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Because of this: "Justin Lee and Oliver Yeh". At a state school, it can be quite difficult to find another person willing to help you build your dreams.

As someone who went to a state school for undergrad, worked for a few years, and is currently at MIT for a PhD: Yes. MIT is a magical place like none other.

It's hard to put it more concisely.. The whole school just has an aura of "what the hell, let's try it" and a the professors and financial backing to make it happen.

It seem that financial backing wasn't needed for this project. Isn't the cheap cost the surprising factor here?

Sure. I was making a statement about MIT, not this project.

Top notch marketing/PR? ;-)

I do not think that they are peculiar to MIT. I didn't say that at all. All was saying was that MIT has made so many amazing things in the past and it would be an amazing experience to be part of their program.