Thursday, February 10, 2005
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.