On December 18th, 2013, the Group Sancor Seguros was launching CITES S.A by inaugurating its facilities. The event had the presence of many special guests such as some ministries of national and provincial Cabinet, deputies, senators, and the local mayor, deans from national and private universities, CONICET President, and representatives from different research centers, development institutions and business schools.
Five years later we want to share some of the achievements of the Center for Technological, Business and Social Innovation.
In this period we launched 10 calls for CITES Startups and two boot camps for entrepreneurs. More than 750 projects were analyzed: 70% coming from Argentina, 25% from Latin America and 5% from the rest of the world. Fifty of them were mentored by our management team for various weeks, 13 were introduced to our investment committees, 11 have been accepted to be invested on; four of them are now in the process of corporate setting up, while the other seven are already new companies set up, invested and incubated by CITES: Phylumtech, ImValv, ViewMind, EoloPharma, BioDrone, RadBio and Llamando al Doctor.
These new companies, established in Sunchales, are based on patented technologies, which makes CITES and its startups in one of CONITE´s more active technology licensee.
As regards investment, these seven startups have received USD 4.5 million in investment. Soon two of these companies will be the first graduates from the incubation in CITES and together they will bill more than one million dollars during this year.
Llamando al Doctor was the first company that, recently, received investment from other business group. At the same time, two other companies are negotiating in investment rounds for entrepreneur capital with local and international investors.
This investment dynamics allows the generation of new quality jobs, the creation of a virtuous circle of technological transference into society, the diversification of the productive matrix of our society and the course marking for the development of the knowledge economy that our country needs.
On the hand, we have created a financial trust of 24 million dollars to invest in 32 new companies during the next four years.
After an assessment task that took a few months, the Multilateral Investment Fund (FOMIN, by its Spanish acronym), the innovation laboratory of the International Development Bank (IDB), decided to support CITES to boost its investment vehicle.
It was not only the IDB that assessed CITES. In these years, we got the first position in two programs of co-financing that had international jury. The most important one is the license of Scientific Accelerator granted by the Secretary of Entrepreneurs and SMEs from the National