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Costa Rica’s Entrepreneurial Ecosystem
October 2016
About the Research
According to the 2014 National Report about Entrepreneurship in Costa Rica by the Global Entrepreneurship Monitor (GEM),
entrepreneurial activity in the Costa Rica has decreased around 35% since 2012, and the quantity of established businesses went from
4.8% in 2012 to 2.45% in 2014. However there is a positive aspect, and is the increment of the ventures that have done to take
advantage of a business opportunity (64%) and not just because they see it as an need or a subsist (10.43%)*.
Given the importance of entrepreneurship in the region, the Aspen Network of Development Entrepreneurs’ (ANDE) Central Americaand Mexico Chapter** developed this study with the following goals:
• Identify organizations that are working to support entrepreneurs
• Identify potential partners for these organizations
• Identify where the gaps are for supporting entrepreneurs
• Identify where organizations can collaborate to promote entrepreneurship in Guatemala
With those goals in mind, we designed a questionnaire focused on the following elements:
• Type of organizational intervention
• Stage they support
• Type of capacity development they offer
• Financial support they offer (debt, investment, etc.)
• Sector they support
• Geographic presence
We would like to thank the 30 organizations that were a part of the first stage of this study, through which we were able to visualize the
support they offer, which areas are the strongest, and where collaboration is needed to strengthen the entrepreneurial ecosystem. We
would like to mention that we have included information provided by the participant organizations, this study is not exhaustive, but a
joint effort between ANDE and the organizations involved. If you’re interested in getting involved, there is a link with more information
at the end of this document.
*LEBENDIKER Fainstein Global Entrepreneurship Monitor (GEM). National Report of Costa Rica 2014 [On line]. 2014. [Retrieved on: February 17 of
2016]. Available here.
**ANDE is a global network of organizations that propel entrepreneurship in emerging markets. (www.andeglobal.org).
Agencia Universitaria para la Gestión de Emprendimiento
Entrepreneurial Ecosystem in Costa Rica
*The organizations of “Financial Support” that are in Green offer financing and capacity development support.
BAC Credomatic Costa RicaArias & Muñoz
Carao Ventures
El Niño y La Bola EcoEntreprises Fund
Habitat for HumanityHivos
Laureate Universities CR. Universidad Latina de Costa Rica
Ministerio de Ciencia, Tecnología y Telecomunicaciones
Root Capital
VIVA
Asociación Empresarial para el Desarrollo
Centro de Gestión Tecnológica
IndustrialCosta Rica Open Future
Fundes
INCAE Business School
Parque La Libertad ¬ POOM
Red Latinoamericana de Universidades por el Emprendedurismo Social
Universidad de Costa Rica
WEconnect International en Costa Rica
Yo Emprendedor
Women Agriculture TechnologySocial
EntrepreneursYouth All
Centro de Estudios para el Desarrollo Rural- Programa de Servicios Financieros para la Agricultura Sostenible
Others ¬
S.E.E.D.
Lafise Invesment Management
Fundación Avina
Central American Bank for
Economic Integration
Agora Partnerships
Banco Centroamericano de Integración Económica
Fundación Avina
Leitz Group
Stage Idea Startup Early-Stage Expansion Stage Growth Stage Consolidation
Fin
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ap
acit
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evelo
pm
en
t
Typ
eo
f su
pp
ort
Geographic PresenceP
rese
nce
at
Na
tio
na
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el
What kind of support do they offer?
63% and 60% of the organizations offer
training and education on
entrepreneurial culture, respectively. Yet
these are basic elements needed to boost
the development of startups in the short,
medium and long term.
47% of organizations provide financial
support by entrepreneurial and expansion
capital, offering opportunities for growth.
Around 30% conduct research about the
current state of Entrepreneurship in the
country, how to improve strategies and
programs, and to identify market
opportunities.
The weakest points in the ecosystem are
the organizations that support
intermediaries, this means, that are
“second-floor” institutions, supporting to
incubators, accelerators, funds, etc.
n=30
47%
Give financial
support
63%
Training to
entrepreneurs
60%
Education on
entrepreneurial
culture
30%
Research
23%
Type of
intervention
Support
intermediaties
How do organizations provide these capacities?
The main ways that organizations are working to develop entrepreneurial capabilities are through business
plan development/incubation, mentoring, training courses, and financial/accounting Support. Leadership
programs and accelerators also exist, but to a lesser extent.
Other kinds of activities, such as innovation workshops, legal assistance, and innovative business enrollment
are also ways that organizations provide support.
0.5667
0.4333
0.2667
0.4667
0.3
0.4667
0.4667
0.2
0% 15% 30% 45% 60%
Business Plan and Incubation
Market research and Analysis
Accelerator
Mentoring
Leadership Programs
Financial and Accounting Support
Training Courses
Other
Capacity Development
OrganizationBusiness Plan
Development/ Incubation
Market Research and
AnalysisAccelerator Mentoring
Leadership
Programs
Financial and Accounting
Support
Training and
CoursesOther
Agencia Universitaria para la Gestión del Emprendimiento
Agora Partnerships
Arias & Muñoz
Asociación Empresarial para el Desarrollo
BAC Credomatic Costa Rica
Banco Centroamericano de Integración Económica
Carao Ventures
Centro de Estudios para el Desarrollo Rural- Programa de
Servicios Financieros para la Agricultura Sostenible
Centro de Gestion Tecnológica Industrial
Costa Rica Open Future
EcoEnterprises Fund
El Niño y La Bola
Fundación Avina
FUNDES
Habitat for Humanity
Hivos
INCAE Business School
Lafise Investment Management
Laureate Universities CR. Universidad Latina de Costa Rica
Leitz Group
Ministerio de Ciencia, Tecnología y Telecomunicaciones
Parque La Libertad
POOM.
