First specialized incubation program for green technology startups launched

The registration period for the first incubation cycle of the “Strengthening the Costa Rican ecosystem of green technology startups for internationalization” program opens this August 26, 2019 and will continue open through September 10, 2019. The initiative, developed by the Costa Rican Foreign Trade Promoter (PROCOMER) and the Costa Rica – United States Foundation for Cooperation (CRUSA), is the first space in which specialized incubation processes will be generated in Costa Rica for a specific sector, Green Technologies.

The program is divided into 2 12-week incubation cycles and a total of 8 companies will participate in each cycle. Each participant will receive business support through a network of mentors, advisers and national and international investors, which will enhance the opportunities for startup success and position Costa Rica as a global hub for clean technologies. The first cycle will begin in October and the second cycle is scheduled for June of next year.

The incubation process consists of 3 key elements. The first is an educational program that consists of weekly sessions in which topics of interest will be discussed and in which the entrepreneurs will practice their sales pitch. The second one consists of private mentoring sessions and the last element is the work and investment plan that each startup, along with the director of the incubator, a mentor and the DUCO team, must design, including commercial milestones and clearly measurable performance indicators, focused on the generation of customers and increased sales. Companies will have access to average investment capital of $25,000 to $50,000 per company.

The term Green Technologies refers to the technology that is considered ecological based on its production processes, or supply chain, and is used to describe products or services that improve operational performance, productivity or efficiency, while reducing costs, inputs, energy consumption, waste or environmental pollution.

According to Pedro Beirute Prada, General Manager at PROCOMER, stimulating businesses with purpose has become key in the implementation of the institutional strategy, ensuring that the Costa Rican exportable supply is increasingly made up of sustainable companies. “Sustainability has been the spearhead with which Costa Rica presents itself to the world. We want to see this characteristic transferred to companies and startups, to be adopted as a factor of differentiation and competitiveness in international markets,” he concluded.

“One of the core aspects of CRUSAs 2018-2022 strategy is changing the country’s productive paradigm. That is why we are driving the transition to a green economy in which sustainability means competitiveness and not a constraint on economic growth. Based on the global recognition achieved for the successful implementation of actions for sustainable development, we are convinced that Costa Rica can become an innovation and sustainability laboratory.   In this sense, we have decided to partner with PROCOMER to promote this vision and create a green exportable offer, in line with our worldwide reputation. With this project, CRUSA seeks to promote Costa Rica’s transformation towards a green, inclusive and innovative economy,” stated Flora Montealegre, Executive Delegate of the Foundation.

The incubation process will be led by Grupo Stratos, a company with extensive experience in the field that has generated synergy with major players in the entrepreneurial ecosystem in the country, such as TEC Emprende LAB, ImpactHub and AUGE (University Agency for Management of Entrepreneurship of the University of Costa Rica). In addition, DUCO – Enterprise Systems Design, an innovation agency based in Tel Aviv, Israel, will also provide them with support.

Luis Carlos Barquero, Managing Partner of Grupo Stratos, points out that sustainability is part of the country brand’s DNA and is a competitive advantage for exporters faced with a more conscious consumer. “It is a privilege to participate in the first coordinated public private effort in order to increase our country’s export base. It is a great opportunity for the transfer of technology and methodology from a mature entrepreneurial ecosystem, such as the one from Tel Aviv, Israel. It is an open initiative that seeks to improve the performance, collaboration and the chain of the local ecosystem, to position Costa Rica as an Innovation hub for Green Technology-based Companies,” he concluded.

To be taken into account in the selection process, companies and startups must register at https://bit.lv/2ZbTtou and comply with the following characteristics:

•        Develop validation processes with customers or demonstrate the need for the product or service in the market.

•        Be in the field of green technologies.

•        Have a high innovative merit.

•        Be oriented and have the capacity to foray into international markets

•        Have operations in Costa Rica.

•        A good command of the English language, spoken and written.

The program will be officially launched on August 27, 5:30 p.m., at an event to be held at the Intercontinental Hotel.

Learn more about PROCOMER at www.procomer.com. Facebook, Twitter and YouTube.Learn more about essential COSTA RICA at www.esencialcostarica.com, Facebook. Twitter and YouTube.
Learn more about the specialized incubation for green technology startups at www.grupostratos.com/amangara