Team of Filipino Students Win MIT Entrepreneurship

From: "Santamaria, Samuel" SSantamaria AT

Here's another victory we can be proud of. Tell your friends about it. A team of Filipino MIT students headed by Illac Diaz won the Grand Prize for the US$ 100K MIT Entrepreneurship Competition's development track for their business, CentroMigrante, Inc. Read on.

Their project, focused on a business model for social entrepreneurship in the Philippines, beat out several other amazing ideas. Impoverished people in developing countries leave their rural hometowns and flock to urban areas to seek employment but are usually unable to afford decent lodging while searching and waiting for jobs. In the Philippines, as many as 1 million Filipinos a year spend up to 3 months away from their home provinces and in Manila's port areas looking for jobs as seafarers, most of them living in shanties under depressed and undignified living conditions. CentroMigrante Inc. combines developmental architecture with a self-help business model to offer a sustainable solution that provides clean, safe and affordable urban housing for such indigent, transient job seekers.

The MIT $50K Entrepreneurship Competition is designed to encourage students and researchers in the MIT community to act on their talent, ideas and energy to produce tomorrow's leading firms. Now in its 16th year, the Competition has awarded hundreds of thousands of dollars in cash and business startup services to outstanding teams of student entrepreneurs who submitted business plans for new ventures showing significant business potential. The refinement process of the Competition, its network of mentors, investors and potential partners, and the cash prizes awarded have helped many of these teams to act on their dreams and build their own companies and fortunes.

The MIT Entrepreneurship Competition provides teams who enter with valuable resources in the following areas crucial to successful entrepreneurship:

  • Networks of world-class entrepreneurs, investors, and potential partners
  • Mentorship by successful and seasoned professionals
  • Content rich feedback on their business model from world class entrepreneurs, investors, and professional service providers on our Judging [panel?]
  • Teambuilding opportunities to create a winning team of founders
  • Broad media exposure and PR buzz

See attached photo or at:

Way cool!

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Random Japanese sentence: 休暇中、近所の人がうちの猫の世話をしてくれた。 While we were on holiday, a neighbor took care of our cat.