Babson Entrepreneurship Ecosystem Project (BEEP) Makes Social And Economic Impact In Colombia

WELLESLEY, Mass., May 17, 2016 /PRNewswire-USNewswire/ -- Manizales-Mas, Babson's entrepreneurship and economy-boosting collaboration with the Colombian city of Manizales, has made impactful strides and seen record success since its full-scale launch in 2012.

Manizales-Mas is one of the world's first comprehensive entrepreneurship development projects. It is based on the globally-recognized entrepreneurship ecosystem concepts of Daniel Isenberg--Executive Director of the Babson Entrepreneurship Ecosystem Project (BEEP), and some of the programming activities include:

• Broad cultural interventions helping change social norms to support entrepreneurial endeavors;
• An acceleration program (the "Scalerator") to quickly boost growth in existing businesses
• Ecosystem trainings for local leaders, including state and municipal government, universities, financial institutions, businesses, NGOs, entrepreneurs, etc.;
• Entrepreneurial curricular and co-curricular activities;
• 'Startup-Mas' to help students formulate business ideas,' Add Venture-Mas' to accelerate startups with product concepts, and 'Scalerator' programs to stimulate rapid growth within established ventures;
• A Finance Innovation Task Force to develop innovative debt-equity financial instruments;
• Mentoring programs; and more.

Led by BEEP as one of its first urban implementations, and conducted primarily by Babson faculty, Manizales-Mas works with an array of public and private leaders in Colombia to improve the societal and economic factors that impact entrepreneurship.

The project was recently awarded for its efforts, receiving the 'Order of Civic Merit' from the Chamber of Commerce Colombo Americana. This is the first time an entity in the region has been honored with the award--one that is only given to those fostering economic growth and the development of cities.

Manizales-Mas also just announced a new entrepreneurship education program, aimed at strengthening and developing local college students' abilities to think and act entrepreneurially. The 'Entrepreneurship Route' was developed after the first participants started the Manizales Mas Global Affiliates Program at Babson two years ago. The cohort left motivated to bring the institution's distinguished entrepreneurship education to college students in Colombia.

The new program, consisting of six entrepreneurship courses, can be taken at any of the five universities that make up SUMA (University System of Manizales): Catholic, Autonoma, Manizales, National, and Caldas Universities. The courses will be taught by alumni of the Affiliates Program and High Potential Professors Program, both a part of Manizales Mas, facilitated by BEEP.

Success To-Date

• Average 55 percent increase in sales growth by 40 Scalerator companies
• $25 million in total revenues, above 50 percent spent locally
• Over 1,071 new business contracts by Scalerator companies (excluding retail, consumer)
• Over 80 percent of Scalerator companies with newly accelerated growth
• Over 703 new hires by Scalerator companies
• Five Scalerator companies with new exports
• More than six new bank financings ($3 million) by Scalerator companies
• Three equity investments (the first outside equity investments in city history; about $2 million)
• Over 100 percent increase in Total Entrepreneurial Activity in one year (as measured by Babson's Global Entrepreneurship Monitor (GEM))
• Thirty-five mentors, each active over one mentoring session per month
• Thirty-eight trained faculty, 66 university courses modified
• Significant change in regional entrepreneurship culture, national recognition by President Santos, all relevant ministries, and National Innovation Agency

The latest Social Progress Index (pdf) shows that Manizales is now the first and only city in Colombia to demonstrate 'high levels of social progress'. The index surveyed the top ten cities in Colombia, and scored each from zero to 100 based on the satisfaction of residents in the following areas: basic needs, elements of welfare, and opportunity. Manizales scored 75.5.

The report states, "Manizales is the highest-ranking city in social progress in Colombia...[it] is the most efficient city in transforming economic resources into wellbeing for the population. Unlike other cities, Manizales presents strengths in the area of Opportunity, with major advances since 2009 (up 33 percent): a city that increasingly tends to favor social cohesion, the exercise of freedom, and access to advanced education."

For more info, visit http://bit.ly/1OBclqJ

About the Babson Entrepreneurship Ecosystem Project

The Babson Entrepreneurship Ecosystem Project (BEEP) stimulates and supports entrepreneurship, fostering an entrepreneurship ecosystem in which growth oriented entrepreneurial businesses can thrive. BEEP continues to launch ambitious local Ecosystem Projects in cities, regions, and countries around the world, particularly in mid-income and advanced economies. Successful Ecosystem Projects require the participation of a broad group of local public and private leaders, which can include government entities, foundations, private enterprises, universities, and public-private partnerships. Babson's ultimate goal is to stimulate economic growth, development, and prosperity by creating measurably more entrepreneurship in a given locale within five years. Follow the entrepreneurial revolution on Facebook.

BEEP was developed by Babson Executive and Enterprise Education Professor Daniel Isenberg in 2009. He is a renowned global authority on entrepreneurship, and former Harvard and Columbia Business School professor, entrepreneur, and venture capitalist.

About Babson Executive and Enterprise Education

Babson Executive and Enterprise Education is a dynamic learning laboratory, where clients, faculty, staff, and partners work together to address real-world business challenges and create and capitalize on opportunities for their clients. With roots in Entrepreneurial Thought & Action(r), it develops the leaders that companies need most: those who can create opportunities, envision and navigate change, accommodate ambiguity, surmount complexity, and motivate teams in a common purpose to grow organizations and create economic and social value. Babson Executive and Enterprise Education solutions include, custom programs designed and delivered to meet clients' unique needs; open enrollment programs that develop individuals and teams in focused areas; thought leadership through a monthly webinar series and thought-provoking newsletters like Babson Insight; and blended and e-learning to complement the classroom experience.

About Babson College

Babson College is the educator, convener, and thought leader for Entrepreneurship of All Kinds(r). The top-ranked college for entrepreneurship education, Babson is a dynamic living and learning laboratory where students, faculty, and staff work together to address the real-world problems of business and society. We prepare the entrepreneurial leaders our world needs most: those with strong functional knowledge and the skills and vision to navigate change, accommodate ambiguity, surmount complexity, and motivate teams in a common purpose to make a difference in the world, and have an impact on organizations of all sizes and types. As we have for nearly a half-century, Babson continues to advance Entrepreneurial Thought & Action(r) as the most positive force on the planet for generating sustainable economic and social value. Visit www.babson.edu

CONTACT: Michael Chmura, 781-239-4549, [email protected]

SOURCE Babson College

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