Financing Innovation and Entrepreneurship Forum


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Project Purpose & Description Organizations:
The organizations described beneath are those suggested considering the information found on visits, through third parties or web searching. We are willing to restate which should be the most suitable profiles to take part on the Forum according to each country’s government consideration and suggestion.
For instance:
Singapore: A*Star, ACE, Spring, National Research Foundation
Korea: Ministry of Science, ICT and Future Planning, Ministry of Trade Industry and Energy
Australia: Department of Industry
New Zealand: Ministry of business, innovation and employment
Japan: The Japan Science and Technology Agency
China: Ministry of Science and Technology
Malaysia: Ministry of Science, technology and innovation
Chile: Corfo
Thailand: Ministry of Science and Technology
Panamá: Secretaría de Ciencia, tecnología e innovación
Costa Rica: Ministerio de Ciencia Tecnología y Telecomunicaciones
Brazil: Ministério da Ciência, Tecnologia e Inovação, BNDES
Mexico: Consejo Nacional de Ciencia y Tecnología
Argentina: Agencia Nacional de Promoción Científica y Tecnológica
Vietnam: The Ministry of Science and Technology
Colombia: Bancóldex - INNpulsa, Colciencias

Among others.

Colombia has done important steps forward regarding the financing of innovation. However, there is still a long way to go in the support of innovation in Colombia. When briefly exchanging experiences with similar institutions from other countries it becomes evident that these issues are not unique to Colombia. It is often the case that countries are not fully aware of their own strengths and weaknesses and there is not enough exchange of experiences and instrument creation. This provides nations with a clear opportunity to enlighten each other with different paths towards their own development by exchanging information and good practices.

The purpose of this project is therefore to contribute to the economic development of FEALAC members by creating a space where different countries can share successful experiences, best practices and lessons learnt on the design and implementation of their innovation support mechanism, specifically on the creation of different financing instruments to spur business hyper-growth through innovation. Along with creating a network between countries that could benefit the development of joint projects between governments or even between actors as entrepreneurs, academic sector, etc.

The main objectives of this proposal are:

1. To share experiences and best practices between experts who currently work and have deep knowledge on the implementation of innovation and entrepreneurship support measures.
2. To develop networks and connections between Latin-American and East Asian countries in order to support innovation in companies with high growth potential, enhancing business opportunities.
3. To learn financial mechanisms and other instruments used by the participating countries in order to strengthen national innovation systems.
Activity Description & Outcome Heroes Fest is a scenario where business leaders, teachers, scientists, students and artists create a movement based on mutual collaboration to build a different future. A movement of heroes who believe that education transforms, who are sure that science and technology revolutionize the world and who are sure that entrepreneurship and innovation are ways of thinking and living. On 2014, for 3 days, 2000 leaders of change were inspired by global speakers, learnt through creative workshops and ventured to address some of Colombia’s biggest challenges. For more information on its 2014 version please take a look at its video at

Considering that financing is just one of the approaches to support innovation and entrepreneurship, benefiting from a broader setting covering these subjects and fostering a community around them, the proposal is then to develop the forum within the Heroes Fest 2015 agenda.
Therefore, the conferences, discussions and workshops designed for FEALAC’s Forum will be held on a parallel agenda which will allow the members to participate in the whole event as well.

As a consequence, participants will:
• Establish cross cutting issues between both regions in order to develop joint actions to address these subjects, while also generating a space where business opportunities may be initiated.
• Increase the knowledge of innovation experts of the participant which could help countries improve their innovation systems or for those who have a more developed system to identify opportunities for cooperation.
• Strengthen the relations between the country members of FEALAC
Participants Member Countries All FEALAC members
Project Contact Point Name Laura Lanz, Claudia Marcela Gutierrez
Position International Cooperation and Relations Officer
Department International Cooperation and Relations Office
E-mail, Claudia.gutierrez@bancol
Telephone (+571) 486 3000 ext. 2280