In 2023, according to a report by the Office of Economic Research of the Ministry of Trade, Industry and Tourism, microbusinesses represented the main part of the Colombian business structure, with a participation of 95.3%. It must be taken into account that the concept of micro-enterprises in Colombia defines them as those that have a staff of no more than 10 workers and that their assets do not exceed 501 of the current monthly minimum wage.
Among other challenges, microbusinesses in Colombia are in the midst of a major transformation with the adoption of electronic payments. In a country historically dominated by the informal economy, the shift to digital transactions is an important milestone for both entrepreneurs and the economy as a whole. This change not only simplifies business operations, but also opens up a number of opportunities for growth and financial inclusion.
Bold, one of the main financial technology companies in Colombia, providing access to electronic payments, works hand in hand with more than 400,000 Colombian businesses throughout the country. It is for this reason that, for the second year in a row, Bold, together with CESA and Endeavor, decided to join forces to create the Entrepreneurial Impulse course, a free program for micro-entrepreneurs who want to learn about tax management, financial administration, digital marketing, sales and logistics.
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According to Jose Velez, CEO of this company, the goal is to “help entrepreneurs grow. Over the years, we have realized that the barriers to business growth are lack of information and training for business management. That’s why we decided to create the “Entrepreneurial Impulse” program.
Entrepreneurial drive
According to Velez, the course is valued at $8 million. However, thanks to the collaboration with Endeavor and CESA, it will be free for Colombian entrepreneurs. Initially, the deadline was until February 29, but they decided to extend it until March 5. “Last year, 30,000 people were able to register across the country, and this year we wanted to expand our reach by opening 50,000 locations so that more entrepreneurs can take advantage of this opportunity,” Velez said.
To encourage entrepreneurs and provide knowledge about business management and development, the course offers four modules in which they develop concepts in marketing, finance, sales and administration.
The training will start in March and will have classes on different modules in May, July and end in September. Each module will have three sessions in a hybrid format, with face-to-face and virtual meetings. Yonatan Burshtin, CEO of Totto, will give an opening speech.
According to Velez, one of the most important values of the course is the “participation of leaders from well-known companies such as Totto, Rappi, Crepes & Waffles and others. “It will be interesting because they also identify with the idea of helping entrepreneurs grow their businesses.” At the end of the course in September, they will be able to receive a certificate issued by CESA University.
Where can I register? You can do it directly at the following link: https://bit.ly/3SICJTN
New financial services
After an investment round that allowed access to US$50 million, Bold decided to expand its catalog of services and become a financial institution. The technology and electronic payments company decided to start the first pilot tests in March to start providing financial services such as bank account, debit card and access to working capital.
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That is, for those entrepreneurs who have an electronic payment method with Bold, in the coming months they will be able to create a wider ecosystem to facilitate and accelerate the movement of electronic money received through dataphones. “It’s a huge job and we’ve been planning it for almost three years, it’s the biggest thing expected this year. With the new services, we offer new benefits to thousands of customers in all departments of the country,” Veles said.
However, he added that they are preparing a fourth dataphone design and it will be introduced in the second half of 2024.
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