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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
Submission Requirements:
  • Must have proprietary, innovative energy technology or an innovative services business model
  • Must be New England-based
  • Must not already be venture capital financed
Key Dates:
  • January 22, 2007 – Executive Summary Submissions Due
  • February 26, 2007 – Business Plan Submissions Due
  • March 10, 2007 – Winner Announced at MIT Energy Conference
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