Carmine Minerals, a groundbreaking startup founded by current Master of Science in Entrepreneurship and Innovation (MSEI) student, Raymond Moorehead Jr., and MSEI alumna, Jacqueline Gilyard Jones, has made waves in the business world.

The team has been selected to compete in the 2025 Rice Business Plan Competition, the largest and most renowned business plan competition in the world. Carmine Minerals is one of only 42 startups invited to participate in this competition, which will be held on April 10-12. The startup was selected from a highly competitive pool of over 900 applicants.

"We are incredibly excited that our students have been accepted to compete in one of the top business plan competitions in the world,” said Mike Stull, director of CSUSB’s School of Entrepreneurship. “It is a testament to the entrepreneurial drive of the students and the incredible support offered by the world-class faculty in the School of Entrepreneurship."

The Rice Business Plan Competition attracts more than 1,000 teams from across the globe. The competition serves as a high-stakes platform for the world’s most promising startups to pitch their ideas to a global audience, with millions of dollars in prizes, funding and networking opportunities on the line.

Tomás Gomez-Arias, dean of CSUSB’s Jack H. Brown College of Business & Public Administration (JHBC), is thrilled with the team's success.

"Our students successfully compete against the best in the world,” Gomez-Arias said. “That's a result of the transformational impact of our education and the incredible talent we attract."

The CSUSB startup, Carmine Minerals, was one of only 42 startups invited to compete at the 2025 Rice Business Plan Competition, the largest and most renowned business plan competition in the world.
The CSUSB startup, Carmine Minerals, was one of only 42 startups invited to compete at the 2025 Rice Business Plan Competition, the largest and most renowned business plan competition in the world.

The journey of Carmine Minerals began in an entrepreneurial commercialization class taught by Anna Long, assistant professor of entrepreneurship, where Moorehead and his classmates worked on bringing patented technologies to market. Jones was assisting the class as an advisor and mentor.

“Through our tech transfer initiatives, students work with patents, gaining real-world experience in intellectual property analysis, market discovery and venture-building,” said Long. “With faculty mentorship, support from the JHBC, and access to the regional innovation ecosystem, we are proud to see our students not just learning entrepreneurship but driving it forward."

While Moorehead initially chose to work on a different patent, the opportunity to commercialize lithium extraction technology through the FedTech incubator program was too compelling to pass up.

"Dr. Anna Long introduced FedTech by Naval X to our class,” said Moorehead. “FedTech is a business incubator program that’s affiliated with the Department of Defense. Essentially, FedTech hosts their incubator program for new companies that can potentially offer new technologies to the U.S. military.

“One day in class, I was informed that Dr. Anna Long was able to get the lithium extraction technology patent to be used as a team for the FedTech incubator program,” he continued. “I was so happy to see this because even though I chose to work with the other patent in our class, I still wanted to work with the lithium extraction technology so much. So, at this point, I saw this as my opportunity to make my missed dream come true!”

Through FedTech, Moorehead and Jones partnered with Georgia Tech and conducted extensive customer discovery research, leading them to realize the immense potential of the lithium extraction technology. By December 2024, they submitted a concept paper for ARPA-E with the Department of Energy, marking a major turning point in their venture.

Initially named IAR Technologies, the startup underwent a transformation when Jones proposed the name "Carmine Minerals." The name and company identity were inspired by Carmine, a coyote from Smyrna, Ga., who was exiled from his pack but found friendship with local dogs.

"Carmine will lead as our company’s logo and core values," Moorehead explained, noting that the coyote also pays homage to CSUSB's Coyote pride.

“We named our company Carmine Minerals as a tribute to CSUSB,” said Jones. “Carmine, a ‘friendly’ coyote, was rescued and given a new life in a wildlife sanctuary — symbolizing transformation and renewal, much like the impact my CSUSB education has had on me. Just as cars are driving the surge in lithium demand and mines are the source, the name perfectly reflects both my journey and the industry.

“I am grateful for the trust that Dr. Anna Long (MSEI & T2 officer) and Dr. Kimberley Cousins (inventor) have placed in me by choosing me to lead the commercialization of CSUSB's first patent,” she said.

At this pivotal moment in their journey, both Moorehead and Jones have expressed their excitement about competing at the Rice Business Plan Competition.

“We are incredibly honored to be selected,” said Jones and Moorehead in a joint statement. “This recognition underscores the innovation of the patent and impact of our work to commercialize it. We are excited for the opportunity to present our vision among some of the brightest entrepreneurs in the country. We look forward to engaging with investors, industry leaders and fellow innovators as we take the next steps in advancing our company.”