Collaboration is underway between Peru and United States on an initiative that would assist small business entrepreneurs in the two countries. Peruvian-American Center for Entrepreneurial Development (PACED) is going to be modeled after U.S.-style business “incubators” or hubs. These hubs shall accrue logistics, technical infrastructure, training and other resources for business owners who are crippled and lack the strength to sell their products beyond their own communities.
Receiving support from Peruvian business leaders in the U.S and from universities, an office at ‘Lima’ Peru has been inaugurated and it will be operational in January. Its US counterpart shall be based at the New Jersey Institute of Technology. Daniel Jara, head of The Statewide Hispanic Chamber of Commerce in New Jersey says that by sharing in the know-how the members of the Diaspora has been successful in America.
Startup companies or entrepreneurs are supported by business incubators so as to apply for funding, bank loans, for developing market plans and to learn methods of growing in new markets. The project in Peru shall make it possible for entrepreneurs to have access to a central office with internet connectivity, telephones and computers. The participants shall find an access to a staff of academic and business experts. They will also receive training on all subjects starting from export-import regulations to contracting requirements in order to do business. All these will be covered under the free trade agreement between the U.S. and Peru.
“We’re in a perfect position, since we know the market, the language and the culture, to help these businesses,” Jara said. For an early company that is on the verge of starting, the advantage that such incubator propones is it opens the scope for entrepreneurs to help business move forward. It also provides the opportunity to collaborate with other companies.
An investment of $500,000 has been dedicated for starting the program in Peru. This program will operate as a matter of collaboration between New Jersey-based chamber of commerce, Peruvian American National Roundtable, NJIT and Universidad Inca Garcilaso de la Vega in Lima.
This model has already become a success in America and it is believed that in Peru too it is going to be a success story. The program has great potentiality and there is certainly the opportunity for both countries to see economic development.
This article was submitted by Rohit Arora, co-founder of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to