BIT competition: “Make an investor have faith in you!”
27 Mar '12
Russia’s ninth federal BIT competition of innovation technology teams and projects has just been announced, BIT-2012 Organizing Committee reports.
Its goal is bringing together students and professors from this country’s leading technology universities, scientific researchers and representatives of business schools in a joint effort to commercialize innovative ideas.
BIT aims at spawning new technology companies, boosting those companies’ investment attractiveness, taking innovation to the Russian and global venture markets, and fostering an entrepreneurship culture in Russia’s hi-tech sectors.
The first BIT was put together in 2003 by the Higher School of Economics, Moscow University of Physics and Engineering and the Russian Governmental Financial Academy in close collaboration with MIT Russia Business and Technology Initiative.
This year BIT will host a range of regional events including HSE 10K (by the Higher School of Economics), BIT Siberia, BIT North-West, BIT Volga, BIT Novosibirsk, BIT Penza, BIT Far East, BIT Urals, BIT South, BIT Kuban, BIT Obninsk, BIT Black Soil, BIT Baikal, and BIT Tatarstan. There will be BIT contests in the neighboring CIS states of Belarus, Ukraine, and Kazakhstan. One can apply for participation in both regional and federal BIT events.
BIT’s Supervisory Board includes competition sponsors, Russia’s leading innovators, as well as BIT winners from previous years who are members of the BIT Winners Club. Last December Richard Kivel, president of MIT Enterprise Forum, was appointed Board chairman.
BIT offers a prize fund of 5 million rubles, or just under $170k, including regional prize funds. In addition to money, there are non-monetary awards, including the chance to join global like-minded people at international IBTEC business plans competition in Berkeley, California.
The BIT program offers a training curriculum that gives participants basic knowledge to start a successful business, as well as team-building events.
Each participating team can expect to develop entrepreneurial skills, get valuable feedback from project mentors and the jury, and make themselves known to potential investors, such as Russian and US VC investors and business angels (who have joined the jury).