The 2020 Rabobank-MIT Food & Agribusiness Innovation Prize held for the fifth year at MIT announced the winners of its university-based competition for early-stage businesses developed by students. Sixteen teams were invited to pitch innovative business plans focused on sustainable, cutting-edge products and technologies in food and agribusiness. Forty applicants representing 16 U.S. universities participated with eight finalists selected.
The first and second prize winners respectively were:
-motorCortex, $20,000 cash award for an autonomous robotic system for packaging produce using a custom algorithm.
–Antithesis Foods, $10,000 cash award for its crunchy snacks made through a novel processing method for chickpeas that emphasizes both flavor and inherent health benefits.
Applications for the competition begin in the fall with finalists selected in January and then paired with mentors to sharpen their pitches that leads up to the finals in spring.
“We are always impressed by the high caliber business plan pitches the student finalists prepare,” said David Bassett, Rabobank’s 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.”
Global financial services leader Rabobank’s sponsorship along with its flagship innovation platform FoodBytes!, is part of its continuous effort to cultivate innovation for addressing the food and agriculture sector’s most pressing challenges in commercially viable ways. They provide mentors to the student-run enterprises from a diverse group of subject matter experts, while also connecting them to Rabobank’s vibrant, global network of food, agriculture and innovation professionals, clients, and partners.
“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.”
