Nicolás Tognalli, CITES Manager, travelled to the Asian country to take part in a commercial mission. The travel allowed him to meet the culture and the business world, and to open relevant possibilities for the local entrepreneurial ecosystem.
This is his analysis of the mission which will allow the opening of a relevant business for the incubated startups: “From CITES and Sancor Seguros it is very important to have attended this mission. We appreciate the invitation from Bolsa de Comercio de Rosario. We were really interested on sharing and understanding what are the innovation products needed in the companies we visited during this trip to China”, he said.
Tognalli visited the incubator 100 Partner in Shanghai which specialized in Fintech and he said: “We were able to experience the advancements done in this area in of the most relevant financing and technological centers of the world”.
On the other hand, Tognalli mentioned the concrete possibilities that local developments may be inserted in the Chinese market considering there 1400 million inhabitants, “it is big enough so as to approach it all from there”. He also said: “nowadays China understands that the economy value is linked to the knowledge economy, and it is being very respectful as regards intellectual property and patents; and we invest in companies that are based on those aspects: in the exploitation of intellectual property development. Many of our companies are patenting their developments here in China and it was interesting to know this market so as to make a better opportunity analysis.”
Then, the spokesperson highlighted that the alliance with IDB Lab, MATBA and Bolsa de Comercio de Rosario will bring about new opportunities. “The support from IDB is comforting for us, is the result of more than a year and a half effort with this multilateral management and it has a great impact that goes beyond the three million dollars support to help us develop more startups. It extends beyond that because in all the good practices of funds management in venture capital the Inter- American Development Bank, through IDB Lab, is used to develop and has been developing with more than 90 funds in the last 25 years, now CITES will have the chance to access to, will have better relation with investors and the Government. We believe it is very valuable and it will increase the standard not only in CITES, but in the Argentinian industry as a whole.”
To conclude, the executive remarked; “IDB understands we are taking care a niche that was unattended by the market, by other technological accelerators and by investment funds. We are proud to know that for IDB CITES represents a pioneer initiative and that it wants to know how we work to replicate the method in Latin America and the Caribbean.”