CAF proposes a compehensive entrepreneurship development model

(Bogotá, August 10, 2006). Promoting a comprehensive concept of development that involves both the public and private sectors and where stability, efficiency, and equity converge was one of the main conclusions to emerge from the International Encounter for the Development of Entrepreneurship “CAF Emprende,” which concluded this afternoon in Medellín.

More than 200 representatives of government, private, and academic organizations from Latin America took part in the two-day Encounter, during which a number of different visions of entrepreneurial development were presented in a search to encourage the formulation of concrete measures aimed at ensuring the growth of entrepreneurship in the region.

One key point to emerge during the Encounter was the need to place greater emphasis on dynamic, innovative entrepreneurship, leaving aside the necessity-pushed variety, in addition to giving a greater boost to the development of a culture that places value on and promotes entrepreneurship.

Importance was also given to the State playing a proactive role in supporting entrepreneurship, entrepreneurial development, and financing. However, it was clear that there are no unique formulas for institutional and government measurement schemes.

In rounding up the event, Miguel Castilla, the Head of CAF’s Public Policies and Competitiveness Office, also made reference to the important role of the universities, maintaining that they should form part of the innovation and value chain systems for creating new enterprises through actions aimed at skill building, impact measurement, and generating sustainability in their programs and activities.

On the matter of financing, he highlighted the consensus that exists with regard to the importance of States investing capital in business incubation and development, the need to develop a transparent system with clear incentives for motivating positive behaviors among entrepreneurs and for having an impact measurement system, preferably run by outsiders, and also the importance of promoting alliances between the public and private sectors for defining joint financing schemes.