The MIT $1K Business Idea Competition
is a business plan
competition held by the MIT Entrepreneurship Center
at the MIT Sloan School of Management
. It is a "warm-up" competition held prior to submissions for the larger MIT $100K Entrepreneurship Competition
, one of the world's most famous business plan competitions.
The MIT 1K Business Idea Competition focuses on the quality and potential of the submitted business ideas as opposed to judging developed entrepreneurial ventures such as those entered into the $100K.
Winners of the $1K frequently go on to build teams to enter the 50K competition.