All-Filipino team wins MIT entrepreneurship tilt

Friday, June 2, 2006

A team composed of Filipino students and professionals bagged the top prize in the MIT $100K, an entrepreneurship content run by the Massachusetts Institute of Technology.

The 17-year-old contest has facilitated the birth of over 60 companies with an aggregate value of 10.5 billion dollars, generated 1,800 jobs and 175 million dollars in venture capital funding.

CentroMigrante won this year’s award with the idea of providing clean and affordable temporary housing to migrants who flock to urban areas to seek employment but are usually unable to afford decent lodging while searching and waiting for jobs.

As many as one million Filipinos a year spend up to seven 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, according to CentroMigrante.

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Source: inq7.ent (link opens in a new window)