November 8-10, 2014, a team of students from Duke University joined SEAD at the USAID HESN TechCon 2014. TechCon is a chance for researchers and students, entrepreneurs and innovators, field practitioners, and private sector professionals to focus on creative approaches to solution ideation, testing, and scaling for international development. After TechCon, we asked our students to reflect back on the conference and share with us insights and learnings.
Today's post comes to us from Fuqua School of Business MBA student Jose Magaña Paredas.
Today's post comes to us from Fuqua School of Business MBA student Jose Magaña Paredas.
Jose Magaña Paredes (left) facilitating a design thinking workshop during TechCon 2014.
It’s well known that entrepreneurial execution is what distinguishes good teams from good ideas. I would add that access to capital and adequate funding is paramount for entrepreneurial success. This is where USAID’s Development Innovation Ventures 3-stage funding model is a real plus for social entrepreneurs seeking to secure funding without having to worry about the intimidating world of venture capital, which usually entails relinquishing control over your company and equity dilution. DIV provides funding to test proof of concepts and other early stage testing (stage 1), followed by solution evaluation and positioning for scalability (stage 2), and finally for organizational transitions to large scale operations (stage 3). At every stage, DIV is seeking to understand how cost-effective, valid, and scalable an entrepreneur solution really is; something that entrepreneurs should be doing regardless of a DIV partnership. DIV funding can serve as a one stop financing shop because funding ranges from $100,000 to $15 million for a single venture, allowing for continued funding from a single entity and without the trouble and cost of searching for multiple venture capital partners.
Entrepreneurs who have innovative solutions to pressing problems in developing regions are encouraged to apply. Innovation means, per USAID’s DIV team member Duc Tran, ‘delivering higher impact at a lower cost than current models or practices’. The initial application is five page letter of intent and applications are accepted on a rolling basis. Entrepreneurs in academia or out of school who looking to provide solutions to global challenges are encouraged to apply regardless of the type of business entity or formation, i.e. LLC, C-Corp., B-Corp. etc... Special sectors and regions are eligible for additional funding support. These sectors include Water, Sanitation & Hygiene sector; Humanitarian sector; Haiti; Latin America & the Caribbean region. Don’t let this funding opportunity not be something you consider as you prepare to hit the pavement and raise money for your venture; I know I’m submitting an application because I can’t afford not to!
Entrepreneurs who have innovative solutions to pressing problems in developing regions are encouraged to apply. Innovation means, per USAID’s DIV team member Duc Tran, ‘delivering higher impact at a lower cost than current models or practices’. The initial application is five page letter of intent and applications are accepted on a rolling basis. Entrepreneurs in academia or out of school who looking to provide solutions to global challenges are encouraged to apply regardless of the type of business entity or formation, i.e. LLC, C-Corp., B-Corp. etc... Special sectors and regions are eligible for additional funding support. These sectors include Water, Sanitation & Hygiene sector; Humanitarian sector; Haiti; Latin America & the Caribbean region. Don’t let this funding opportunity not be something you consider as you prepare to hit the pavement and raise money for your venture; I know I’m submitting an application because I can’t afford not to!
Jose’s an aspiring entrepreneur who’s currently leading a mobile health and diagnostics start-up that intends to bring alternative screening and monitoring solutions for chronic kidney disease to diabetic patients worldwide. His academic ambitions are as big as his entrepreneurial aspirations; Jose is pursing two Masters degrees at Duke University’s Business and Environmental Management programs. Prior to Duke Jose worked for nearly seven years, with five of those years belonging to the healthcare delivery space.
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