While Peru is among five of the countries that have the highest level of entrepreneurship, it ranks as 117 in innovation. Juan Carlos Mathews, Deputy Minister of MYPEs and Industry, spoke with Gestión regarding the numbers report from the Global Entrepreneurship Monitor (GEM), .
To access part of the US$ 200 million funding, companies will have to go through public competitions that are based on the enterprises’ production. The amount given would be between 50% to 75% of the cost of the project. This will be possible through the program called “Innóvate Peru” http://www.innovateperu.gob.pe/
During the past few years, about 300 projects have been presented to Innova Peru and this year 400 initiatives are expected. Most of the companies, about 70%, that participate in this project are micro and small enterprises (MYPE, Spanish acronym); only 15% are medium-sized companies and the rest are large. A clear example on how MYPEs could improve is Agrícola Virú which introduces a great innovation proposal.
Peru only invests 0.14% of its Gross Domestic Product (GDP) in innovation which remains low compared to other countries in the region where the average is 0.7%.
This project could be a successful approach to improve Peru’s innovation and research while supporting the national enterprises.