Ignite Clean Energy MIT Business Plan Competition Kickoff

Business competitions at universities help accelerate the commercialization of technologies and birth of startups. The MIT Ignite Clean Energy competition is a year long training and competitive forum for entrepreneurs in the clean tech industry. It is one of many events that is produced by the Energy Special Interest Group (Energy SIG) and the MIT Enterprise Forum of Cambridge (MITEFC). Throughout the year, teams work with industry experts, mentors, and attend a variety of events all designed to polish business plans and get those ideas closer to market.

I'm a huge believe in these types of competitions. They have play an important role in spinning out hundreds of startups out of MIT. The Kauffman Foundation put together a study that examines the economical, global, and entrepreneurial impact of MIT. 

"If the companies founded by MIT graduates formed an independent nation, their revenues would make that nation at least the seventeenth-largest economy in the world...Globally, a less conservative estimate of their annual world sales would equal $2 trillion, producing the equivalent of the eleventh-largest economy in the world."

I've previously entered and won the Boston College Venture Competition several years ago, but this will certainly be a greater challenge. I jumped at the opportunity when my friend, Mike Galbo, recruited me for his team. (He's planning on contributing articles to Clean Economies, too.) We'll be working on a business plan for hydrogen production using solid oxide membrane electrolyzer with solid carbon. In other words, its a technology for producing large quantities of hydrogen that can be used for the large predicted demand of the gas.

Currently, the U.S. produces only 11 million tons of hydrogen a year. This is predominantly derived from ammonia production and petroleum refining. However, if the fuel is used for hydrogen fuel cell vehicles, then the US will need more than 177 million tons of high purity hydrogen per year. The solid oxide membrane (SOM) steam electrolyzer has been under development, researched, fabricated, and evaluated at the Department of Mechanical Engineering, Division of Materials Science and Engineering, at Boston University.

Here is a video that talks more about the competition. 

I'll be blogging about the experience. But, if you're interested in joining the competition, the kickoff event and deadline for registration is quickly approaching. Here is more info below:

Ignite Clean Energy Competition 2010 Kickoff

February 24th 6:00-8:30pm at Microsoft

Walk-Ins will be Welcome as well

$20 Professionals $10 Students (Student IDs will be checked)

Hear about the 2010 Competition, from past competitors and have an opportunity to network and potentially build your team to compete!

Rough Agenda

• 6:00-6:30 Registration and Networking
• 6:30-7:00 Welcome and ICE presentation
• 7:00-7:10 past competitors IntAct Labs
• 7:10-7:20 Sponsor speaking
• 7:20-7:30 pitches by interested competitors
• 7:30-8:30 team building and networking

The ICE Presentation will give an overview of what the 2010 Competition year will look like Past Competitors and 2009 Winners IntAct Labs will be attending to give their take on the ICE Competition and answer any questions for potential competitors. Stephen Zamierowski, Director of Deloitte Services LP will discuss being a sponsor of ICE Those who have Ideas to compete with are welcome to make 1-minute pitches to the crowd stating their idea and what (if any) type of team member they are looking for. Color Coded nametags will then allow you to quickly identify those who have an idea or those looking to join a team! Register Here