The Inter-American Development Bank through its innovation laboratory IDB Lab, Matba Rofex and Bolsa de Comercio de Rosario (Rosario Stock Exchange) join forces with the Center for Technological, Business and Social Innovation Inc. (CITES) to boost the process of company building/investment acceleration in scientific-technological based startups in early stages in Argentina. The joint project will focus on disruptive innovations in areas such as medicine, big data, technology for agriculture, agroindustry and food industry, artificial intelligence, 3D technologies, renewable energies, aerospace, life science technologies, molecules development and financing technologies, among others.
CITES is part of the so-called Grupo Sancor Seguros with headquarters in Sunchales (Santa Fe province), and it is one of the scientific accelerators chosen by the Secretary of Entrepreneurs and SMEs from the National Production Ministry to access the co-investment program “Fondo Aceleración” launched in the context of Entrepreneurs 2017 Law.
CITES has been supporting scientific-technological entrepreneurs from all over the country since 2014 and it has a solid and multidisciplinary team of professionals with a strong entrepreneurial and business profile, which has experience on sciences, engineering, biotechnology, information systems, entrepreneur/private capital, finance and intellectual property management.
Through its triple impact approach, CITES will invest on companies that are centered on innovation with competitive advantage, which have high growth potential, with good governance practices , with a well-defined plan for expanding in regional and world markets and which work to have a positive social, economic and environmental impact over society.
For that aim, the InterAmerican Development Bank, as the manager of IDB Lab, approved a US$ 3 million support, added to the US$ 12 million from Sancor Seguros and to the US$ 1 million from Matba Rofex and Bolsa de Comercio de Rosario.
“CITES is the first initiative, not only in Argentina but also from Latin America and the Caribbean, that has an entrepreneur capital investment vehicle and a program of company building/accelerator for scientific-technological startups, aiming at a market area almost neglected so far”, said Susana García-Robles, Chief of Investment Units in IDB Lab.
In this sense, the institutions carrying out this announcement aim at boosting the work CITES has been doing with the support of the Secretary of Entrepreneurs and SMEs so as to generate a conglomerate of scientific-technological based startups.
In this way, we try to reach society with new products and high impact technologies, based on the knowledge usually generated in science and technology institutions of the country and the region. Products and technologies that have positive effects in the creation of new jobs, higher levels of genuine wealth for society, increasing exports and generating opportunities that counter talent drain in a key sector for the development of the country.
On this regard, Alejandro Simón, President of CITES and Grupo Sancor Seguros CEO pointed out: “this joint intervention between IDB Lab, Matba Rofex, Bolsa de Comercio de Rosario and Sancor Seguros is a very big incentive to keep on moving forward with the vision we had when we created CITES more than five years ago: the conviction that the private sector must participate in actions and investments that allow the country to enter the knowledge economy through the generation of new technology based companies.”
The mission of the Inter-American Development Bank is to improve lives. Created in 1959, the IDB is one of the leading sources of long-term financing, for the economic, social and institutional development of Latin America and the Caribbean. Also, the IDB conducts extensive research projects and it offers advisory over policies, technical assistance and training for public and private customers throughout the region.
About IDB Lab
IDB Lab is the innovation laboratory of the IDB Group, the leading source of financing and knowledge for development focused in improving lives in Latin America and the Caribbean. The aim of IDB Lab is to catalyze innovation for inclusion in the region, offering finance, knowledge and connections in order to co-create solutions capable of transforming lives in violated populations due to economic, social or environmental conditions. IDB Lab has approved US$ 2 billion in projects developed in 26 countries in Latin America and the Caribbean. On October, 29th 2018, IDB Lab is the new identity of the Multilateral Investment Fund (FOMIN, by its Spanish acronym).
CITES in an early stage entrepreneur capital investor that invests, accelerates and incubates disruptive science based projects, which address the needs of global markets. CITES is the only investor in Latin America specialized in finding or generating investment opportunities based on patents within the regional scientific system. This thesis allows the maximizing of returns and the leading of scientific-technological entrepreneurship of the region.
Authorities that presided the event: Mariano Mayer, Secretary of the National Secretary of Entrepreneurs and SMEs; Juan Pazo, National Insurance Superintendent; Alejandro Simón, Grupo Sancor Seguros CEO and CITES President; Gyoung Choe, IDB Lab member; José Luis Lupo, General Manager of the Department of the South Cone Countries and IDB Agent in Argentina; Carolina Lustosa IDB Lab member; Eduardo Aloy, Rosario Stock Exchange CFO and Marcos Hermansson, Matba Rofex vice-president.
Attended the event agents from the National Secretary of Entrepreneurs and SMEs, National Insurance Superintendence; Inter-American Development Bank, Rosario Stock Exchange, Matba Rofex, Banco de valores, Paolantonio&Legón, Grupo Sancor Seguros and CITES.