Seven Costa Rican small and medium-sized enterprises (SMEs) involved in the “green” technology sector completed a 12-week incubation process that now gives them the opportunity to obtain financing and scale their business model.
This is the Green Tech Costa Rica program, which, through a strengthening process, enabled these startups to present their business models to investors from national and international venture capital funds. This initiative aims to activate the local innovation ecosystem to consolidate the country as a global hub for innovation in clean technologies.
Green Tech is an initiative of the Foreign Trade Promotion Agency of Costa Rica (Procomer) and the Costa Rica United States of America Foundation for Cooperation (Crusa), with the support of the regional incubator Pomona Impact.
The project included business support from advisors specialized in acceleration methodologies, technology and business, access to an important network of contacts and the possibility of obtaining venture capital from an investment fund.
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The companies that graduated from the program and explored new financing options at the so-called “Demo Day” were:
- Novellus Breeding: company dedicated to the genetic improvement of novel ornamental garden plants for global commercialization under licensing agreements.
- Flowers and Foliage of the Caribbean S. A.Ornamental plants: technology-based company specialized in orchid propagation.
- Dosmil 50: supplier of compostable packaging for the food industry and food service.
- Grupo Ingesa: firm providing business energy efficiency services to reduce operating costs.
- Ecoins: loyalty program that rewards the consumer’s recycling habit with incentives.
- Susty: software for measuring, managing and reporting sustainability indicators and certifications.
- Esquipi: manufacturer and marketer of traditional and biodegradable cleaning products.
The Minister of Foreign Trade and Chairman of the Board of Directors of Procomer, Andrés Valenciano, said that this program was born out of a strategic decision to strengthen Costa Rica’s entrepreneurial ecosystem and take advantage of the country’s competitive advantages in terms of sustainability.
“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,” he said.
Pedro Beirute, general manager of the Promotora, emphasized that the initiative provides key components to increase the possibilities of creating solid, financially viable companies with the potential to raise capital and scale their models in international markets, as it combines personalized advice, exchange of experiences, access to high-level networks of contacts and financial capital.
The executive delegate of the Crusa Foundation, Flora Montealegre, added that this is an important step to promote sustainable businesses within the entrepreneurial ecosystem of the country, so that next year the quota will be expanded to support more national firms and enhance their opportunities for success.
“We celebrate this edition of the Green Tech Program, accompanied by entrepreneurial and visionary people in multiple sectors such as agriculture, waste management and circular economy, energy efficiency, conservation of natural resources, advanced biotechnology and, as a key element, the strengthening of human talent, in response to the challenges of our time,” said Montealegre.
For his part, Javier Fresco, Incubation Director of Pomona Impact, emphasized that the program is extremely enriching because it sows a seed that not only generates benefits for the country, but also serves as an example for the entire region, mainly because of the great capacity of the companies.
“Personally, it has been a real privilege to accompany these seven companies during this process. We know the tremendous value that we are all contributing to the region, and I am convinced that today begins a new path of accelerated growth for each of them,” he concluded.
Source: nacion.com
