PESO Challenge 2007 Picks Green
PESO (Philippines Emerging Startups Open, Inc.), an entrepreneurship program and competition in the Philippines, modeled after the MIT $100K Entrepreneurship Competition - the most successful and prestigious of its kind in the United States - picked a green business plan as the grand prize winner for 2007. BIO-N, a team that proposed a cost-effective and environment-friendly product, which converts atmospheric nitrogen into ammonia, making it usable by rice, corn, and other crops, won top honors during the PESO Challenge 2007 finals last Monday, December 10 at the AIM Conference Center.
Co-founder Neil Ruiz received an MIT Public Service Fellowship in 2004 to establish PESO, a business plan competition in the Philippines for the purpose of promoting world class, innovation-fueled entrepreneurship that will contribute to Philippine economic development. PESO serves as a vehicle to not only provide monetary incentives for new Philippine startups, but also to transfer knowledge and expertise from MIT, and to promote closer collaboration between the academic, professional, industrial and financial communities in the Philippines.