Inter-Development Bank Launches “Orange Innovation Challenge” to Strengthen Cultural and Creative Industries

Santo Domingo, May 30, 2019 – The Inter-Development Bank (IDB) recently launched the “Orange Innovation Challenge” whereby the institution will select and finance business initiatives that use cutting-edge technology in various sectors of the Orange Economy with up to US$500,000.
Through its Innovation Laboratory (IDB Lab) and Innovation and Creativity Division the multilateral institution is looking to identify business models to support the implementation of the initiative in nine countries: Belize, Costa Rica, El Salvador, Guatemala, Haiti, Honduras, Nicaragua, Panama and the Dominican Republic.
Participants from the 48 IDB member nations may present their particular initiatives by demonstrating the economic and social impact the project will have on the following sectors: audiovisual industry, digital art, animation and video games. Also, on multimedia initiatives applied to the editorial industry, provide support mechanisms for digital content, the film and music industry, fashion, design, tourism, cultural patrimony and gastronomy. The main goal of all initiatives is to present technological solutions.
In order to strengthen innovation in the cultural and creative industries, the transference of knowledge, in particular the use of new technologies, must remain within the nine target nations. This is why it is important that the proposals originate or be implemented jointly with a local partner from the nine countries mentioned above,” explained Alejandra Luzardo, IDB specialist.
All proposals must be presented before July 31, 2019 in one of two categories (donations or innovative prototypes). The proposals selected will be considered by the IDB Lab for the implementation of the projects with donated resources of up to US$500,000.
As part of the award ceremony a representative from the preselected projects will be able to participate in FOROMIC, where they will have the opportunity to present their project.
Those eligible for participation will include innovators, entrepreneurs, startups, NGOs, companies, academic institutions, research centers, and social companies, public innovative agencies o similar institutions that specialize and are knowledgeable in the development of business models in the cultural and creative industries, based on technology.
Source: https://cicom.co/bid-lanza-el-desafio-de-innovaciones-naranja-para-dinamizar-las-industrias-culturales-y-creativas/