CITES team and the MIF in the technical meetings carried out at the building of the Incubator of Grupo Sancor Seguros in Sunchales.
The Multilateral Investment Fund (MIF) will support the Center for Technological, Business and Social Innovation Inc. (CITES, for its Spanish acronym) to boost an investment vehicle aimed at investing in scientific-technological based entrepreneurships in Argentina.
The MIF is the innovation laboratory of the Inter-American Development Bank (IDB) Group, which promotes development through the private sector identifying, supporting and trying new solutions for development challenges and attempting to create opportunities for vulnerable populations in Latin America and the Caribbean.
CITES is a member company of the Grupo Sancor Seguros, with headquarters in Sunchales (Santa Fe), and it is one of the three scientific accelerators chosen by the Secretary of Entrepreneurs and SMEs of the National Ministry of Production, to enter the project of co-investment within the program “Fondo Aceleración”.
The investment vehicle aims at developing the industry of entrepreneurship capital of Argentina and it is the result of an extensive process of analysis and evaluation of this multilateral entity, together with CITES and Sancor Seguros teams.
Vehicle structuring is aligned with one of the three strategic vectors proposed by the MIF in Latin American and the Caribbean: the development of knowledge economy oriented to generate a positive social and environmental impact. In this respect, the intention is to foster the activity that CITES has been carrying out in order to generate a group of startups with scientific-technological base. In this way, we try to get to society with new high impact products and technologies, based on the knowledge usually generated in institutions of science and technology from the country and the region. This, with a positive effect in the creation of new jobs, higher genuine wealth levels for society, increase of exportations and opportunities generation that counter talent drain in a sector that is key for the development of a nation.
As regards this, Alejandro Simón, CITES President and CEO of Grupo Sancor Seguros, said: “This intervention of the MIF is a very large incentive to continue growing with the vision we had when we created CITES five years ago: the conviction that the private sector must generate politics and investments which allow the entering of the country to knowledge economy throughout the generation of new technology-based companies”.
Representantes del FOMIN junto a Nicolás Tognalli (Gerente de CITES), Oren Gerstein (partner israelí) y Laura Ge (asesora ejecutiva).