NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Tuesday, November 15, 2011

Luis Alberto Moreno, President of the Inter-American Development Bank (IDB), today announced the establishment of a new competition to help Hispanic entrepreneurs implement creative new social and business ideas addressing issues of economic growth, food, security, water, and climate change in the region.

The announcement was made at Unleashing IdEA, an event launching Global Entrepreneurship Week 2011, which highlighted initiatives to encourage Hispanic diaspora entrepreneurs and investors in the United States to deepen their engagement with their counterparts throughout Latin America and the Caribbean.

“The idea of linking members of the Latin diaspora with their countries of origin is not a new one, but it is one that makes more sense all the time,” said IDB President Luis Alberto Moreno, who opened the day-long event, part of which was broadcast on Spanish-language TV network Univision. “The IDB will provide technical assistance and financing for this effort to deepen integration between Hispanic-owned businesses in the U.S. and companies in the region.”

The Latino American Idea Partnership (La Idea) competition combines the forces of the IDB, the U.S. Department of State, Univision Networks, the Overseas Private Investment Corporation (OPIC), and M-Via, a mobile phone payment service allowing migrants to easily send remittances back to their home countries. Potential candidates will be able to enter the competition online once a call for proposals is issued in 2012.