Join the Innovation Challenge

Empowering rural entrepreneurs to build sustainable businesses and transform their communities.

Innovation Challenge

Problem:

Young people in Nicaragua's Mining Triangle region have few professional opportunities and lack the support needed to create their own jobs through entrepreneurship.

Target Group:

Young residents of Bonanza, Siuna, or Rosita (Mining Triangle) with a business idea or an early-stage business.

Proposed Solution:

A 6-week online course focused on developing entrepreneurial skills, culminating in a pitch competition. Winners receive seed capital sponsored by Royal Road Minerals.

General Objectives:

The project aims to promote entrepreneurship, innovation, and sustainability among Nicaraguan entrepreneurs in the Caribbean Coast (Mining Triangle).

Specific Objectives:

Improve business plans.
Contribute to economic development in the Caribbean Coast (Mining Triangle).
Contribute to job creation.

SDGs:

#1 No Poverty,
#8 Decent Work and Economic Growth.

Implementation Period:

Phase 1: 2021 in Siuna, Bonanza, and Rosita (Mining Triangle).
Phase 2: 2024 in Bonanza (Mining Triangle).

Geographical Zones of Action:

Nicaragua: Caribbean Coast (Mining Triangle).

Target Group:

Phase 1: 2021 - 14 entrepreneurs (50% men and 50% women).
Phase 2: 2024 - 24 entrepreneurs (30% men and 70% women).
Total: 38 entrepreneurs.

Implementation Partners:

Private Sector (Miners of Nicaragua, HEMCO).
Public Sector (Bonanza Municipality).
Academic Institutions (BICU, URACCAN).

Hub Activities:

Creation of study materials and entrepreneurship content, and development of an online learning platform for participants.
Delivery of 6 online training modules.
Organization of a pitch competition where participating teams present their businesses or business ideas. Judges, selected from the project partners, choose the winners.
Disbursement of seed capital to the pitch competition winners.

Impact:

Foster entrepreneurial spirit among participants.
Motivate participants to launch their business ideas.
Provide basic tools and knowledge for participants to take their projects to the next level.
Strengthen existing businesses.

Available Metrics:

Number of entrepreneurs who completed the skills program.
Number of pitches presented.
Amount of seed capital disbursed.
Improvement in participants' perception of their business skills.
Number of business ideas launched.
Number of early-stage businesses surviving after 6 months.
Number of new business ideas generated by participants.

Collaborators:

University of the Autonomous Regions of the Nicaraguan Caribbean Coast (URACCAN).
HEMCO/Mineros Nicaragua.

Would You Like to Be Part of the Change?

Join our community of Shapers and become an agent of impact. If you have the passion to transform your surroundings and contribute to the development of your community, we want to meet you. No matter what stage you're in, there's always a place for those who want to make a difference.