The contest is the latest addition to MIT's renowned $100K competition, considered the world's premier business plan competition, which provides aspiring entrepreneurs with the resources, network and learning opportunities needed to start successful ventures. More than 150 companies have been launched out of the MIT $100k, generating more than $16 billion in market value and currently employing more than 4,600 people.
For this year's YouTube contest, students can film a 60 second “elevator pitch” for an innovative business idea, and then use their social networks to solicit as many YouTube "likes" and Twitter "re-tweets" as possible. The three most popular "YouPitches" as of May 1 will undergo a final round of judging that day. The winner will be awarded a $2,000 cash prize and invited to the May 11 $100K Business Plan finale in Cambridge, where the winner will be announced.
Additional information, including guidelines for how to submit a pitch, can be found at www.mit100k.org/contests/youpitch. Videos will be linked to via the MIT $100K’s Twitter feed (@mit100k) and Facebook page once uploaded onto YouTube.