[Madrid, November 12, 2024] – Bridge for Billions, global leader in entrepreneurship programs, has announced an exciting partnership with the Western Union Foundation to launch a groundbreaking incubation program dedicated to supporting migrant and refugee entrepreneurs in Colombia and Mexico.
This initiative seeks to empower 150 businesses in both countries, providing founders with the tools, resources, and networks needed to overcome barriers and succeed in their new environments.
Western Union, a global leader in cross-border, cross-currency money movement and payments, has a long-standing commitment to fostering economic opportunity for migrant and refugee communities through its Foundation.
Addressing Challenges and Unlocking Potential
Migrant and refugee entrepreneurs in Mexico and Colombia face unique challenges such as dealing with unfamiliar business landscapes, accessing financial resources, overcoming language barriers, and integrating into local communities. Despite these barriers, as many other migrants around the world they bring resilience, diverse perspectives, and a strong entrepreneurial drive that enrich local economies and cultures.
This free program aims to directly address these barriers while unlocking the potential of these individuals to contribute significantly to their host countries. Participants will receive tailored support in sustainable business development, job creation, and revenue growth.
Impact in numbers
The program’s expected impact includes:
- Supporting 150 enterprises, with 113 graduating from the program each year.
- Maintaining 77 active enterprises after one year.
- Creating 150+ jobs within two years.
- Generating an average yearly revenue of $10,000 per enterprise, resulting in a total of $1,560,000 in yearly revenue within two years across both countries
Beyond the first program: a collaborative vision
This initiative aligns with the Western Union Foundation’s mission to empower migrant and refugee populations through economic opportunity, complementing Bridge for Billions’ extensive experience in supporting early-stage entrepreneurs.
Additionally, the partnership builds on the success of Bridge for Billions’ collaboration with IDB Lab, currently working on the Conecta Central America initiative – an ecosystem building initiative that provides capacity building to local organizations, leading to a multiplication of programs, opportunities and impact across the region.
By combining resources, expertise, and a shared commitment to economic empowerment, Bridge for Billions and Western Union Foundation aim to create lasting impact, breaking down barriers for migrant and refugee entrepreneurs while improving survival rates of entrepreneurs and promoting innovation, diversity and new streams of revenue for the local population.
For local organizations working to support entrepreneurship in Mexico and Colombia, this can also be a future opportunity to enter a network of changemakers and receive capacity building to improve their efficiency and knowledge. For more information, contact with Bridge for Billions team.
Who can apply?
The program is open to migrant and refugee entrepreneurs in Colombia and Mexico who meet the following criteria:
- Be a foreigner and have legal residence in Colombia or Mexico.
- Understand and speak Spanish fluently
- Have a business idea ready to implement within three months or an active business less than two years old.
- Are over 18 years old with at least secondary school education.
- Have regular internet access and basic digital skills.
- Can commit 8–12 hours per week for 4–5 months to complete the program
About the program
The initiative will be developed in Colombia and Mexico over the next year, offering an incubation program to migrant entrepreneurs in these regions so they can develop solid foundations to their business ideas.
Throughout a flexible, online program, participants will benefit from a 1-1 and group mentorship, followed by a step-by-step approach to create a clear, feasible, and investment-worthy scaling strategy. This will enable them to increase their impact and reach more customers.
Professionals from different countries are also welcomed to join as volunteer mentors. Through the program, they will be able to develop leadership and coaching skills, as well as entering a network of entrepreneurs and mentors, all committed to make a positive impact in their communities.
Applications are now open in Mexico for both entrepreneurs and mentors.
For Colombia, applications are open for entrepreneurs and mentors too.
Deadline for applications is January, 31 2025.
For more information about the program or how to get involved, please contact Maria Paula Godoy, Program Manager at Bridge for Billions: mpaula@bridgeforbillions.org
