Colombia officially launched on 13 November the Fund of All Funds for entrepreneurs and companies within the orange (innovation-driven) economy. This will provide financing alternatives, other than credit, to new entrepreneurs in the country, helping them grow and making them more competitive. This initiative was designed by the Ministry of Commerce, Industry and Tourism (MinCIT), through Bancoldex and iNNpulsa Colombia.
The initial resources are 38 million dollars, initially provided by Bancoldex, iNNpulsa Colombia, Colciencias, Softbank and the Development Bank of Latin America (CAF). The funds will be invested in Colombian and regional entrepreneurial capital funds especially for early stage companies with a proven model or product, and in private equity funds that invest in companies with experience in the market and who desire to expand internationally.
In order to receive these benefits, entrepreneurs must approach capital fund managers, who will evaluate their projects to receive investment via capital. Entrepreneurs wishing to appear before the fund should consider:
• Clear market opportunities;
• A committed management team willing to make changes; and
• Offer innovative business products and services, with potential for growth, scalability and high market demand.