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"You need a bunch of other expertise around the table in addition to raw engineering talent," says Casnocha. "There is still work to be done in terms of the human capital."

The five top winners of the Ecopetrol Awards may receive more than $8,000 USD, and another 12 winners will walk away with $2,000 USD or more.

The meeting will take place at 9:00 am on Tuesday, April 4, at the Colombian Consulate. Local businesses are encouraged to participate.

"Within Latin America, we see this city as one of the main focal points of innovation," says History's Cesar Coletti about Medellín.

By 2021, Ruta N hopes that the companies that signed on will be investing at least 3% of their sales back into activities in science, technology, and innovation.