My Weblog

Over the past 18 years, the MIT $100k Business plan competition has given birth to over 85 companies that amount to over $10 billion in market cap and produce an aggregate exit value of $2.5 billion! It’s no wonder that BusinessWeek has labeled it “the most acclaimed business competition.” Over 1,000 people participating in over 250 teams this year that were narrowed down to 7 finalists. We would like to congratulate Diagnostics For All for taking home the grand prize of $100,000 and CovalentSolar with taking the Audience Award of $10,000.

I just attended the reception and awards ceremony last night and have to say that it was a remarkably inspiring event with companies providing solar energy solutions, cyber security, mobile applications, and ventures that aim to bring health care to third world countries. It’s not only inspiring to see such innovative ideas, but ones that actually have the potential to solve some of the world’s biggest problems. Competitions like these that aid entrepreneurs are not only crucial for entrepreneurs themselves, but are crucial in expediting the commercializing of new technologies and innovation developed in the labs of these institutions. The gathering of these world-class entrepreneurs, investors, and potential investors, creates a unique environment that catalyzes the growth of companies that can open up new job opportunities for thousands of people. The companies that have sprung from MIT have already produced over 2,500 jobs. This might not have been possible without the $600 million dollars in Venture Capital funding that the event help to garner.

Diagnostics For All has a unique technology that has tremendous potential for social impact in health management care. Their service revolves around a simple piece of litmus type paper that is able to diagnose patients for certain diseases by exposing the paper to a drop of blood. Depending on whether the patient has a certain disease or is healthy, the paper will turn a certain color. This makes it easy for any person in third world countries to diagnose patients without needing expensive equipment. It is a big idea because it provides a simple, easy and cheap method for a problem that is currently difficult, inefficient, and expensive. By providing this revolutionary technology the non-profit diagnostic company will provide health care agencies and commercial organizations with a new generation of point-of-care tools to address the diagnostic and clinical management needs of the global medical community. Diagnostics For All may begin to bridge the gap between the difference in health care options and services in the developed world and third world countries through affordability and immediate feasibility.