DSU, Capital One’s Innovation Venture awards $250K to student entrepreneurs

Memorial Hall was buzzing with ideas on Monday as Delaware State University and Capital One co-hosted the first-ever Innovation Venture Summit. This daylong event brought together students from around the country, educators, and national business leaders to spotlight innovation in agriculture, technology, and entrepreneurship.

“There is no better time for young people to be thinking about and bringing the next big ideas forward than right now,” said Dr. Tony Allen, President of Delaware State University. “And to be doing it at a historically Black college and university like Delaware State University makes it even more powerful.

Capital One’s Emmanuel Offiong, Vice President and CTO for Small Business Bank and Treasury Management, welcomed attendees on behalf of the company. “We’re gathered today in a space where big ideas meet real opportunity,” he said. “Students from all across the country are here to pitch business ideas that could change the future of agriculture.”

“These students have spent weeks refining their business models, working with mentors, and building prototypes that use artificial intelligence to improve how we grow, distribute, and protect our food,” he added. “What makes this truly special is that it’s happening right here in Delaware—a place where Capital One has deep roots and strong partnerships.”

Delaware Secretary of Agriculture Don Clifton emphasized the need for equity and inclusion in the agricultural industry. “As we progress scientifically and technologically, we need innovation in other areas too—especially in how we promote agriculture for small, beginning, and minority farmers,” he said. “It’s going to take innovation in financing and public policy too.”

Dr. Cherese Winstead Casson, Dean of the College of Agriculture, Science and Technology, addressed the crowd. “Students, I just want to say, on behalf of Delaware State University, how proud we are of you,” she said. “Across our 1890 land-grant institutions, we have Centers of Excellence that focus on critical areas of agriculture.”

“Here at Delaware State University, we are proud to house the Center of Excellence in Emerging Technologies,” she said. “This means our students are being educated and trained in cutting-edge areas like data science, AI, robotics, drones, and remote sensing—this is what innovation looks like.”

Heman Bekele, named TIME’s 2023 Kid of the Year, shared his journey and spoke to students about courage and perseverance. “If you’re sitting there with an idea in your heart and fear in your gut, I just want you to know that you’re not alone,” he said. “You don’t have to be the smartest, the oldest, or the most experienced. You just have to care—because care is enough to keep going forever.”

During the Innovation Venture Pitch Competition, student-led startups presented solutions to real-world agricultural problems. Agribonum, an agricultural tech start up lead by a DSU team of undergraduate students, focused on addressing food deserts through semi-autonomous indoor farming systems and was awarded $75,000 in seed funding.

“The problem we are trying to address today is the use of unsustainable and unhealthy farming techniques that have become commonplace in modern agriculture,” said Immanuel Fowler of Agribonum. “These methods are inefficient, raise costs for producers and consumers, and contribute to food deserts in the agricultural supply chain.”

Melanie Jimmerson who presented alongside Fowler outlined their market strategy. “First, we’re using our semi-autonomous system to produce highly competitive priced produce, ” said Jimmerson. “Second, we plan to partner with companies that have strong and robust consumer bases. And third, we want to build connections between consumers and partners so our produce reaches the communities that need it most.”

Daymond John, entrepreneur and founder of FUBU, delivered remarks on the realities of entrepreneurship. “You innovate or die. Every time you solve a problem, you create another problem—and as long as you understand that, you’ll always be on the cutting edge of change,” he said.

James Lindsay, CEO of Rap Snacks, followed with a message about originality and perseverance. “No idea is a bad idea,” Lindsay said. “Being different is what’s going to make you successful out there.”

“There are opportunities out there,” he added. “You just have to be a little different and have the foresight to know that your product can be successful.”

Article by Devin Bonner