TechnoServe/U.S. -- Entrepreneurs from all regions of Nicaragua and beyond are invited to participate in the country's first-ever national business plan competition, called "Idea tu Empresa." Beginning Monday, May 17, applications are being accepted through June 17 or until 120 applications have been received.

Organized by TechnoServe and four local partners, Idea tu Empresa is designed to identify budding entrepreneurs and help them to launch new businesses -- or diversify and expand existing enterprises -- in order to help create new jobs and higher incomes in this developing country, especially in rural communities. Idea tu Empresa is open to anyone who plans to create, expand or diversify a business based in Nicaragua.

Over a period of six months, the 120 participants will attend a series of seminars covering a wide range of business topics. Idea tu Empresa participants will have the opportunity to work with business advisors and mentors to refine their business plans before presenting them to a jury panel on November 3 and 4. Finally, on November 23, the nine best business plans will be announced at an awards ceremony and each of the winners will receive $10,000 in start-up capital. Prizes will be awarded for the best business plans in three different categories: agro-industry (5), tourism (2) and the light manufacturing sector (2).

"Idea tu Empresa provides a unique opportunity for participants to acquire the knowledge, skills and confidence they need to launch and manage successful businesses," said Ernest van Panhuys, TechnoServe/Nicaragua Country Director. "Participants will receive professional business training, access to consultants and mentors, linkages to institutions that offer professional support and to potential sources of funding."

Nicaragua's first nationwide business plan competition is being organized by TechnoServe, la Fundación Roberto Terán, la Fundación para el Desarrollo Tecnológico Agropecuario y Forestal de Nicaragua (FUNICA), el Instituto Nicaragüense de Apoyo a la Pequeña y Mediana Empresa (INPYME), and the Asociación de Jóvenes Empresarios de Nicaragua (AJE de Nicaragua). According to Ricardo Terán, President of la Corporación Terán and partner organization la Fundación Roberto Terán: "Nicaragua is a country full of opportunity, with many entrepreneurial people and with many good business ideas. This competition will enable these people to make their dreams a reality and contribute to the economic development of our country."

TechnoServe was also a driving force behind ¡Emprende tu Idea!, El Salvador's first business plan competition. Launched in 2002 and held again in 2003, TechnoServe and three local partners created the competition as a way to identify, train and mentor promising Salvadoran entrepreneurs capable of creating new jobs and successful businesses in a country wracked by unemployment. TechnoServe just completed a follow-up survey of participants in El Salvador's 2002 business plan competition, and the results are very impressive: One year after the competition, 28 new businesses and 20 newly expanded businesses are up and running; 376 new jobs have been created (for a total of 585 employees), including 180 rural jobs; and an additional $3.12 million in sales (out of a total of $3.9 million) was generated during 2003. That's a per-business average of eight new jobs, $5,417 in monthly sales and $65,000 in annual sales -- all directly attributable to ¡Emprende tu Idea!

"The nationwide business plan competitions recently held in El Salvador have yielded tremendous results, and we hope to do the same with the Idea tu Empresa competition in Nicaragua," said Ernest van Panhuys. "There are many creative and hardworking entrepreneurs in Nicaragua who are waiting for an opportunity to put their ideas into action. Idea tu Empresa is going to give some of them that once-in-a-lifetime opportunity."

Idea tu Empresa is made possible with funding from the United States Agency for International Development (USAID), Grupo Financiero LAFISE, la Corporación Terán, Hotel Seminole Plaza, and PricewaterhouseCoopers.

About TechnoServe: Founded in 1968, TechnoServe is a U.S.-based non-profit development organization. TechnoServe currently works in 9 developing countries in Africa and Latin America, helping entrepreneurial men and women in poor rural areas to build businesses that create income, opportunity and economic growth for their families, communities and countries. TechnoServe has been operating in Nicaragua since 1976, and is involved in the coffee, dairy and fresh produce sectors, helping Nicaragua's rural entrepreneurs to access better markets and receive higher prices for their products. To learn more, please visit www.technoserve.org.

TechnoServe, Inc.

TechnoServe, Inc.

TechnoServe is leading a movement that empowers people in the developing world to build businesses that break the cycle of poverty. Growing enterprises generate jobs and other income opportunities for poor people, enabling them to improve their lives and secure a better future for their families. Since its founding in 1968, the U.S.-based nonprofit has helped to create or expand thousands of businesses, benefiting millions of people in more than 30 countries. The Financial Times has rated TechnoServe one of the top five NGOs for corporate partnerships. Charity Navigator has also awarded its highest Four Star ranking to TechnoServe.

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