Called BBVA Momentum, the program is in its second year and will bring together the selected participants for 16 weeks of academic training designed to help turn good ideas into projects that can “change lives,” according to the domestic subsidiary of the Spanish banking giant.

The training, both virtually and face to face, will come from Corporate Learning Alliance (CLA) of the Financial Times and IE Business School as well as members of the MET Community, which stands for Mujer, Emprendimiento and Tecnología (women, entrepreneurship and technology).

In addition to this “mentorship,” BBVA Colombia says the program will also offer strategic support, collaboration, networking and visibility.

READ MORE: BBVA Colombia Secures $150 Million USD Loan from IFC for Housing Finance

Applications, which require no fee, are being accepted through June 11 and are open to any organization with at least two employees, two years of formal operations in Colombia, and 150 million pesos in annual income. They must also have launched a project, product, or service with “proven social impact.”

The selected startups will start the program on July 11 and continue through October 27.

BBVA Colombia branch in Bogota, Colombia. (Credit: Jared Wade)

The plan is years in the making. Since 2013, officials have been working on an idea to provide a space — equipped with the proper technology and qualified staff — that will help organizations and people throughout Medellín create product prototypes and innovative designs.

“Places like this are important for Medellín because they are the starting point for innovation to become the main driver of the city’s economy and its future sustainability,” said María Fernanda Galeano, Medellín’s secretary of economical development.

Photo: A woman uses new technology to craft her prototype in the Creation Lab, launched by Ruta N and the city of Medellin this month in Colombia’s second largest city. (Credit: Ruta N)

At the Creation Lab, entrepreneurs from organizations large and small are able to join participant in various programs and workshops intended to enhance their creative and business skills. Each offers the assistance of trained professionals in every stage of the process. “The program is organized around a fast, 16-hour schedule, with four stages of four hours each,” said Andrés Felipe López, manager of organizational innovation at Ruta N.

One workshop track is based upon “assistance” and designed for companies that have already put in some time to evaluate the market potential of their idea. They can then come ready to further develop the concept while leaning on the research of the Creation Lab and advice of Ruta N professionals to help decide whether their solution is something that is actually innovative.

“The Creation Lab will allow companies to make their ideas into reality,” said Alejandro Franco (far left), director of Ruta N. (Credit: Ruta N)

After that, the creation process will begin with courses centered around how to use the design tools. The lab offers both more traditional metal-working and fabrication equipment as well as the new-age laser-cutting and 3D-printing technology. Ruta N staff will teach people how to use each one.

Lopez says that the last part of the program is focused on bringing innovations to market. This phase is about “making the business model so that you can make money, develop the idea, and make it sustainable.” No matter the outcome, companies will retain all the rights over their prototype or other ideas that they develop in the lab.

The other component of the main program focuses on “training.” In this path, participants can take advantage of 20 courses that are divided in five categories: business model, service design, prototype, creating, and validations. Entrepreneurs can choose to take one workshop, several workshops, or all of the workshops depending upon their time and interest level.

Ultimately, those behind the new space want people to use it in a way that will improve their organization and add innovation to the city. “The Creation Lab will allow companies to make their ideas into reality — in a conversation with the client, so the process will be faster,” said Alejandro Franco, director of Ruta N. “It fulfills a need because not all the companies have innovation centers to send their team just to sit and think.”

But the lab is not solely designed for those in the private sector. “It is very important to make partnerships with universities so they can join in the entrepreneurship,” said Galeano. “Then, they will be able to see a style of life that is full of opportunities.”

(Credit: Ruta N)

Ruta N and the Creation Lab hope to attract public officials and governmental workers as well. They want to teach those in the public sector the skills that will inspire them to design new solutions and services that improve the lives of people in Colombia.

While the lab is only becoming a reality now, it is rooted in Medellín’s longer-term government plan to focus on science, technology, and innovation. This project is just one of the many initiatives that the city is betting on to help reach its ambitious goal of having 60% of the city’s companies involved in innovation activities by 2021.

Franco said that this lab is one of just a few like it in Latin America. For him, that makes it something to be proud of — not only for Ruta N and the mayor’s office but for people who will benefit from this development. “This is for everyone, and it has been thought of as a learning-while-doing project that does not take too much time,” said Franco.

Thanks to Medellín’s efforts to become a leading city of innovation, the Creation Lab will require no fee for many services. Those interested, can register or find a full list of requirements for companies at the Ruta N website. Anyone in search of more information can also contact the organizers through email (laboratoriodecreacion@rutan.co or portafolio.lab@rutan.co), Facebook, or Twitter.

Any interested companies have until July 15 to submit their application to Wayra, the Telefónica-backed accelerator organizing this year’s summit on September 29 at the Bogotá Chamber of Commerce in the neighborhood of Salitre.

After the call for submissions ends, the organizers will chose the top selections for a chance to enter the Google Developers Launchpad program, receive mentorship from the IE Business School, and get an exclusive opportunity to pitch their business to around 30 investors. Those pitches will take place during a “speed dating” format the day before the forum begins, and Wayra said that past participants have successfully raised capital from the entrepreneurs on hand.

Lentes Plus, an online marketplace to purchase contact lenses in Colombia, participated in the Colombia Startup 2015 edition and was one of the success stories coming out of the event. “It was a great impulse to raise our first round of capital,” said Diego Mariño, co-founder Lentes Plus.

At the Colombia Startup 2016 summit, Apes, which uses radio frequency identification (RFID) to offer firms real-time inventory tracking, was the big winner. For coming in first place, the Bogotá-based company received assistance from the famed Springboard accelerator, which has helped turn many companies from small startups into big-money success stories.

