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MIT Entrepreneurship Society Loan Assistance Fellowship
On September 15, Alex Kleiner,
Sloan '98 and Founder of Frictionless
Commerce, Inc. was awarded the inaugural E-Society Loan Assistance Fellowship.
He will be granted $7,500 towards the payment of his student loans.
Each of our five 1998 Finalists has founded -- or is participating in founding --
a new venture:
Dan Brooks - New England Abalone Farm
Paul Cheng - Adero
Alex Kleiner - Frictionless
Commerce
Matthias Wagner - Knite
Steven Yang - Direct
Hit
The Problem
Student-loan payments are a clear barrier that prevents many MIT graduates from taking
on the financial uncertainty inherent in starting up a new venture. With the long-term
trend of students entering into MIT programs with a significant work experience,
many students finishing their studies find themselves increasingly prepared to start
a new venture. Contributing to this is the development of a sustained entrepreneurship
program at MIT -- including theMIT $50K Entrepreneurship Competition
and the courses offered through the MIT Entrepreneurship Center.
The MIT Entrepreneurship Society, in giving the Loan Assistance Fellowship, seeks
to encourage and support MIT graduates founding their own ventures.
Background
The MIT Entrepreneurship Society was established in 1997 as the alumni association
for entrepreneurs from all parts of MIT. Members of the MIT Entrepreneurship Society,
numbering over 75 to date, pledge to MIT 3 percent to 25 percent of their share of
ventures they start over the course of their careers.
In time, the value of shares pledged through the MIT Entrepreneurship Society will
appreciate considerably. However, the members of the Society have resolved to take
on an inaugural project that will be of immediate benefit to MIT entrepreneurs and
serve as a focusing project for the Society as an organization.
The 1998 Loan Assistance Fellowship has been funded by the generous contributions
of four 1997 MIT graduates and founding members of the Entrepreneurship Society:
Will Clurman, Kristin Kupres, Jack McCullough, and J. Carter Williams. In 1999, we
will award two fellowships; in 2000, we will award three.
Judging Criteria
Our five finalists and one winner were selected using five criteria:
1. Proof that the applicant is founding, or participating in founding a new venture.
2. Quality of the business idea.
3. Relevance of the applicant’s previous work experience to the new venture.
4. Commitment to entrepreneurship activities and programs while at MIT.
5. Letters of Reference: one from an MIT faculty or staff member, and one outside
reference.
To apply for the 1999 Fellowships and to find out more about the MIT Entrepreneurship
Society, contact Surekha
Vajjhala, Program Manager, at the
MIT
Entrepreneurship Center:
617-253-3453
617-253-8633 fax |
For further information on the Entrepreneurship
Society, contact:
Jack McCullough: jackmcc@alum.mit.edu,
or Will N. Clurman: wnc@alum.mit.edu
MIT Entrepreneurship Center, 70
Memorial Drive, Room E51-355, Cambridge, MA 02138
Telephone: 617-253-8653, Fax: 617-253-8633, Email: ecenter@mit.edu |
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