What is Bicinnova 2020?​

It is a training and support program developed by the Mayor's Office of Bogota by means of the Secretariat of Economic Development and in partnership with Bancóldex. It will provide participants with tools so that they may get to know and implement the necessary biosecurity protocols to reactivate their company and prevent COVID-19, review their innovation processes to visualize new opportunities in order to generate new income and prioritize digital actions for the company to migrate to a digital business model.

Who may participate in this program and how many companies will be selected?

Up to eighty (80) micro, small and medium-size enterprises legally incorporated in Colombia that work in sectors related to the use of bicycles as a means of transportation, located in Bogotá, and which were incorporated at least one (1) year ago may participate in Bicinnova 2020.

Twenty (20) out of the eighty (80) companies that participate in virtual training activities may be selected to receive Virtual Direct Technical Assistance from expert consultants.

What does Bicinnova 2020 include?

The program will have two (2) phases. The first one is the Virtual Synchronous Training, and the second one is the Virtual Direct Technical Assistance.

• Virtual Synchronous Training: A virtual training program will be developed to provide participants with tools so that they may determine the current situation of their company in the areas of innovation, digital business model and biosecurity protocols.
• Virtual Direct Technical Assistance: The companies selected for this phase, which must have participated in the Virtual Synchronous Training, will receive specialized consultancy in the areas of innovation and digital transformation.

How will companies apply to Bicinnova 2020?

In order to apply, interested companies must fill out the form available online, which can be accessed through the following link.

Apply here

Invitation to companies to participate in the program Bicinnova 2020

Sectors related to the use of bicycles

HOW CAN YOUR COMPANY SURVIVE IN TIMES OF CRISIS?

Bancóldex and IFC invite micro and small Colombian enterprises to participate in a program to strengthen their capacities in business management, financial risk mitigation and finance management in the current challenging context.

This initiative seeks to provide free support to entrepreneurs who are facing this critical situation and have some difficulties in responding to it through three virtual training modules.

Who is this program for?

Each module targets up to thirty (30) companies with revenue between $600 million and $2.5 billion from the trade and tourism sectors that are facing challenges posed by the health emergency

Who will be teaching these virtual trainings?

The trainers will be staff from IFC’s team, and the training content has been validated and presented in different countries worldwide.

How can companies apply?

The selection order will be determined based on the order in which the application is received according to the date and time provided by the Bank's online form server, and provided the company fulfills the requirements set forth in the section "Who is this program for?".

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RELEVANT INFORMATION

The International Finance Corporation – IFC, which is part of the World Bank Group, is the leading international development institution devoted exclusively to the private sector in developing countries. It offers development solutions tailored to the needs of the entities it works with and it does so by applying financial resources, technical knowledge, global experience and innovation capacity.

Exporting and importing represent a great opportunity for today’s entrepreneurs. However, profit has been impacted by the instability of the exchange rate. The daily volatility of the foreign currency rate, especially the US dollar, hinders the successful development planned by companies and puts profit and the viability of businesses at risk. In order to minimize and even avoid such impact, the market has developed effective and easy-to-use tools such as Exchange Rate Hedge. Bancóldex, aware of the importance for entrepreneurs to protect the profitability of their foreign trade operations, has published the booklet "Exchange Rate Hedge, protect the profitability of your business." It presents a simple concept of what Exchange Rate Hedge is and how entrepreneurs can benefit from this financial tool.

See the online booklet here.

Download the booklet PDF here.

The downloadable brochure, “Finance, the key to business success” presents in simple and quick terms the main elements an entrepreneur ought to take into account to improve the financial management of his/her business. It exhibits a four-module journey through business formalization and its benefits. It shows entrepreneurs how to make the best use of the company's financial information. It provides guidelines on how to set costs and sales prices of products and services properly to improve profitability. And finally, it suggests entrepreneurs use different alternatives offered by the market to obtain financial resources in order to cover their growth needs.

This downloadable brochure has four modules:

• Module 1. How to improve the competitiveness of MSMEs.
• Module 2. Accounting and Taxation - Basics of Growth.
• Module 3. Profitability, Costing and Pricing - Basis for Sustainability.
• Module 4. Financial Resources for Businesses - Make sure you choose the best optio

A series of documents will help entrepreneurs produce simple self-diagnoses to recognize their company’s current situation. They will also find a series of recommendations that will help them to improve management and enhance their business growth by implementing them properly.

This downloadable brochure consists of nine themes:

• Initial diagnosis - presentation
• Strategic thinking: An alternative to ensure SMEs sustainability
• The Family Business: Challenges and obstacles in growth processes
• Marketing: A tool for competitiveness
• Internationalization: A key factor for business competitiveness
• Financial management: The productive use of business resources
• Production management: In pursuit of efficiency
• Tax management: A benefit for everyone
• Human resources: The main asset of an organization 
• Corporate social responsibility: A tool for competitive advantage

These ten short videos will help entrepreneurs review some basic financial concepts and see how these concepts can help them grow by applying them properly in their businesses.

Chapter 1 - Credit

Albert's bakery is doing very well. One day though, one of the mixing machines breaks down and he does not have the funds to replace or repair it. See how he solved his problem in "Business Development - The Series".

These ten short videos will help entrepreneurs review some basic financial concepts and learn how applying them properly in their businesses can help them grow.

Chapter 2 - Insurance

Sally Save is a cautious businesswoman who thinks she has everything under control but after considering a series of hypothetical risks, she realizes the importance of insurance. See what Sally learned in "Business Development - The Series".

Chapter 3 -Financial Control

Albert has done very well with sales of his bakery but when he makes ends meet at the end of the month, he realizes his income is not enough to cover his needs. See how Albert managed to resolve this situation in "Business Development - The Series".

Chapter 4 - How to make a budget

Sally feels certain she is keeping her accounting in an orderly manner but after a news interview, she realizes she is not following a good financial planning process. See what she learned in "Business Development - The Series".

Chapter 5 - The Financial System

Albert Gold speaks self-confidently about finances to a group of entrepreneurs but when asked about the Financial System, he remains silent and without answers. See how he handled the situation in "Business Development - The Series".

Chapter 6 - Use Credit or Savings?

Sally wants to purchase a computer for her company and has some money to buy it, but she does not know if it is better to spend her savings or request a loan for this expense. See what decision she made and what criteria she considered in "Business Development - The Series".

Chapter 7 - Business financing needs 

Sally's company has grown steadily but her capital is no longer sufficient to cover all her needs. See how she resolves this situation in "Business Development - The series".

Chapter 8 - Basic Insurance Terminology 

Albert keeps his bakery safe with big locks thinking this is the best way to be protected both himself and his company, not knowing that physical security is important but it is not enough. Learn more about insurance in "Business Development - The Series".

Chapter 9 - Leasing

Albert’s bakery has grown and now he delivers orders to several sites in the city but he is in trouble because he needs to improve his delivery logistic. See how he solved his problem in "Business Development - The Series".

Chapter 10 - Factoring

Sally is having some cash flow problems to cover her obligations and has outstanding invoices to collect. See how she could resolve this situation in "Business Development - The Series".