Second place in 2016 went to Kiwi Campus, an on-demand delivery service for food and other goods that works on college campuses in Colombia — including University of Los Andes, National University of Colombia, and Javeriana University — as well as in the United States, Chile, and Mexico. CityTaxi, a cab-hailing app and member of the Wayra accelerator portfolio, took third prize.

In order to be eligible for this year’s program, applying startups must meet the following seven requirements, as described by the organizers of Colombia Startup 2017.

1. The business model and/or the proposed solution must be highly innovative. The proprietary technology will be valued and substantial improvements will be made to solutions that already exist.

2. Have sales and/or verifiable active users.

3. Have projection and/or regional or global scalability potential.

4. Have a structured team that demonstrates the knowledge and tools required to operate the startup. In addition, at least one of the founders must have exclusive dedication to it.

5. Must not have received more than $1 million USD in investment to date.

6. Have less than five years of operation (commercial stage). Spinoffs of existing companies with annual turnover of more than $1 million USD will not be considered.

7. The company must be incorporated in Colombia or have an interest in entering the Colombian market.

Carlos Castañeda, director of Wayra Colombia, says that he has seen the quality of the applicants and those participating in the program improve in each of the previous four summits. And he predicts that the trend will continue this year in an event that is expected to draw at least 1,500 attendees.

“Every time, we see more innovative talent in the country,” said Castañeda. “And it is precisely these types of scenarios that make entrepreneurs take off, giving them the opportunity to connect with actors who can become strategic allies of their growth.”

In addition to Wayra, Colombia Startups 2017 has support from Telefónica, the Bogota Chamber of Commerce, SENA, Google, Mercado Libre, IE Business School, the Bolivar Davivienda Foundation, KREAB Colombia, .CO Internet, and Pappcorn.

Photo credit: Wayra, Colombia Startup 2016

As the winner, the Bogota-based company will now receive assistance from the famed Springboard accelerator, which has helped turn many companies from small startups into big-money success stories.

Second place went to Kiwi Campus, an on-demand delivery service for food and other goods that works on college campuses in Colombia — including University of Los Andes, National University of Colombia, and Javeriana University — as well as in the United States, Chile, and Mexico. CityTaxi, a cab-hailing app and member of the Wayra accelerator portfolio, took third prize.

(Photo Credit: Colombia Startup)

In all, more than 1,500 attendees gathered in the capital for the fourth edition of Colombia Startup, an annual event that brings leading entrepreneurs in the country together with international investors and experts. At least 11,000 people live-streamed the event from across the world.

Event organizers were also proud to announce that they exceeded the 400 mark for official meetings between investors and entrepreneurs, a new record for Colombia Startup. Each of the 19 startups selected before the event got the opportunity to sit down in front of 25 investors to make their case for funding.

The event was also record setting in terms of the number of companies that showed up. “Colombia Startup is one of the most important events for entrepreneurs in the country, and we want to make it one of the most important in Latin America,” said Alfonso Gomez, CEO of Telefónica Colombia and president of the forum. “This year, the call to entrepreneurs broke the record by having 644 registered enterprises. Colombia Startup is a unique space for high-level networking and accessing potential investors.”

The conference kicked off with a reception on Thursday, October 6 in at the prestigious Casa Egresados Uniandinos before getting down to business the following day at the Bogotá Chamber of Commerce headquarters in the neighborhood of Salitre.

Some of the biggest guests were expected to include: Juan Gorricho of The Walt Disney Company, Andrés Hernández of Google, Gladys Corredor of Banco Davivienda, Carlos Ángel of Uber, and Daniel Arango of Colombia’s Ministry of Commerce, Industry, and Tourism.

This year, Colombia Startup will bring together national and international guests, including Juan Gorricho of The Walt Disney Company, Andrés Hernández of Google, Gladys Corredor of Banco Davivienda, and Carlos Ángel of Uber. Daniel Arango — vice minister of business development for Colombia’s Ministry of Commerce, Industry, and Tourism — will also attend.

Another special feature this year will be exclusive interviews with the founders of three success-story startups that have been a part of the Colombia Startup ecosystem in past years: 1DOC3, Hogaru, and Undertrail. Carlos Rodriguez, director of Dinero magazine, will host a discussion with the innovators.

“Colombia Startup is one of the most important events for entrepreneurs in the country, and we want to make it one of the most important in Latin America,” said Alfonso Gomez, CEO of Telefónica Colombia and president of the forum. “This year, the call to entrepreneurs broke the record by having 644 registered enterprises. Colombia Startup is a unique space for high-level networking and accessing potential investors.”

The agenda will also include a new initiative, in alliance with Be-novate, where the results of a challenge that is open to all who wish to participate will be presented. The contest calls upon all entrepreneurs to become agents of change to create a better future for disruptors in Colombia and Latin America. All attendees can participate by entering here.

Others who will be at Colombia Startup 2016 include: Monica de Greiff, president of the Bogotá Chamber of Commerce; Carlos Castaneda, director of Wayra Colombia; Juan Jose Guemes, president of the Center for Innovation and Entrepreneurship at IE Business School; Eduardo Santoyo, CEO of .CO Internet SAS; Maria Andrea Nieto, director of employment, labor, and entrepreneurship at SENA; Reinaldo Romero, vice president of credit for Banco Davivienda; Juanita Rodriguez, manager of Apps.co; and Pierre Yves Calloc’h, general manager of Colombia and Venezuela for Pernod Ricard.

Those who wish to attend can do so for free — but must first register at: Colombia-Startup.com.