A group of MIT graduates has shown that life after college can be rewarding.
Ksplice, a start-up venture run by a team of MIT alumni, has taken home the $100,000 grand prize in the MIT $100K Entrepreneurship Competition. The award was handed on at a ceremony held Wednesday night at MIT's campus in Cambridge, Mass.
Ksplice beat out five other technology start-ups in its category to win the competition with its own innovative product. The company's technology lets computer users install software updates while other programs are running, eliminating the need for the dreaded reboot.
"You know those annoying pop-ups that read, 'you must reboot to install new updates?' We are making them obsolete," said Waseem Daher, Ksplice's chief operating officer. Daher, who got his master's degree in engineering from MIT last year, said Ksplice plans to license its technology directly to software vendors.
Now in its 20th year, the MIT $100K Entrepreneurship Competition is open to MIT student entrepreneurs. Contestants submit business plans, which are then reviewed by a panel of judges who evaluate the plans based on their innovation, creativity, and business smarts. Students can enter in one of six different tracks, such as Life Sciences or Development. Ksplice took top honors in the Web/IT track.
Over the years, MIT has awarded hundreds of thousands of dollars in cash and business services to student start-up ventures. The competition has led to the birth of more than 120 different companies, according to MIT, many of which have become highly successful.
A Webcast of the awards show is available at the MIT100K Web site.