Clean energy competition brings together business, law, and engineering talent

FOR IMMEDIATE RELEASE—February 27, 2009

CONTACT: Kim Keating, 603-646-2733

HANOVER, N.H.—Some would scoff at the idea of starting up a business in the midst of economic downturn. Not those participating in the Ignite Clean Energy Business Presentation Competition, many of whom gathered at the Tuck School of Business at Dartmouth for a teambuilding event last week. Ignite Clean Energy (referred to as "ICE" by most) is an MIT nonprofit affiliate dedicated to stimulating growth within the industry.

Now in its fifth year, the Clean Energy Competition provides a collaborative platform for individuals interested in developing clean energy start-ups. Their "learn-network-win" philosophy reflects the structure of the competition: build a team, put together a business plan, and attract potential investors. Though most claim that the real prize is building successful clean energy enterprises, the other perks ($500,000 in cash and prizes, $5 million in grant funding, and $50 million in equity) are helpful incentives as well.

At the team building event in February—hosted by the Dartmouth Energy Collaborative—speakers and panelists hailed from Dartmouth's Tuck School of Business and Thayer School of Engineering, Vermont Law School, and Mascoma Corporation (a cellulosic ethanol company based in Lebanon, New Hampshire). The purpose of the event was to provide potential participants with information about the competition and give them a chance to network and form teams.

Panelists encouraged those on the fence about joining the competition to, quite simply, just do it. "You need to take an idea, form a team, partner up with a mentor, and then bang that idea into shape," advised Gregg Fairbrothers, professor at the Tuck School. "This is your time, this is exactly the time to start a business," he continued. "In tough times you build a foundation of good habits. When things turn around, your company is like a tree that has made it through a drought. Come spring, it will blossom."

The competition is at the intersection of business and environmental issues, attracting talent from a variety of sectors. "Individuals with business, law, and engineering backgrounds are coming together to tackle the issue of sourcing clean energy," commented Patricia Palmiotto of Tuck's Allwin Initiative for Corporate Citizenship. "These critical energy concerns can't be solved with talent from just one sector—we need to pool our knowledge." Students and professionals alike are eligible to compete, and experienced entrepreneurs are encouraged to share their experience and become competition mentors.

"Students from Thayer, Vermont Law School, and Tuck share an excitement for clean energy, and there is a tremendous opportunity for us to learn from one another," said Tuck's CB Hall, student organizer of the teambuilding event. "The ICE competition provides an excellent platform for this type of idea exchange."

Last year's winner was Flodesign, a company that designs wind turbines that resemble jet engines and capture far more wind energy, while taking up less space, than traditional turbines. This year teams must submit an executive summary of their business plan in early March. 30 teams will make it through to the semifinals in September, and 10 will move on to the final in November.

Founded in 1900, Tuck is the first graduate school of management in the country and consistently ranks among the top business schools worldwide. Tuck remains distinctive among the world's great business schools by combining human scale with global reach, rigorous coursework with experiences requiring teamwork, and valued traditions with innovation.