Tom Humbarger at iRise sent over this information for Innovation Club members and other MIT students: 

iRise academic program is tasked with sharing our technology with leading universities and is useful across the definition process for software applications ranging from requirements, design, specification, UI development, usability, and prototyping.  iRise is applicable across the academic disciplines of computer science, software engineering, information technology, entrepreneurship and human-computer interaction.  One of the primary goals is to get our rapid prototyping and simulation software in the hands of professors and students to use in actual classroom settings under the free Academic licensing program.  More information on the program is available from the ”iRise On Campus” section of the website at www.irise.com/communities/.  Information on a special program for business plan competitions is at www.irise.com/communities/busplan_competition.php.  

Essentially, our solution lets technical or non-technical users quickly create a fully functional prototype of a software application - and is applicable for any development approach.  An iRise simulation/prototype is a living and interactive definition model that combines all application flows, user interfaces, business logic, text requirements and data structures in a single document.  iRise simulations let users initially focus on the requirements, analysis and design, and not on the technical details of a software application.  Both the simulation and any associated text requirements are contained in a single document which can be saved in our iDoc format and can be interacted with and read by anyone with our free Reader software (similar to a PDF file).  Changes to the design and requirements based on user feedback can also be rapidly incorporated back into the simulation which leads to greater innovation.  The end result is a complete and unambiguous set of visual requirements that can be handed off to the programmers to turn into production code.