Red Latinoamericana de Universidades por el
Emprendedurismo Social - RedUnES
Root Capital
s.e.e.d
Universidad de Costa Rica
VIVA
WEconnect International en Costa Rica
Yo Emprendedor
Also, it can be noticed a balance in the financialsupport offered to entrepreneurs, as opposed toGuatemala and El Salvador, where the mostpredominant options are mezzanine and loans.
Investment in Costa Rica
Out of the 30 organizations, 47% give
financial support trough: Mezzanine,
Loans and other financial mechanism like
prototyped and non-refundable funding.
8
5
6
2
0 2 4 6 8 10
Debt (Loans)
Debt (Mezzanine)
Capital (Equity)
Others
Organization CapitalDebt
(mezzanine)Debt (loans) Other
Agencia Universitaria para la
Gestión del Emprendimiento
Arias & Muñoz
BAC Credomatic Costa Rica
BCIE
Carao Ventures
EcoEnterprises Fund
El Niño y La Bola
Habitat for Humanity
Hivos
Lafise Investment Management
Laureate Universities CR.
Universidad Latina de Costa Rica
Leitz Group
Ministerio de Ciencia, Tecnología y
Telecomunicaciones
Root Capital
Organization Website
Agencia Universitaria para la Gestión de Emprendimiento http://www.augeucr.com
Agora Partnerships http://agorapartnerships.org/esp/
Arias & Muñoz http://www.ariaslaw.com/language/es-SV/Home
Asociación Empresarial para el Desarrollo http://www.aedcr.com/
BAC Credomatic Costa Rica https://www.credomatic.com/costarica/esp/credo/index.html
Central American Bank for Economic Integration http://www.bcie.org/?
Carao Ventures http://www.caraov.com/home
Centro de Gestión Tecnológica Industrial http://www.cegesti.org/index.html
Centro de Estudios para el Desarrollo Rural- Programa de Servicios Financieros
para la Agricultura Sosteniblehttp://cdr.or.cr/
Costa Rica Open Future https://costarica.openfuture.org/
EcoEnterprises Fund http://www.ecoenterprisesfund.com/
El Niño y La Bola http://www.elninoylabolacr.org/
Fundación Avina http://www.avina.net/avina/
FUNDES http://www.fundes.org/
Habitat for Humanity http://www.habitatcostarica.org/
Hivos https://hivos.org/
INCAE Business School http://www.incae.edu/
Lafise Investment Management http://www.lafiseinvestment.com/lafise-lim/
Laureate Universities CR. Universidad Latina de Costa Rica http://www.ulatina.ac.cr/
Leitz Group http://leitzgroup.com/
Ministerio de Ciencia, Tecnología y Telecomunicaciones https://www.micit.go.cr/
Parque La Libertad http://parquelalibertad.org/
POOM http://www.poom.cr/
Red Latinoamericana de Universidades por el Emprendedurismo Social www.redunes.org
Root Capital http://www.rootcapital.org/
S.E.E.D. www.seedcr.com
Universidad de Costa Rica http://www.ucr.ac.cr/
VIVA http://www.vivaidea.org/es/
WEconnect International en Costa Rica http://weconnectinternational.org/en/costa-rica
Yo Emprendedor http://yoemprendedor.net/
Where can I find more information about the
organizations?
Glossary
Entrepreneurial Stage:
• Idea (concept): The business is just an idea or a prototype; the organization is not formally established; capital and capacity development
services resources can demonstrate the business model viability and it represents a high level risk.
• Startup: The business is formally established; products and services are starting to be produced. The use of capital or capacity
development services is being oriented to product development and commercialization.
• Early Stage: The product is already tested, but it could have low sales, negative cash flow, and a small team. The capital and capacity
development are oriented to start the commercialization processes, trying to reach an equilibrium.
• Expansion Stage: The business model has been proven and has financially broken even. Capital and capacity development are oriented
to prove that the model is scalable.
• Growth Stage: The organization has a scalable business model and is financially viable. Capital is required to accelerate growth (for
example: investing in new infrastructure and exploring new markets).
• Consolidation: Stage before the public offer.
Financial Support:
• Capital (Equity): A fund for big businesses that is generally used for important business expansion or internationalization. Private Equity
Provides capital in exchange for shares provided by the business. Equity capital often also provides non-monetary resources such as
contacts, best practices, professionalized management, and so on. Their participation in business is temporary and typically lasts between
four and seven years. (1)
• Mezzanine: A hybrid between debt and equity that is used for business expansion, and essentially enables the lender to convert debt
into equity if the debt cannot be liquidated on time. (2)
• Loan: The financer provides the entrepreneur with an amount of money that has been established under a contract, indicating the ways
that the capital has to be returned, along with loan interests that must be repaid, and deadlines predetermined by a contract. (3)
1. Moreno, Tania. Expansion [on line]. 2016. [Retrieved on March 31, 2016]. Available here.
2. Investopedia [on line]. 2016. [Retrieved on March 31, 2016]. Available here..
3. López Domínguez, Ignacio. Expansion [on line]. 2016. [Retrieved on March 31, 2016]. Available here.
We want to thank all of the organizations that participated in this survey and recognize the great
contribution they make every day to the entrepreneurial ecosystem in Costa Rica.
If you are interested in being part of this map, please fill this survey.
For further information, contact the regional staff of Central America & Mexico ANDE Chapter:
Katia Dumont
Regional Manager
ANDE Central America & Mexico
Email: [email protected]
Rosario Uriarte
Programs Coordinator
ANDE Central America & Mexico
Email: [email protected]
Twitter @AndeMexicoCA
http://www.andeglobal.org
About the study of Costa Rica’s Entrepreneurial
Ecosystem