SAN SALVADOR – A U.S. government-funded business innovation initiative has helped 20 micro, small and medium-sized enterprises (MSMEs) and 10 start-ups, or emerging companies, to increase their sales by more than US$3 million and generate 106 new jobs.
The 18-month initiative was part of a partnership between the U.S. Government, through the United States Agency for International Development (USAID), and Grupo Ternova. Through the partnership, INnovaLab, Grupo Ternova’s innovation lab, supported MSMEs in implementing innovative strategies, improving their products, developing digital marketing strategies, workshops, mentoring, and identifying the needs of each participant.
In addition, in order to increase sales and generate more jobs in the ventures, USAID and Grupo Ternova contributed to accelerate the entrepreneurship of 10 innovative ideas, which received coaching and training on how to promote their ideas with potential investors and develop sustainable businesses.
With a total investment of $598,000 ($291,000 from USAID and $298,000 from Ternova) plus a counterpart of $700,000 from the participating organizations and companies, the initiative supported key economic sectors to boost development and strengthen the generation of innovation capabilities.
The presentation of the results of the initiative was presided over by the U.S. Ambassador to El Salvador, William Duncan; the CEO of Grupo Ternova, Rodrigo Tona, and the Presidential Commissioner for Strategic Projects, Cristian Flores.
“On behalf of Ternova and everyone involved in this project, I would like to express my sincere thanks to USAID for their support and commitment to economic development and innovation in our region. I hope this is just the beginning of an ongoing collaboration to drive the growth and success of our companies and start-ups,” said Rodrigo Tona.
Ambassador Duncan said, “The goals of sustainable development and quality of life for all Salvadorans can only be achieved with economic prosperity. Supporting MSMEs is supporting the engine of development in El Salvador because they are the ones who innovate, who transform the way we do business and who generate jobs.