TMCnet News
Winners of 2020 Rabobank-MIT Food & Agribusiness Innovation Prize AnnouncedNEW YORK, May 6, 2020 /PRNewswire/ -- Rabobank and MIT have announced the top prize winners of the fifth annual Rabobank-MIT Food & Agribusiness Innovation Prize, a premier business plan competition for early-stage businesses developed by students hailing from universities across the United States.
Winning top honors is motorCortex, an autonomous robotic system for packaging produce, who received prizes including a cash award of $20,000. Their custom algorithm enables their robot to detect the optimal pick-up points on individual pieces of fruits and vegetables in a pile and place them correctly in collection trays in a post-harvest warehouse setting. Antithesis Foods, the second place winner, receiving prizes including a $10,000 cash award, makes crunchy snacks through a novel processing method for chickpeas that emphasizes both flavor and inherent health benefits. Their premier product, Grabanzos, is a chocolate covered crunchy snack. A total of eight finalist teams competed in the final pitch event on April 29, which was held virtually for the first time. The teams applied for the competition in the fall of 2019, and finalists were selected in January and paired with mentors to sharpen their pitches. The annual university-based competition, which invites teams to pitch innovative business plans focused on sustainable, cutting-edge products and technologies in food and agribusiness, is sponsored by Rabobank in partnership with MIT's Abdul Latif Jameel Water & Food Systems Lab (J-WAFS) and the MIT Food and Agriculture Club. The competition is open to universities across the United States and this year garnered over 40 applications from teams across 16 universities. "We are always impressed by the high caliber business plan pitches the student finalists prepare," said David Bassett, Head of Wholesale Banking North America. "Supporting innovators and start-ups is core to nurturing the evolution of our food system, and bright, new ideas in these exceptionally challenging times are highly welcome. Furthermore, this annual Rabobank sponsored competition, along with our flagship innovation platform FoodBytes!, is part of our continuous effort to cultivate innovation for addressing the food and agriculture sector's most pressing challenges in commercially viable ways," he added. "We are proud to give these student-run enterprises access to hands-on mentorship from a diverse group of subject matter experts and connect them to Rabobank's vibrant, global network of food, agriculture and innovation professionals, clients, and partners so they can be poised for greater success," said Tejal Mody, Head of Business Development and Strategy. Supporting student research and entrepreneurial pursuits helps advance MIT J-WAFS' mission to catalyze research, innovation and technology for ensuring safe and resilient supplies of water and food, while reducing environmental impact, in order to meet the local and global needs of a rapidly expanding population on a changing planet. "We were again delighted by the dedication, creativity, and achievements that students from MIT and across the country bring to challenges in the food and agriculture sectors," said J-WAFS Director, John H. Lienhard V. "The financial support and mentorship of Rabobank multiplies this energy and will propel many of the new products and innovations we heard about tonight." For more information on the Rabobank-MIT Food & Agribusiness Innovation Prize visit the MIT Food + Agriculture Club. About Rabobank About MIT J-WAFS
SOURCE Rabobank 
|
View original content to download multimedia: