Rules & Eligibility

TEAMS

1. A team must be comprised of at least two individuals.

2. At least 50% of formal team members identified in the competition submission documentation must be enrolled as half-time or full-time college or university students (Student Member) from all over the world.

3. Only student members can present the business plan, but all team members (student and non-student) are allowed to answer questions from the judging panels.

4. The Managing Directors, Judging Director, and Mentorship Director from the MIT Climate and Energy Prize (MIT CEP) may not enter the competition. There are no restrictions for any other members of the MIT CEP Leadership Team, as they will not have access to confidential information regarding the competition or be in a position to influence the judges or judging process.

COMPANY

1. Only new ventures are eligible to compete in the MIT CEP. Projects within existing businesses are not eligible for entry.

2. Teams must be incorporated or otherwise organized as a legal business entity, either in the U.S. or abroad, to be eligible to receive awards from the MIT CEP. All prize money (including travel reimbursement) can only be given to incorporated teams. Teams do not need to be incorporated to submit an application. Teams are advised that, in general, the earlier they incorporate or otherwise form their legal entities (e.g., LLCs, partnerships, 501(c)3), the greater the tax benefits. Winning teams may experience delays in receiving award payments if they are not incorporated at the time of award. Prize-winning teams organized as legal business entities outside of the US may be subject to fees when they receive their prizes.

3. In the case of a for-profit business, (a) for a corporation, Student Members must collectively control at least 50% of the team’s company equity and voting interests upon incorporation; and (b) for other forms of for-profit business entities (e.g., LLCs, partnerships), Student Members must collectively control at least 50% of the voting rights (e.g., to elect the board of directors or other governing body) of the team’s company upon formation of the business entity.

4. In the case of not-for-profit business entities (e.g., 501(c)3), Student Members must collectively control at least 50% of the voting rights to elect the board of directors or other governing body of the team’s business entity upon formation of that business entity.

5. All formal team members must demonstrate ownership by way of right to participate in the election of management in the legal business entity and an equity interest in the case of a for-profit business.

FUNDING

1. Teams that have secured capital in excess of $100,000 prior to the entry deadline are not eligible to enter.

2. Teams that have secured capital less than or equal to $100,000 prior to the entry deadline must disclose the amounts and sources of capital on the application.

3. Teams that have generated revenue from sales or contracts prior to the entry deadline must disclose the amounts and sources of revenue on the application.

4. Teams that have received research or grant funding are eligible to compete, provided that the funding was explicitly awarded for research, technology, or product development activities.

JUDGING

1. Click here (subject to update by The MIT CEP Managing Directors by the entry deadline) for the judging criteria against which the Judging Panel will assess all business plan submissions to the competition.

2. All prizes are awarded at the discretion of the Judging Panel and all judging decisions are final and not subject to appeal.

3. The MIT CEP Managing Directors, after consultation with the Judging Panel, reserve the right not to award a prize should no worthy entries be available.

4. Should the Judging Panel identify a concern that, in its opinion, causes the entry to violate the MIT CEP Rules and Conditions of Eligibility then it will advise the Managing Directors as such. The Managing Directors will make the final decision on whether to disqualify the entry.

CONTENT AND INTELLECTUAL PROPERTY

1. All descriptions of business plans contained in competition entries must be the original work of the entrants.

2. All information contained within all materials entered into the competition must be factual.

3. Entrants are not required to be the original creators, inventors, or owners of the intellectual property underlying their business plans. However, teams that rely on intellectual property that has been created or invented or is owned by a third party (“Third-Party IP”) must demonstrate that they have obtained written permission from any such third party to use the Third-Party IP as a basis to support their business plan before the semi-finals. Such permission should include not only the general right to rely on the Third-Party IP as a basis for the business plan, but should also include the right to reference or reproduce any figures, images, etc., that are included in the business plan. Full attribution should be given whenever an entrant relies on any Third-Party IP. Teams must also describe the nature and extent of any interactions or agreements they have or have had with Third-Party IP owners as part of the Intellectual Property Disclosure Statement submitted upon entry.

4. Entries should be made with the full understanding of MIT’s regulations on Intellectual Property Rights. It is the responsibility of the entrant to ensure that no third party, such as a research sponsor or research assistant who participated in their research, has any rights on the contents that may prevent its exploitation.

5. Plagiarism of any kind, including reproduction of images or other content without reference to the original source, or without permission from the content owner or creator where appropriate, is strictly forbidden and will result in disqualification from the MIT CEP. The decision to disqualify a team shall be at the sole discretion of the MIT CEP Managing Directors. Any images or other content contained in an entrant’s competition submission materials must include all necessary citations for the team to be eligible for monetary prizes. For more information, please refer to MIT’s Policy on Academic Integrity.

6. Entering teams are expected to take steps to protect the intellectual property described in their entries (whether it be their own intellectual property or Third-Party IP) through appropriate intellectual property filings and notices (patent, copyright, etc.) after seeking independent legal counsel and/or coordinating with the owners of any Third-Party IP. Entering teams are also encouraged to pursue appropriate licensing arrangements with the owners of Third-Party IP, although such licensing arrangements do not need to be finalized to participate in the competition.

7. Entering teams must be prepared to provide documentation to validate any claims that are made concerning the intellectual property underlying their business plans, including any claims concerning the licensing of Third-Party IP.

8. Entries that include software as a component should make clear which elements of the software product have been created by the team. It is the responsibility of such entrants to ensure they have acquired all necessary rights to the elements of the software product that are not the sole property of the team and are necessary for executing the business plan.

CONFIDENTIALITY

1. Only the MIT CEP Managing Directors, VPs of Mentorship and Judging, the Judging Panels, and the MIT CEP sponsors will have access to entry materials. Entering teams must recognize that any information submitted through entries is not protected by a non-disclosure agreement.

2. The Leadership Team, Judging Panels, Mentors, Sponsors, and other affiliates of the MIT CEP will not enter into non-disclosure agreements with entering teams.

MISCELLANEOUS

1. The MIT CEP Managing Directors reserve the right to make a final determination of a team’s eligibility.

2. Failure (i) to comply with these Rules and Conditions of Eligibility or (ii) to accurately make any disclosures required by the MIT CEP or its affiliates, as determined at the sole discretion of the MIT CEP Managing Directors, may result in disqualification from the MIT CEP and/or the requirement that any MIT CEP awards be forfeited and/or returned.

3. These Rules and Conditions of Eligibility may be revised periodically by the MIT CEP. In the event that they are changed after an entrant’s contest submission has been received, but prior to the contest judging, such entrant shall have the opportunity to make any changes to its submission to ensure compliance with the most recent Rules and Conditions of Eligibility.