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MIF and Confecamaras will invigorate the Colombian entrepreneurship ecosystem among low-income youth

Sep 22, 2016

The Multilateral Investment Fund (MIF), member of the Inter-American Development Bank Group (IDB), has recently approved a technical cooperation of 1 million dollars for a project that will test a model that promotes the acceleration and growth of enterprises of 5,000 low-income youth and integrates strengthening of the institutional entrepreneurship ecosystem. The project will be carried out by the Colombian Confederation of Chambers of Commerce (Confecamaras) who will coordinate a partnership of 10 chambers of commerce that will support these young entrepreneurs in two main areas: advisory support for better business management and access to finance.

The main challenge is how to improve and strengthen acceleration and growth processes in business ventures run by low-income young entrepreneurs. These young people face a number of obstacles to growing and strengthening their businesses: the low level of development of entrepreneurial and management skills; training and assistance models to support business acceleration and strengthening that are out-of-date and do not meet the needs of young entrepreneurs; and an institutional setting with shortcomings and gaps that keep low-income youth from accessing financial and nonfinancial services adapted to their actual circumstances.

In order to address this problem, various business diagnostic methodologies will be mapped. Once the diagnostic method to be used has been selected, the strengthening and acceleration methodology will be identified to support the young entrepreneurs. This acceleration will include setting up a network of advisors and/or entities that can provide nonfinancial services tailored to the target audience. The project will be implemented in ten cities or regions: Aburrá Sur, Armenia, Bucaramanga, Cauca, Cali, Cúcuta, Manizales, Neiva, Pereira and Santa Marta.

This Project is part of the Youth Entrepreneurship Program (YEP), implemented by Youth Business International (YBI), which seeks to enhance the business capacities of low-income youth by expanding access to quality services, thereby laying the groundwork for a stronger ecosystem for youth entrepreneurship in the region.


About Confecamaras

The Colombian Confederation of Chambers of Commerce (Confecamaras), is a private nonprofit umbrella organization representing all 57 chambers of commerce in Colombia. Its mission is to foster competitiveness and regional development by strengthening the chambers of commerce as institutions and proactively representing the system to the government on issues of competitiveness, formalization, entrepreneurship and business innovation. Learn more at www.confecamaras.org.co


About the MIF

The Multilateral Investment Fund is the innovation lab for the Inter-American Development Bank Group. It conducts high-risk experiments to test new models for engaging and inspiring the private sector to solve economic development problems in Latin America and the Caribbean. The MIF addresses poverty and vulnerability by focusing on emerging businesses and smallholder farmers with the capacity to grow and create economic opportunities. Learn more at www.fomin.org
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