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!
Entry and Registration
- There is no entry fee.
- Entry registration must be received by October 15th, 2013 at 11:59 PM ET, no exceptions.
- Entries may be submitted by individuals or teams of up to 7 members.
- Each individual or team may enter one idea, and the same idea cannot be entered in more than one track. Students may participate on multiple teams, but can only pitch one idea. Teams are encouraged to seek the involvement of MIT faculty, alumni, post-docs, researchers, staff, students from other schools, and people from outside the MIT community.
- Each individual or team must have at least one currently registered MIT student. Students submitting an entry as an individual must be a currently registered MIT student.
- Currently registered students include all full-time and part-time undergraduate, graduate, and PhD students only. Post-doctoral candidates may not serve as the “MIT student” on a submitting team, but may participate on a team with a currently registered student meeting the above criteria.
- The presenting member of the team must be a currently registered student (including non-MIT students). Post-doctoral candidates do not qualify to be the presenting member.
- Students must submit their entries using an mit.edu email address; otherwise, the submission will not be accepted.
- Individuals may serve as the qualifying student (the currently registered MIT student needed for any team to enter the contest) for exactly one team for the whole contest. Each student may only present one idea. However, students may participate on multiple teams, but not as the qualifying member of a team.
- The MIT $100K Organizing Committee reserves the right to admit any idea in a track different from the one selected by the team at the time of online registration. If the team is admitted to a track other than the one selected by the participant, the Organizing Committee will communicate this decision to the team.
- Ideas that have won any money in any previous $100K competition are not eligible for re-entry.
- Entries must be the original work of the entrant.
- Entries are subject to the following funding requirements: By submitting a business idea, you represent and warrant to the MIT $100K Entrepreneurship Competition that you have all right, title and/or interest in the business idea submitted and the information you present is accurate and complete.
- Teams must disclose any funding already received at the time of registration.
- Teams must not have accepted any institutional funding for the idea being presented (i.e. the team cannot have sold equity to anyone outside the team – including non-managing founders). Any source of funding that has an equity ownership component, including funding from non-managing founders, is considered institutional.
- Teams must not have accepted any non-institutional funding in excess of $15,000. Non-institutional funding includes contests, grants, friends and family, bank loans, etc., where there is no equity ownership associated with the funding, but an exchange of money or promise/contract to exchange has occurred.
- There are forms of funding that may fall into a “gray area.” In these cases, the MIT $100K Organizing Committee will deliberate on the eligibility and communicate the decision to the team. The decision of the Organizing Committee on the eligibility of the entrant is final and cannot be appealed. Failure to disclose any “gray area” form of funding for Committee approval will result in automatic disqualification from all rounds of the MIT $100K competition
- By submitting to the MIT $100K Entrepreneurship Competition you are not and will not be violating any contract or third party rights including any patent, copyright, trade secret, proprietary or confidential information, trademark, publicity or privacy right
- The Organizing Committee of the MIT $100K Entrepreneurship Competition reserves the right to disqualify any entry that, in its judgment, violates the letter or the spirit of the Competition guidelines, processes and rules of the MIT $100K Entrepreneurship Competition.
- The decisions of the Committee are final and binding.
Pitch Contest Rules
The entire pitch during both the preliminary round and the Pitch Contest Finale must be made by one person alone. Violations of this rule will result in disqualification.
Entrants will have 60 seconds to present their idea.
Props are prohibited from the pitch, and include (but are not limited to) the following: Notecards, notes, or papers are not allowed in the pitch – no exceptions.
- PowerPoint slides
- Visual aides
- Toys, prototypes, representations
- Clothing or accessories worn/used and referred to or called out to illustrate any point in the pitch
Confidentiality and Intellectual Property
The identities of the contestants and the short description of the business disclosed in the registration, as well as any pitch delivered during any MIT $100K event, are considered of public domain and can be used by the MIT $100K Organizing Committee for marketing and PR purposes.
Before submitting entries, the MIT $100K Organizing Committee urges contestants to confirm with appropriate advisors or legal counsel that any intellectual property described in their summary is protected; i.e., by appropriate intellectual property filings, notices, (patent, copyright, etc) by the owning institution and/or individuals. The MIT $100K Organizing Committee also recommends that contestants determine in advance whether their summary describes a technology, invention, copyrightable work or other intellectual property owned by MIT in accordance with MIT Policy. The MIT Technology Licensing Office is available to answer any related questions.
For any doubts about the legal status of contestants’ own or third party intellectual property or any other aspect of their plan, the MIT $100K Organizing Committee advises to seek independent legal counsel.
All teams are required to participate in media and press opportunities related to the MIT $100K Entrepreneurship Competition. This includes, but is not limited to, the following opportunities:
- Any team may be asked to provide a 150-200 word description that will be made available to media and may be released publicly, either in part or in its entirety.
- Any team may be asked to speak to the media for competition related interviews when requested by the organizing committee.
- Any team may be asked to provide quotes and/or content for any competition related press releases.
- Participating in media and press opportunities in no way, shape, or form requires teams to disclose any proprietary or otherwise confidential information related to their businesses. The MIT $100K organizing committee agrees to provide consultation to any team, upon request, to avoid such disclosures while participating in press related opportunities.
Prize payments will be distributed as follows:
- Equal shares of any prize money won will be paid to each individual on a winning team
- If equity (stock) is divided among the team members, then teams with non-MIT students can only receive equity if the MIT students on the team also have equity in the company
- The individual recipients of prize money will be responsible for the tax implications of their winnings
- Teams may forfeit their individual shares of prize money in favor of granting the full amount of the prize money to a registered business entity if, and only if, all of the following conditions are met:
- Team registered as a business entity prior to October 15, 2013
- Team has a Federal Tax Identification Number (also known as an Employer ID Number) prior to October 13, 2013
- All members of the team have agreed in writing to forfeit their individual portions of the prize money in favor of granting the full amount of the prize money to the registered business entity. We strongly recommend that teams seek legal consultation prior to signing such an agreement.
- MIT faculty are not eligible for prize money; the payment they receive is distributed among team members. However, they can participate on teams.
Note that prize payments are treated as income by MIT and the IRS, regardless of whether the payment is made to an individual or a company. Non-U.S. citizens are taxed on their prize money up front at a rate of 30%, which is withheld from their prize checks.
You agree that you will not use the name of “Massachusetts Institute of Technology,” or any variation, adaptation, or abbreviation thereof, or of any of its trustees, officers, faculty, students, employees, or agents, or any trademark owned by IT in any advertising or publicity without the written permission of the Director of the MIT News Office.
MIT MAKES NO REPRESENTATIONS OR WARRANTIES OF ANY KIND CONCERNING THE MIT $100K ENTREPRENEURSHIP COMPETITION, EXPRESS OR IMPLIED. IN NO EVENT SHALL MIT, ITS TRUSTEES, DIRECTORS, OFFICERS, EMPLOYEES, STUDENTS, THE MIT $100K ENTREPRENEURSHIP COMPETITION JUDGES AND MENTORS, AND AFFILIATES BE LIABLE FOR ANY ADVICE, INFORMATION OR DECISIONS MADE FOR OR ON BEHALF OF THE MIT $100K ENTREPRENEURSHIP COMPETITION OR FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES OF ANY KIND, INCLUDING ECONOMIC DAMAGES OR INJURY TO PROPERTY AND LOST PROFITS, REGARDLESS OF WHETHER MIT SHALL BE ADVISED, SHALL HAVE OTHER REASON TO KNOW OR IN FACT SHALL KNOW OF THE POSSIBILITY OF THE FOREGOING.