Team of Filipino Students Win MIT Entrepreneurship

| business, entrepreneurship, philippines

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!

E-Mail from Harvey V. Chua

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