FREQUENTLY ASKED QUESTIONS

What is Innovation?

Innovation is the process of doing things in a different and new method to take advantage of market opportunities. As a result, you achieve the responsiveness of new clients, new services and/or the development of new sources of income.

ICT4BUS stimulates innovation through the development and implementation of innovative and viable technology solutions that are adequate to improve the performance of the SME in the region. ICT4BUS will not support research and development projects.

What is the amount of counterpart (co-financing) funds that the institution must have to be able to participate in the program?

It depends on the country that the institution willing to participate is located. For Argentina, Brazil, Chile, México and Venezuela the financial requirement from the counterpart is 50% of the total project cost. For Colombia, Costa Rica, Panama, Peru and Uruguay it is 40%. For the remaining countries the requirement is 30% of the total project cost. Of the total counterpart contribution, at least half should be in cash.

Can the selected institutions receive funds from other organizations?

YES. Selected institutions may receive funds from public or private institutions, in cash or in kind. Donors organizations may not be considered as vendors (providers) during the execution of the project. The acquisition and administration of such funds is the responsibility of the selected institution.

Are projects whose objective is to include a new service to an existing ICT solution accepted?

Yes, as long as the service complements the existing solution significantly.

Who can participate in the Program?

Non profit organizations with extensive experience on working with SME in Latin America and the Caribbean, or with experience in the development of ICT solutions and services in the Region. Examples of such institutions are Enterprise Associations, Chambers of Commerce, SME Support Centers, ONG, Universities, Research Centers and other non profit organizations.

Can private businesses participate in the selection process?

No. Private businesses cannot participate in the selection process. They can participate as service/product providers during the execution phase of the project.

Can institutions apply with more than one project?

No, institutions may only participate with one proposal.

Who will evaluate the project proposals?

Consultants and project specialists coordinated by the IDB.

Are the funds provided by the MIF a credit?

No. It is a grant.

What should be the time frame for the development and implementation of the projects?

The maximum period for development and implementation for the project is 36 months.