GEC: Endeavor & Ministry of Development Announce Inovativa Initiative in Brazil

The Global Entrepreneurship Congress kicked off in Rio de Janeiro yesterday, and it looks like some big announcements were made right off the bat.

Endeavor Brasil and the Brazilian Ministry of Development announced Inovativa, a national program to train entrepreneurs and drive innovative businesses, reports Startupi. McKinsey & Company has signed on as a methodology partner of the program.

The Inovativa Brasil initiative is open to individual entrepreneurs and early-stage startups, provided the companies have been operating for under five years and have annual revenues of less than US$1.8 million (R$3.6 million). Teams may have up to five members, one of which must be a Brazilian citizen.

Inovativa will coach participants on the qualities of high-impact entrepreneurship and provide specialized content and activities for developing new businesses. Inovativa entrepreneurs will also have access to and mentoring from an extended network of professionals, and a select few will be given the chance to present their projects to investors.

Inovativa will take place in three phases:

1 – Inscriptions: From May 15th to July 5th, inscriptions will be open for potential participants to submit their ideas or businesses. Applicants will need to provide information regarding the backgrounds of their team members as well as the market fit, business model and potential of their projects. All ideas will receive feedback from industry experts, and applicants will be provided access to Inovativa content and tools.

2 – Selections: Fifty projects will be chosen to move on to the second phase of the Inovativa program through September 13th, where they will develop their business models and learn modern techniques (Lean Startup and Business Model Generation, for example). Participants will also be invited to take part in workshops to refine their projects and skills.

3 – Finals: Twenty finalists will be selected to receive specific training on identifying financing options, developing business networks and pitching their projects. The top 20 will also present to VCs and investors at Investor’s Day in November.

Though inscriptions won’t launch until May, entrepreneurs are encouraged to get their creative juices flowing now. Find out more about the process now, and keep up with program news on the Inovativa blog.