All funds awarded must be used to launch a U.S. new business, according to the contest guidelines. "President Obama, who spoke at MIT in October, encouraged the Institute and the country to play a leadership role in developing clean energy ... The MIT CEP is a platform to help students catapult their ideas to the next level." The contest is organized by students enrolled in MIT’s science and engineering schools as well as those from the MIT Sloan School of Management.
Full Article at Boston Herald