Triers and dreamers
Over 25 years, the MIT $100K has awarded millions of dollars to more than 160 entrants that have formed companies responsible for over 4,600 jobs and with market values totaling more than $16 billion. Major companies have acquired more than 30 startups launched by the competition.
In honoring the competition’s long history of churning out startups, Baker, in his talk, officially announced May 14 as Entrepreneurship Day in Massachusetts. Noting MIT’s innovation and entrepreneurial ecosystem, Baker added, to thunderous applause, “[MIT] may, in fact, be the single most important institution in the commonwealth of Massachusetts.”
In closing, Baker thanked the competition entrants and the entire MIT community for being “triers and dreamers” that improve the world through practical innovation. “You are, in many respects, what makes this state great,” he said.
Keynote speakers included Robert Langer, the David H. Koch Institute Professor at MIT, who has co-founded more than 20 companies, and Langer’s former student Jason Fuller, a former organizer of the MIT $100K who is now a venture capitalist.
Last night’s eight finalists pitched their business plans to the crowd and a panel of six judges that included tech entrepreneurs, venture capitalists, and industry experts. Each finalist received $15,000, and a few earned additional awards.
We are happy to announce that Raptor Maps won the 25th annual MIT 100K entrepreneurship competition! We were one of 194 teams that participated. The competition helped us hone our business strategy for a successful launch. Thank you to all the organizers, donors, and mentors who made the competition possible.