Challenge

It is widely acknowledged that one of the critical elements missing from the Colombian innovation ecosystem is seed and early-stage private equity capital. To address this, a consortium of CESA, a leading private university in Bogota, and an active promotor of social transformation, Fundacion Bolivar Davivienda partnered with Oxentia to design an accelerator programme in the region, involving international benchmarking and tailoring of the programme for the Colombia ecosystem.

Approach

The partners agreed that Bogota, Colombia be chosen as the first chapter of Oxentia’s international network of early-stage technology accelerators, the Oxelerator. (www.oxelerator.com) Having formed a strong consortium: CESA bringing the local presence and expertise in business management, experience in entrepreneurship and innovation, and high-value networks in Colombia and beyond. Fundación Bolivar Davivienda delivering industry know-how, as well as invaluable resources and connections. Oxentia brought expertise and access to the physical, intellectual and financial elements of the Oxford innovation ecosystem, and global networks and market access for the projects. The Oxelerator programme consists of a three-day intensive Bootcamp, followed by a mentored acceleration programme of 16 weeks in duration. Support for each project is tailored to maximise the attractiveness of the business propositions to gain investment. The Oxelerator programme developed the project management team (through upskilling and additional personnel where appropriate), validated and developed the business models, and facilitated a step change in the development of the business to further de-risk the opportunity, and develop the project to be fully investment-ready.

Impact

Fifteen projects graduated from the accelerator having achieved the agreed step change in development status and participated in a final pitch day, to which Oxentia recruited 25 international investors to view the final pitches online, in addition to the 40 regional and national investors who attended the event in person. In total 13 expressions of interest for investment in the final 15 projects were received, 9 of these from Oxentia’s international network of investors. Five follow-on conversations have taken place and two project teams are currently in negotiation to finalise their investments.