The Fish 2.0 competition for sustainable seafood businesses is a global business competition that has attracted 170 entrants this year. The global competition connects sustainable fishing and aquaculture businesses with potential investors. The competition finals will occur in November at Stanford University, where 36 finalists will have the opportunity to pitch their business plans to investors and win prizes.
According to Fish 2.0 founder Monica Jain, roughly 70 percent of the world’s fisheries are fully exploited, overexploited or have already collapsed under the pressure of a $390 billion global seafood market. Some seafood industry analysts expect seafood demand to double by 2050. In order to meet this growth, the seafood industry will need to innovate and promote sustainable wild fisheries and aquaculture.
Fish 2.0 businesses are part of the solution.
“Some of [this year’s contestants] are shortening supply chains for sustainable seafood products in the Pacific Islands, Alaska, Japan and Thailand,” says Jain. “Some are using advanced aquaculture techniques to reduce energy costs, wastes, and disease, or are developing new fish feeds. Others are improving seafood storage systems to reduce logistics costs, improve quality and open new markets; bringing convenient sustainable seafood products to consumers; developing systems that make supply chains traceable; or providing healthy foods and income to communities that have few other options.”
The first Fish 2.0 competition was held in 2013, when only 30 percent of the participants were from outside North America. This year, roughly half of the entries are from overseas, reflecting increasing global entrepreneurial interest in sustainable seafood.
At the finals in November, $30,000 in cash prizes will be awarded to six finalists by investor judging panels. In addition, $150,000 in professional service awards will be awarded by the Fish 2.0 Advisory Panel to businesses pitching at the finals. An additional $45,000 in Professional Service Awards will be awarded to Pacific Island businesses.
In 2013, Blue Sea Labs, Cryoocyte and Ho’oulu Pacific won first, second and third places respectively. You can learn more about all the 2013 finalists here, and stay tuned to the Good Catch Blog for more information about this year’s competition.