory of Electronics, who has a background in data analytics.Impact of IDEASIn its 15-year history, IDEAS has awarded more than $750,000 to 128 teams, more than half of which are still active in 44 countries as for-profit and nonprofit firms. Winners have gone on to secure more than $40 million in additional funding.This year, 64 teams submitted innovations for IDEAS. Participating teams received guidance from IDEAS mentors and participated in workshops, dinners, and other events to learn from seasoned entrepreneurs.All 46 finalist teams displayed their innovations to judges and around 150 attendees during a showcase before the awards ceremony. Each team had a large monitor for presentations about their innovations, and some displayed working prototypes.Undergraduate team SmartSocket showed off some prosthetic limbs created with locally sourced materials to make them more affordable and comfortable for people in developing countries. One of their leg prostheses was made from plastic and lined on the inside with mushrooms, which keep the device springy and conform with a person’s leg. An antimold component keeps the mushrooms fresh for 30 days, and then they can be easily replaced.SmartSocket team member Krithika Swaminathan, a junior studying mechanical engineering, said IDEAS was “a great way to kickstart prototyping … and finally [invent] something that will actually be a product.”Keely Swan, administrator for the the IDEAS Global Challenge in MIT’s Public Service Center, said the showcase and awards ceremony together represent good opportunities for student teams to gather more feedback from judges, peers, and others. “That feedback will help them develop as they continue forward,” Swan said.Many award presenters were previous IDEAS winners, who praised the competition for kickstarting their commercial ventures. Among those was Scot Frank, co-founder of One Earth Designs, a 2008 IDEAS winner that develops solar cookers for developing countries.The competition, Frank said, provided his team with sage startup advice and offered “a stamp of approval” from MIT for commercializing the invention. The company’s solar cookers are now being sold in 30 countries. “It really goes to show what the IDEAS competition can do for the ideas that are here in this room and here as part of the MIT community,” Frank said.In her welcoming remarks, Chancellor Cynthia Barnhart praised the competing students’ ingenuity. “You’ve recognized some of humanity’s most pressing problems and you’ve gotten to work solving them,” Barnhart said. “Thank you for embodying the most important MIT tradition of all: using your knowledge to make the world better for this generation and the ones that follow.”…
oom Preconference Sessions, Wong Auditorium
1:00 - 2:00 p.m.
2:00 - 2:05 p.m.
Welcome and Overview, SDM Back to the ClassroomJoan S. Rubin, Industry Codirector, System Design and Management, MIT
2:05 - 3:30 p.m.
What Is Systems Thinking and Why Is It Important?Qi Van Eikema Hommes, Ph.D., Lecturer, Engineering Systems Division, MIT
3:30 - 5:00 p.m.
A New Era in Project Management: Viewing Projects as SystemsBryan R. Moser, Ph.D., Lecturer, System Design and Management, MIT; Researcher, Design Engineering Laboratory, University of Tokyo; President and CEO, Global Project Design
Wednesday, October 8, 2014
SDM Systems Thinking Conference, Wong Auditorium
7:00 - 8:00 a.m.
Registration and Continental Breakfast
8:00 - 8:05 a.m.
Welcome and OverviewPat Hale, Executive Director, SDM Fellows Program
8:10 - 9:10 a.m.
Keynote: The Importance of a Systems-Based Approach to Leadership in Disruptive CompaniesDr. Catherine Mohr, Vice President of Medical Research, Intuitive Surgical
9:15 - 10:15 a.m.
Hacking LeadershipAndrea Ippolito, SDM '11, Ph.D. student, Engineering Systems Division, MIT; Presidential Innovation Fellow, White House; Co-founder, Smart Scheduling; Co-leader, MIT Hacking Medicine
10:15 - 10:45 a.m.
10:45 - 11:45 a.m.
A Systems Thinking Framework for Emerging, Evolving, and Established LeadersFreddie Douglas III, SDM '00, Director of Safety and Mission Assurance Directorate, John C. Stennis Space Center, NASA
11:45 - 1:00 p.m.
1:00 - 1:15 p.m.
Design Leadership at MITMatthew S. Kressy, Director and Senior Lecturer, Integrated Design & Management, MIT
1:15 - 2:15 p.m.
Keynote: Adopting Systems Thinking as a Standard Organizational ApproachJames Cook, Vice President and Director, Center for Enterprise Modernization, The MITRE Corporation
2:15 - 2:30 p.m.
2:30 - 3:30 p.m.
The Importance of Failure and the Incomplete LeaderChristopher Berardi, SDM '11, Ph.D. Student, Engineering Systems Division, MIT; Captain, US Air Force
3:30 - 4:30 p.m.
How a Systems-Based Approach Can Help You Lead and Manage More Effectively—No Matter What Your IndustryMichael A. M. Davies, Founder and Chairman, Endeavour Partners; Senior Lecturer, Engineering Systems Division, MIT
4:30 - 4:45 p.m.
Wrapping Up and Looking ForwardJoan S. Rubin, SDM Industry Codirector, MIT
4:45 - 5:45 p.m.
6:00 - 9:00 p.m.
SDM Information EveningBush Room, Building 10, Room 105 (Under the Dome)
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