Thursday, February 10, 2005

50k Competition Kick-off

I went to the MIT 50k competition kick-off event last night. For those of you who dont know what the 50k competition is, it is a competition at MIT where students form teams to propose an idea or product (often the result of some research on campus)that has huge business potential. Teams with the best business plan wins. Entrants get to meet venture capitalists and other industry contacts that may fund or help launch entrants' own companies. In fact, 50k competition has given birth to some very successful companies in past, like Akamai, net.Genesis, Virtmed, etc. I didn't have any agenda going to the 50k event other than checking it out. There were 2 guest speakers that night who talked about the do's and don'ts of entrepreneurship. One was the co-founder of net.Genesis and the other the found of NewMerix and Service Metrics. There were also a few venture capitalists that night, although I didn't get the chance to talk to them. But seriously, it wasn't as extravagant as it sounds. It was my first experience in such event and I found the atmosphere to be very causal and cordial. To my surprise, you don't have to have a great idea to participate in 50k. Is like this, people match up with people who complements their own skills and talents. Diversity is critical to any successful enterprise. Every team member of an enterprise contributes something important, people with big ideas or vision will look for people of other talents and vice versa. I was surprised that a few people talked to me regarding opportunities in forming a team but I doubt I have the time for it. However, I am definitely looking forward to the 50k competition in the fall. This should give me the whole summer to think about the next big idea.

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