Canadian Initiative for Industrial Competitiveness in Costa Rica (ICCI). (Project concluded)
THE PROGRAM
Due to the relevance of software companies to the country's economic development, Camtic, previously known as Caprosoft (go to Camtic's Hisotry), and the Costa Rican National Bank joined efforts in a plan to improve the financial options for software sector companies with help of the Development Fund.
The entities joined efforts enabled the National Bank's Development Fund to take an active role in the technology cluster growth by offering financial support to the software production companies.
The strategy's framework created a system that eased financial access for Costa Rican software production companies. The strategy was divided in the following three stages:
The strategy was divided in the following three stages:
Stage I
Study, analysis, and structuring of different financial alternatives that allowed for most companies to reach for monetary resources that facilitated the development of their projects in a more competitive manner, in light that these companies did not count with the credit requirements needed to allow them to apply for a loan. Other countries' experiences were evaluated , as well as alternative forms of financing that were in place and the respective legislature, all of which were combined with the needs expressed by the producers and the market's demands.
Stage II
Software companies were trained and prepared so that they could apply for loans and financing. The company's internal structure was improved by modifying its administrative, production and financial structure so that they would qualify as candidates for loans and and encourage investment.
Stage III
Policies were suggested to the national financial market which could further facilitate financing for software production companies.
PROGRAM'S OBJECTIVE
Set forth alternatives for accessible financing for Costa Rican software production companies.
SPECIFIC OBJECTIVES
- Design alternative financing options for software production companies.
- Enforce a pioneer financing plan for software production companies.
- Propose a financing strategy for the Costa Rican software sector.
DEADLINE
This program was completed in 18 months.
SOURCES OF FUNDING
The program's total investment was of four hundred one thousand one hundred eighty five Canadian dollars (CND$401.185) that was distributed in the following way: The Costa Rican Initiative for International Competitiveness ICCI contribution was of two hundred twenty one thousand nine hundred seventy four Canadian dollars CDN$221.974.20, the National Bank and Camtic contributed with human capital and institutional infrastructure.
PROJECT RESULTS
- Generated a communication dynamic between the software sector companies.
- CAMTIC was strengthened by reinforcing its institutional links with other organizations and the financial system.
- Specific training teaching material was developed by the supplier companies that will be available for education in the future.
- 12 companies were carefully studied and the results of the investigation enabled them to value their position as credit subjects.
- The institutional structure of the PYMES, government and economic sector was reinforced.
