MIT Entrepreneurship Development Program 2011

Informatics Ventures are giving 10 ambitious high-tech companies in Scotland the opportunity to attend the Massachusetts Institute of Technology’s Entrepreneurship Development Program from January 23rd to 28th, 2011. Priority preference will be given to companies with a connection to a SICSA department or a strong Informatics / Computer Science core to their business. 

The MIT Entrepreneurship Development Program (EDP) is an intensive, one-week Program teaching participants from around the world how to identify and evaluate opportunities for new technology ventures.

The Informatics Ventures package of support includes fully funding your:

• MIT EDP Course Fee ($8,800)

• Return Economy Flight from Scotland to Boston, MA, USA.

• Accommodation in the Marriott Hotel, Cambridge, MA, USA.

Key dates:

• Closing date for applications: Friday 22^nd October, 2010 at 12 noon.

• Short listed candidates to present to panel: Thursday 4^th November, 2010, Edinburgh.

• EDP briefing session with alumni and Kenneth P. Morse: Monday 15^th November, 2010, Edinburgh.

• MIT EDP: 23^rd-28^th January, 2011, Cambridge, MA, USA.

This intensive week of world-class executive education is an invaluable opportunity for Scottish entrepreneurs to get an unfair advantage in growing their globally ambitious high-tech ventures. The Program is run by entrepreneurs for entrepreneurs and is an excellent opportunity to network and develop global relationships and sales opportunities.

A sample Program Schedule can be viewed at the MIT Sloan School of Management EDP webpage.

If you are interested in being one of the 10 ambitious high-tech companies Scottish companies selected to attend the MIT EDP, please ensure you can answer YES to ALL of the questions below and then complete this application form.

Informatics Ventures MIT EDP sponsored place criteria:

1. You are a globally ambitious company based in the Lowlands and Uplands of Scotland (if based in the Highlands please refer to HIE’s competition).

2. Your company is scalable and has some underlying technology at its core.

3. Your company has less than 250 employees and less than €50M turnover.

4. You have participated in at least one of the Informatics Ventures Global Entrepreneurship Team workshops in Scotland (listed here). Note the next workshop is on 15^th-16^th October 2010 in Edinburgh (details here).

5. You are available, fully committed and able (e.g eligible for a visa) to travel to attend the full Program in the United States of America from 23^rd January to 28^th January 2011.

6. You are available to present to a selection panel in Edinburgh on Thursday 4^th November 2010.

7. You are available to attend an EDP briefing session with Kenneth P. Morse on the morning of Monday 15^th November in Edinburgh.

8. If you are offered and accept a place on the MIT EDP and subsequently pull out, you agree to pay a 10 percent administration fee equal to £800.

9. You agree to the Terms and Conditions at the foot of this webpage.

The MIT Entrepreneurship Development Program (EDP) covers the entire venture creation process, from idea generation to building viable global businesses, with special emphasis on the nurturing roles of CEOs of technology businesses. Using MIT’s entrepreneurial culture as a model, participants learn what they need to know in order to develop ideas into successful businesses and to increase entrepreneurial opportunities in their businesses and regions.

In 2010, there were 115 participants from 35 countries. They were mainly CEOs of small technology companies, some CEOs of large companies with up to £20m turnover, some CEOs from traditional sectors, some economic development agencies, VCs and banks.

Over a period of 6 days, from 7am to midnight, the program includes visits to companies and VCs, lectures by a mix of academics, successful CEOs, VCs, IP attorneys, turnaround specialists and more. There is also a week-long team task, a business start up case, and three competitions: speed dating, elevator pitch and business plan presentation. As it happened, in 2010, all three of these competitions were won by participants from Scotland.

The EDP receives unanimously enthusiastic feedback from its participants and undoubtedly raises the bar. Participants typically refer to it as “inspirational”, “life changing”, “business plan changing” and above all “aspiration changing”!

Informatics Ventures is now seeking ambitious entrepreneurs who would like to take advantage of a unique opportunity to help their business reach its full potential and develop themselves as business leaders. The EDP participants learn to hone their customer focus and entrepreneurial skills, and to create a more favourable climate for innovation and entrepreneurship in their organisations which in turn will help develop the entrepreneurial ecosystem here in Scotland.

All applications will need to comply with the terms and conditions shown below.

Terms and Conditions:

• All eligible entries will be judged by a panel.

• The panels decision is final, no correspondence will be entered into.

• Priority preference will be given to companies with a connection to a SICSA department or a strong Informatics / Computer Science core to their business. 

• Shortlisted applicants will be notified via email by Tuesday 26^th October 2010.

• Shortlisted applicants will be required to attend an interview lasting up to an hour, taking place in Edinburgh on Thursday 4^th November, 2010.

• The 10 best entries will be awarded a sponsored place on the MIT Entrepreneurship Development Program from 23rd – 28th January 2011.

• Program will include an optional half day SDI seminar on Doing Business in the US on the Friday afternoon prior to EDP.

• Economy flights will be organised by the University of Edinburgh’s Travel Agent. Flight dates are negotiable but must allow for full attendance at the EDP.

• On return from the visit to MIT, the winners must produce a short report on the trip, describing the benefits of the visit, how they will apply the learning to their business and submitted to Informatics Ventures by Monday 28th February 2011.

• The winners should be willing to share their experience with other aspiring entrepreneurs in Scotland if requested by Informatics Ventures during the course of the following year.

• The inability to contact a potential winner may result in disqualification and selection of an alternate winner.

• Winners will be required to have a current, valid, machine readable passport and their own travel insurance.

• By submitting an entry and entering this competition you hereby grant the sponsors (Informatics Ventures) the right to use, publish and distribute any promotional photographs taken in connection with the promotion of the MIT EDP. 

• None of the entry materials submitted by applicants will be treated as confidential, please do not submit proprietary information.

Prize details:

• The financial value of the prize is approximately £8,000.

• The prize includes the EDP course fee, return travel from Scotland to Boston and accommodation during the course, and an extra day for a workshop in Boston on ‘Doing Business in the US’ organised by SDI.

• Flights from Scotland to Boston, overnight accommodation and a group evening meal on one evening will be arranged and paid for by Informatics Ventures. Most other evenings have catering as part of EDP. You will have to arrange/buy your own dinner on some evenings.

• Any other costs incurred during the programme will be at the participant’s own expense.

• Participants are personally responsible for their VISA to the US. Participants must ensure they are eligible for a US VISA prior to accepting the prize.

• Added value from attending on an Informatics Ventures sponsored place comes from additional networking and additional workshop (Doing Business in the US) arranged by Scottish Enterprise and Scottish Development International’s office in Boston.

• Withdrawal from the programme following notification and acceptance of the prize will leave the participant responsible for an admin fee of £800.