The Inter-American Development Bank (IDB) is launching a new challenge known as Orange Innovation to select and finance proposals of up to $500,000 from entities with the best and most innovative business models using cutting-edge technologies to in some sectors of the Orange Economy.
The IDB, through its IDB innovation lab (IDB Lab), the Innovation and Creativity Division and the Department for Central American Countries is seeking to identify business models to support its implementation in nine countries: Belize, Costa Rica, El Salvador, Guatemala, Haiti, Honduras, Nicaragua, Panama and the Dominican Republic.
The challenge is open to entities in the 48 member countries of the IDB, and the proposals must have proven economic and social impact in the subsectors of the orange economy such as the audiovisual, digital arts, animation, video games, multimedia applied to the publishing industry, support services for digital content, film, music industry, fashion, design, tourism, cultural heritage, gastronomy, as long as the solution is a technological one.
“In order to encourage innovation in the cultural and creative industries and the transfer of knowledge, in particular, the use of new technologies, it is essential that it remains in the nine countries being targeted. For this reason, it is important that the proposals originate in or be implemented with a local partner of the nine countries, said Alejandra Luzardo, a specialized leader at the IDB.
Proposals must be submitted by July 31 of this year in one of two categories (grants or innovation prototypes). “IDB is launching this challenge in order to identify innovative Orange Economy proposals with a strong technological component and potential for large-scale impact. We want to find the best talent and support it,” said Estrella Peinado-Vara, a senior specialist at IDB Lab.
The selected proposals will be considered by IDB Lab for project implementation with donations of to $500,000. As part of the award process, a representative of the pre-selected proposal will be able to participate in FOROMIC.
The entities eligible to participate include entrepreneurs, startups, NGOs, businesses, academic institutions, research institutes, social enterprises, public innovation institutions, or similar entitles that specialize in and have knowledge of developing business models based on cutting-edge technologies for the creative industries.
The timeline, evaluation criteria and selection process for this challenge can be found on the page: https://convocatorias.iadb.org/en/orangeinnovation
About IDB Lab
IDB Lab is the innovation laboratory of the IDB Group, the leading source of development finance and know-how for improving lives in Latin America and the Caribbean (LAC). The purpose of IDB Lab is to drive innovation for inclusion in the region, by mobilizing financing, knowledge, and connections to co-create solutions capable of transforming the lives of vulnerable populations affected by economic, social or environmental factors. Since 1993 IDB Lab has approved more than US$2 billion in projects deployed across 26 LAC countries. As of October 29, 2018, IDB Lab is the new identity of the Multilateral Investment Fund (MIF).
About the IDB
The Inter-American Development Bank is dedicated to improving lives. Founded in 1959, the IDB is the main source of long-term financing for the economic, social and institutional development of Latin America and the Caribbean. The IDB also conducts advanced research and provides policy advice, technical assistance and training to public and private sector clients in the region.