National startups in Costa Rica will be able to join the country effort to be a world power in clean technologies, thanks to the GreenTech program, which has already opened its second call, available until July 31st. Through this initiative, companies will have the opportunity to access investment capital for an amount of around $ 50 thousand, from the Pomona Impact fund, to grow their projects.
The program is an initiative of the Costa Rican Foreign Trade Promoter (PROCOMER) and the Costa Rica United States of America Foundation for Cooperation (CRUSA), in collaboration with the regional incubator Pomona Impact, located in Antigua, Guatemala, and with extensive experience in impact investing. These organizations work together to develop the Costa Rican export offer based on environmentally friendly technologies.
Participants will receive business support from mentors, advisers and investors, through group and individual sessions aimed at achieving international scalability of their business models and raising capital. Each company will receive personalized support according to the needs of their business.
Companies with commitment to the environment
“Promoting the incubation and growth of Costa Rican green technology companies through programs such as GreenTech Costa Rica is no accident. As part of PROCOMER’s strategy, we seek for the country’s export sector to stand out in international markets through the consolidation of businesses with purpose, businesses that have the essence of Costa Rica imprinted; that is to say, companies in which the commitment to the environment, the desire to promote social development and, of course, constant economic growth stands out,” said Pedro Beirute, PROCOMER general manager.
On the other hand, Flora Montealegre, executive delegate of the CRUSA Foundation, highlighted the program as a promoter of the green economic model that Costa Rica proclaims. “From the CRUSA Foundation we promote the transition of Costa Rica towards a green, inclusive and innovative economy. We are convinced, today more than ever, that economic recovery must point towards smart and sustainable growth, which takes advantage of our main advantages as a sustainable country. In this direction, the GreenTech Costa Rica program is a commitment to strengthen the entrepreneurial ecosystem of green technologies with the aspiration of turning the country into a laboratory of innovation and consolidating an increasingly green exportable offer”, she said.
Best effort to create a future of sustainable growth
Daniel Granada, partner at Pomona Impact and strategic director of GreenTech Costa Rica, also highlighted the benefits of the program. “If the best way to predict the future is to create it yourself, the GreenTech Costa Rica program represents our vision and best effort to create a future of sustainable growth for Central America. This incubation program seeks to support companies that are starting a growth and expansion stage, and provide them with the support and financing they need to reach the next step in their escalation path”, he expressed.
Once the companies are selected, their incubation process will take place from August to December of this year. For more information about the program requirements and the registration form, you can visit www.pomonagreentechcostarica.com.
The first edition of GreenTech took place between December 2020 and April of this year, a period in which eight Costa Rican startups from various lines of business participated, but all developers of innovation in the field of green technologies.
Among the results of the companies of the previous cycle, the design of commercial and market strategies based on clear growth objectives stands out. This includes from mapping “stakeholders”, effective communication of the value proposition, website and social networks, image redesigns, new product lines, client management software, among others.
The development of strategic plans was also achieved based on the definition of its short and long-term objectives, brand promise, organizational structure, financial and operational monitoring indicators.
Finally, an analysis of its financial structures was also carried out, which implies the review of the cost structure, financial projections, identification of financial and operational risks, evaluation of the company, creation of scenarios for the different financing needs and interests (credit /investment). The results of the companies depend on the particular needs of each one.