ITC, KOSME and iNNpulsa Colombia to support 900 entrepreneurs

Bogotá, 11 June 2024. The Korea SMEs and Startups Agency (KOSME) in partnership with the International Trade Centre (ITC)—a United Nations agency focused on trade for small businesses—and in collaboration with the Ministry of Commerce, Industry and Tourism and iNNpulsa Colombia, today launched the Youth Startup Academy (YSA) programme for Colombia and the broader Latin American region.

The programme has already assisted over 7,600 entrepreneurs in the Republic of Korea and 1,000 in Uganda. In Colombia, the Youth Startup Academy will receive $4million in investment, and will focus on venture incubation, startup acceleration, and strengthening regional ecosystems. The Academy aims to bridge the economic development gap, foster sustainable technology-based businesses, and boost job creation across the country.

In the incubation component of the programme, 800 enterprises will gain the necessary tools to develop a viable business model and opportunities to network with key players in the local and regional entrepreneurial ecosystems. Additionally, the top 40 ventures from this group will qualify for iNNpulsa Colombia's ALDEA programme, which offers access to productive capital, technical support, and connections to investors or potential customers.

The second component focuses on accelerating up to 100 high-growth potential startups, which will also participate in the ALDEA programme. These startups will benefit from opportunities for technological exchanges with counterparts in the Korean entrepreneurial ecosystem.

The third component, regional ecosystem strengthening, involves entrepreneurship policy experts from the Republic of Korea and other advanced emerging countries. They will share best practices for developing startup ecosystems through bootcamps, supported by regional entities such as chambers of commerce, business incubators, and accelerators.

The Colombian government anticipates that this programme will enhance youth innovation, boost job creation in Colombia, and strengthen economic relations between the Republic of Korea and Colombia.

To learn more about this international programme contact iNNpulsa Colombia at info [at] innpulsacolombia.com or stay tuned to the announcements on the website https://www.innpulsacolombia.com/.

Quotes

“KOSME will develop a One-Roof platform that can provide overall support for young entrepreneurs based on the thorough discussions with ITC. Furthermore, it is essential to cooperate with all partners, including the Ministry of Commerce, Industry, and Tourism, iNNpulsa Colombia, Chambers of Commerce.”

Ilho Kim, Vice President, Global Business Development Division, KOSME

“This is a great opportunity for disruptive and high-impact entrepreneurs with a higher level of development, as this international programme will allow them to consolidate their business model and take the next step towards global expansion.”

Hernán Ceballos Gacharná, General Manager, iNNpulsa Colombia, and Acting Manager, Colombia Productiva

“A thriving entrepreneurial ecosystem is essential for fostering innovation, generating employment and driving economic growth. We are inviting all ecosystem actors to join us in this transformative initiative, made possible thanks to the invaluable support of experts and institutions from the Republic of Korea and our partners in Colombia, including the Ministry of Commerce, Industry, and Tourism, acting through iNNpulsa Colombia. ITC and its partners are proud to help empower entrepreneurs, and thereby contribute to the overall prosperity of their communities throughout Colombia.”

Escipión Oliveira Gomez, Director, Enterprise Competitiveness and Institutions, International Trade Centre (ITC)

About iNNpulsa Colombia

It is the National Government's entrepreneurship and innovation agency that, under the leadership of the Ministry of Commerce, Industry and Tourism, executes and integrates the national strategy for reindustrialization and the closing of social and territorial gaps, through entrepreneurship, innovation, the development of the popular economy, and the strengthening of Colombian MSMEs.

About KOSME

KOSME is a non-profit, government-funded organization established to implement government policies and programmes for the sound growth and development of Korean SMEs. As an affiliated institution of Ministry of SMEs and Startups of Korea, KOSME has dedicated its energy to support the stable management and growth of SMEs and startups since its establishment in 1979.

About ITC

The International Trade Centre (ITC, www.intracen.org) is the joint agency of the World Trade Organization (WTO) and the United Nations (UN), fully dedicated to supporting the development and internationalization of Small and Medium Enterprises (SMEs). ITC's mission is to foster inclusive and sustainable growth and development through trade and international business development. ITC has its Headquarters in Geneva, Switzerland.