Organized by Innóvate Peru, an initiative of the Ministry of Production, the Start-up Peru is an open call for funding that is now in its seventh year.
The application process has opened and interested candidates have until May 10 this year to apply through the Innóvate Peru online system by recording a three-minute video that presents the project.
The project has two categories: ‘innovative entrepreneurs’ and ‘dynamic ventures’.
In the first category, Innóvate Peru is offering seed capital up to S/ 50,000 (US$15,000) to companies that have already developed a product, process or service and are ready to test it on the market.
Winning applicants in the second category will see their project co-financed to a maximum amount of S/ 140,000 (US$42,200). This category is open to early-stage companies that have a high-impact potential, said Innóvate Peru.
The funding will be assigned to an incubator or business accelerator co-financed by Innóvate Perú that will oversee the technical and administrative running of the project.
In total, Innóvate Perú is committing S/ 6.3 million (US$1.9m) to the scheme.
'Creating the best conditions to succeed'
Addressing delegates at the launch this week, Pérez-Reyes said Innóvate Peru has co-financed over 400 business ventures from 18 regions of Peru over the past five years. These have, in turn, generated more than 3,000 jobs.
"These ventures have captured S/ 77m of domestic and foreign private investment, that is [a return of] S/ 2.4 for each sol invested by the state. This has generated sales of more than S/100m, which through the general added sales tax recoups almost two-thirds of the co-financing of the state. It is expected that these figures will continue to increase,” he added.
“Support from the state is necessary to generate the best conditions to create and develop new and fast-growing innovative companies since these are the ones that have the best chance of successfully entering the market," said Pérez-Reyes.
The minister added that start-ups with at least one female founder report 45% higher sales revenue than those that are men-only.
At least half of the winning start-ups' team must have Peruvian nationality or reside permanently in Peru.
