The University of New Mexico (UNM) announced that the fall 2023 Rainforest Pitch Competition was recently hosted by UNM Anderson's Innovation Academy in collaboration with UNM Rainforest Innovations. During the competition, the top 10 student finalists, competing for prize money, presented their business ideas to a live audience and a panel of three judges. The event took place on November 8 at Bow and Arrow Brewing Co., bringing together students from diverse backgrounds.
The event was quite structured and had several noteworthy features. The competition, held on November 8 at Bow and Arrow Brewing Co., featured students presenting their entry-level business ideas in a 90-second pitch for three top prizes. Out of 48 students who submitted pitch videos, the top 10 were selected by two preliminary judges to advance to the final round, according to a press release by UNM.
Addressing the purpose and objectives behind such an initiative was Rebecca Rodriguez, the competition manager. According to a press release by UNM, Rebecca Rodriguez said, "Our goal is for students to use the prize money as seed funding for their business. This funding can help them purchase a domain for their website or further research for developing a prototype and many other initial entrepreneurial steps. Many students have incredible ideas but need help taking the first step."
Apart from giving students an avenue to showcase their creativity, this event also served as an awarding platform. Ankit Jaiswal secured the first-place Audience Choice award of $1,000 for Campus Park. The Judge's Choice award winners were Yasutada Ichikawa for FAM Passport and Masaki Murakami for Nailykey, both from Anderson's Japanese partnership school Yamanashi Gakuin University, each receiving $950 in prize money. The remaining seven finalists, including projects like DentaFresh, Trust Athletics, The Passion Project, @Tiwalands, ROMINIUM TECH, PocDoc, and Wolczix each received a prize of $300 according to a press release by UNM.
There was also a broader perspective offered about the competition's role in stimulating local economic growth and entrepreneurship by Tiffini Porter-Aragon, a competition coordinator. According to a press release by UNM, Tiffini Porter-Aragon said "The competition gives students the chance to step out of their comfort zones and realize their ability to think and act like entrepreneurs in a fun, low-stress environment." Porter-Aragon continued "It also creates potential connections between students and the entrepreneurial community and in doing so gives students a reason to stay local after graduation which directly impacts New Mexico’s economic growth."