On September 21, 2024, the University of Asia and the Pacific held the Red Bull Basement Workshop for aspiring business leaders.
The Red Bull Basement is a global competition where young innovators present their business plans to change the world with AI technology.
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It began on August 1, 2024, and will end on October 26, 2024.
AI insights at the Red Bull Basement Workshop
The UA&P’s Red Bull Basement Workshop focused on artificial intelligence and sustainability, so it invited Dr. Eduardo Canela and Raf Dionisio to inspire young innovators.
Canela is an AI and data analytics expert. He has more than 25 years in actual training, design, implementation and evaluation of capacity development held in more than 65 countries.
The afternoon event started with Canela’s speech on using artificial intelligence to build businesses:
“Like you, I did not have this chance of even dreaming about going outside the country. But then, after I decided to do something extraordinary, that I will challenge you to do today…”
“…Then, I started to see a better school than the schools we are in today. It’s called the school of experience,” Canela stated.
“The first idea is always wrong. That’s why you should iterate, iterate, iterate and iterate.”
“My role today is to help you develop the idea into a business proposition,” he added.
Then, the AI analyst explained how AI is transforming the world and giving the Red Bull Basement participants a chance to become billionaires.
He explained that they can achieve that with a Business Model Canvas, which the UA&P students have learned.
However, Canela emphasized that they will not be using a typical BMC but an AI-driven one.
Here are the main parts of an AI-Driven Business Model Canvas:
- Key partners
- Key inputs
- Value proposition
- Skills
- Users and buyers
- Resource considerations
- Outputs
- Mentors
- Channels
- Costs
- Revenue streams
- Stakeholders
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Canela ended his speech with a call to build businesses with a positive impact:
“Please, if you will come up with a good idea, please think of the world. The world is a mess, and I don’t want this mess to be transferred to AI.”
Sustainability insights at the Red Bull Basement Workshop
The environmental conservationist Raf Dionisio was the next Red Bull Basement Workshop speaker.
He has co-founded several sustainability efforts like The Circle Hostel and Make A Difference (MAD) Travel.
His speech focused on building businesses that leave a positive impact on the world. It started with his experience of becoming an impassioned entrepreneur like the UA&P audience.
“If your idea makes you rich but doesn’t make everyone else better off, then it’s a useless idea,” Dionisio said, citing a previous speech.
He shared four pillars of this positive impact:
- Green economy
- Personal well-being
- Environment
- Community & society
He shared a few alarming global warming facts, such as its health risks and bleaching effect on corals.
Then, the environmental conservationist explained the different “tech for impact” they can use to build profitable and sustainable businesses:
- Natural
- Analog
- Digital
He shared his and his company’s efforts in Zambales as an example. They started by promoting eco-tourism to raise funds and awareness of the region’s dwindling forests.
Then, Dionisio and Make A Difference (MAD) Travel used the money for seedlings, allowing the locals to restore Zambales’ greenery.
Eventually, the saplings grew into trees, cooling the area and letting locals produce honey, cashews, fruits and bamboo.
He referred to bamboo as a “natural technology” that allowed them to create bamboo parols or Christmas lanterns.
Later, he explained how MAD turned dry grass that starts wildfires into Biochar. It uses an old technology called pyrolysis to burn dry leaves into high-quality charcoal.
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More importantly, Biochar holds five times its weight in water. Dionisio explained that the material can help soil absorb more water, which can mitigate flooding.
“We hope that these provoke ideas in your head on what using technology means,” Dionisio said before wrapping up his Red Bull Basement speech.
Conclusion
You may join the Red Bull Basement competition via the official website. Click on the Participate button and follow the on-screen instructions.
Local judges will judge uploaded ideas based on Business Potential, Uniqueness of Idea, Founder Profile and Feasibility.
Winners will receive an all-expenses paid journey to Silicon Valley and Los Angeles in 2025.
Moreover, they will earn personalized mentorship from Plug and Play VC and connect them with top industry leaders.