Seven green technology-focused start-ups in Costa Rica have graduated from a government incubation program and are ready to receive funding, in the latest example of the country’s efforts to promote sustainable business and development.
Irazú Volcano National Park, Cartago province, Costa Rica. Costa Rica’s government promotes green technology and innovationCosta Rica is famous for its natural beauty
Green technology is any technology or innovation whose use is intended to mitigate or reverse the negative effects of human activity on the natural environment.
The seven companies are the second cohort to graduate from Costa Rica’s ‘Green Tech’ program, which was first launched in October 2020 with the aim of consolidating the Central American nation’s status as an environmentally friendly innovation hub.
Recent graduates entered the 12-week program in October and graduated this month, after applications opened in June, and each participant had a chance to win funding of about $50,000 (all figures in USD).
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The program is an initiative established by Procomer, the Costa Rican trade promotion agency, to help develop green technology in Costa Rica in collaboration with the U.S.-based Costa Rican Foundation for Cooperation (Crusa), and with the support of the regionally renowned business incubator Pomona Impact.
The program includes support and advice from industry experts specialized in acceleration, as well as in technology and business methodologies. The program also helps companies establish important contacts and offers them the opportunity to apply for venture capital.
According to Andrés Valenciano, president of Procomer’s board of directors, the program is designed to help develop technology that has a positive social impact, as well as to boost Costa Rica’s commercial profile.
“We understand that the domestic market is limited and we depend on exports to grow the economy, so it is essential to identify the differentiators that allow us to be competitive to grow. And it is here where we must take advantage of Costa Rica’s positive image and resources to develop businesses with purpose, with which we achieve social, environmental and economic progress,” Valenciano told La Nación.
After graduating from Costa Rica’s Green Tech program, the following seven companies are ready to invest:
7 investment-ready green technology companies
The following seven green technology companies in Costa Rica recently graduated from the Green Tech program and are ready to invest:
DosMil 50, which uses the URL www.dosmil50.com but also refers to itself as “2050,” was established in 2019 and produces eco-friendly packaging made from agribusiness byproducts, starch, cellulose and polylactide, a plastic-like product made from the condensation of lactic acid. It also promotes home composting, in line with its mission to promote a more sustainable future.
ecoins is a company that offers a loyalty program to reward people for recycling. Active in Costa Rica, Guatemala, Nicaragua and Peru, ecoins users register as recyclers and are assigned a location to which they must deliver recyclable products (which must be cleaned, dried and separated to be accepted), in return for which they receive a financial reward in the form of ecoins, which they can then spend on a range of discounted products found through the ecoins platform.
Esquipi manufactures and markets both traditional and biodegradable cleaning products, which made it eligible for the incubation program that promotes green technology in Costa Rica. These include soaps, cleaners and alcohol-based products for household and car use, as well as for hand washing and other personal care. Esquipi’s online presence and promotion relies heavily on the company’s Facebook page.
Orchids on display at the Caribbean Botanical Garden, which participates in Costa Rica’s green technologyOrchids (Source: Caribbean Botanical Garden Gallery)
Flores y Follajes del Caribe SA is a company specialized in the production of ornamental plants, as well as tropical flowers and foliage. These can be found in the facilities of the Caribbean Botanical Garden that the company manages. Originally established in 2002, according to a company press release (pdf), the negative impact of the COVID-19 pandemic turned the company towards agricultural innovation, using technology to produce high quality plants for the export market.
Grupo Ingesa defines itself as a company specialized in engineering, technology and consulting. His areas of interest include renewable energies, including battery energy storage systems (BESS) and solar panels. Grupo Ingesa also advises companies to help them improve their energy efficiency and reduce their operating costs.
Novellus Breeding is another company focused on the production of ornamental plants, with the stated objective of developing genetic improvements that will make them better for international marketing. Founded in 2014, Novellus Breeding develops plant life for worldwide distribution and commercialization under licensing or transfer of ownership agreements.
Susty offers software to companies to help them implement and monitor sustainability management. This includes the establishment of sustainable development objectives and the promotion of carbon neutrality. Susty has also developed Hogar Azul, an application that manages, measures and reports on sustainability in the home.
Promoting green technology in Costa Rica is latest effort to boost sustainability
Costa Rica’s Green Tech accelerator program is just the latest example of the country promoting sustainability in business and investment.
At least 13 of the country’s financial institutions have endorsed a program known as the “Green Protocol,” designed to open lines of credit to small and medium-sized enterprises (SMEs) with an environmental focus.
Launched by the Costa Rican Chamber of Banks and Financial Institutions, the Green Protocol aims to boost green technology in Costa Rica and the country’s green economy in general, as well as increase public awareness of environmental protection.
It also aims to oversee the development of sustainable products to improve the quality of life of the local population, according to Annabelle Ortega, executive director of the Chamber.
Costa Rica is famous for its national beauty and environmental credentials, and the ecotourism industry generates approximately $1.4 billion a year before the global pandemic.
It is also a popular destination for foreign direct investment (FDI), thanks to a history of economic and political stability, generating 7.8% of GDP before the pandemic.
Although this figure dropped to 3.5% after the onset of the global health emergency, the Costa Rican government has made significant efforts to encourage the return of foreign investors and visitors.
Source: www.bizlatinhub.com
