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The competition will take place over 27.5 hours as participants race come up with open-data-based solutions to "citizen security" challenges.

"In the 1950s, customers going to a retail store had to wear a suit," says owner Hernando Castro. "People in the city used to dress up most of the time. But we get by. There are still people who have a good taste for clothes."

"We have learned from our clients that responsible debt is crucial to enabling them to grow their operations consistently," said Esteban Velasco, cofounder of Sempli.

While the full details are yet to emerge, the plan is to offer the exemption to companies that will generate a set minimum number of jobs.

Candidates — from entrepreneurs and startups to engineers and scientists — have until November 12 to submit their proposals.

Year over year, entrepreneurship in Colombia is become a major driver for economic growth and job creation, establishing the country as a leader in entrepreneurial development in the region. This has led to the creation of platforms and enterprises that boost growth initiatives,...

"The next competition for Hometuls is the Seedstars Summit in Switzerland in April, where they will compete for up to $1 million in prizes,” said Ana Vasquez of Seedstars.

Facebook says it chose Colombia to start due to the fact that its population is tech-savvy and highly social.

Among the projects underway is the development of methods to pay for flights through mobile platforms such as WhatsApp.

The center was founded by the Medellín Chamber of Commerce, CINTEL, and the CREAME Business Incubator.