NEEIC $150K Energy Business Creation Competition
Drivers for Business Creation Competition:
- Energy is the largest global industry, but relative to other industries, the rate of innovation is insufficient to meet the current time challenge to avoid massive disruption.
- Prices for this industry, upon which all other industries and the overall economy are so dependent upon, have increased dramatically, changing the rules of the game.
- Demand for energy products will increase dramatically as emerging economies, in particular, China and India, continue to progress, resulting in a huge supply gap in current known energy resources, which must be filled.
- Current global energy supplies depend upon politically unstable regions, therefore, energy facilities and transmission operations are vulnerable to terrorist attacks and nuclear proliferation.
- Lack of a globally recognized, centralized cluster of high-tech energy businesses and leaders.
Business Creation Award:
- $100,000 initial investment for the winning company from General Catalyst Partners, Advanced Technology Ventures and Atlas Venture
- More than $50,000 of in-kind professional services from leading New England firms, including:
– In-kind PR services from fama PR
– In-kind legal services for IP protection and business organization from Mintz Levin
– Office space
- Active involvement from General Catalyst Partners, Advanced Technology Ventures, Atlas Venture, fama PR and Mintz Levin toward launching the company
- Must have proprietary, innovative energy technology or an innovative services business model
- Must be New England-based
- Must not already be venture capital financed
- January 22, 2007 – Executive Summary Submissions Due
- February 26, 2007 – Business Plan Submissions Due
- March 10, 2007 – Winner Announced at MIT Energy Conference