heroX Orange $500,000 Challenge @ Inter-American Development Bank

Published Sunday, May 26, 2019

What are we looking for?

The Inter-American Development Bank (IDB), through its innovation laboratory of the IDB Group (IDB Lab) and its Innovation and Creativity Division (ICD) through the DEMAND SOLUTIONS initiative, seeks to identify business models to boost the Orange Economy.

The challenge seeks to identify business models that use cutting-edge technologies to support their implementation in the 9 target countries: Belize, Costa Rica, El Salvador, Guatemala, Haiti, Honduras, Nicaragua, Panama and the Dominican Republic. Entities from the 48 member countries of the IDB can participate.  The United States a member of the IDB.

  1. They introduce innovations to the defined subsector of creative and cultural industries.
  2. They use cutting-edge technologies.
  3. They show that they are financially sustainable.
  4. They have economic and social impact.
  5. They have a legal constitution registered in the target country. (Those entities located in other countries can only submit proposals if they do so together with an entity registered in one of the 9 target countries.)

What subsectors of the orange economy are we looking for?

  1. Audiovisual, digital arts, animation, and video games.
  2. Multimedia applied to the publishing industry.
  3. Support services for digital content.
  4. Film and music industry.
  5. Fashion, design, tourism, cultural heritage, and gastronomy, as long as the solution is a technological one.

What does the prize consist of?

The prize consists of the pre-selection of proposals that will be considered by IDB Lab to receive financing. The amount of the financing is from $ 150,000 to $ 500,000 depending on the categories in which it applies (grant or innovation prototypes). As part of the prize a representative of the preselected entities will be able to travel to FOROMIC to present the proposal.

Application Deadline: July 31

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