On 11 November, the European Investment Bank (EIB) and Frankfurt School celebrated the winners of the MicroPitch Dominican Republic 2021 and with it entrepreneurship in the Dominican Republic. The MicroPitch is organised under the framework of the Technical Assistance Programme to various EIB Financial Sector Operations in the Caribbean Region, with the aim of promoting entrepreneurship in the Caribbean region, reducing poverty and supporting responsible financial inclusion, particularly for women and youth. It is funded by the EIB and implemented by Frankfurt School since May 2018. The event took place in the facilities of the European Delegation in Santo Domingo, the capital city of the Dominican Republic.
The second edition of the MicroPitch focused on the Dominican Republic and the innovations implemented by Micro-, Small- and Medium-Sized Entreprises (MSMEs) to adapt their businesses to the new context of the COVID-19 pandemic. The winners received seed capital and individual mentorship for six months.
Julie Belliard, Winner of the MicroPitch Dominican Republic 2021: “Starting a business sometimes is a lonesome path. But being able to count on initiatives like the MicroPitch with entities that lend us a hand to guide us, to help us, to create opportunities to grow is great support for us entrepreneurs.”
The MicroPitch combines a free online training series for entrepreneurs and a business plan competition. With this, it provides a platform for participating entrepreneurs to present their businesses and the innovative and sustainable solutions they are implementing, and thereby gain visibility and attract new clients. It further enables entrepreneurs to network with possible funders, other entrepreneurs as well as local and international organisations and institutions.
The programme was sponsored by the United Nations Development Programme (UNDP), the Ministry of Industry, Commerce and MSMEs of the Dominican Republic (MICM), the Organisation of Ibero-American States for Education, Science and Culture (OEI), the national communications company Altice and supported by several financial institutions in the country (Banco Ademi, Banco Adopem, Banfondesa, Fondesa, Fundación Dominicana de Desarrollo, Fundapec).
Currently, the third edition of the MicroPitch is taking place – this time in English and with a focus on CARICOM countries.
In a second part of the Ceremony, a Memorandum of Understanding was signed between the Dominican Microfinance Network (Red Dominicana de Microfinanzas, REDOMIF) and Frankfurt School in which a cooperation between both institutions is established to ensure the sustainability of the MicroPitch. In the future, the MicroPitch Dominican Republic will be organised by REDOMIF. To complete the handover, the organisation of the 2022 edition will be supported by the Frankfurt School team.