EmprendeLab and Innovation in the Dominican Entrepreneurial Ecosystem

Just under a year ago, I enthusiastically took on the role of Manager of Innovation and Special Projects at PROMIPYME. This marked a significant transition in my professional journey—from the private sector to the public sector—and presented a unique opportunity to blend international experience, insights from the deep-tech startup ecosystem, and strategies to drive business development in the Dominican Republic.

PROMIPYME, the National Council for the Promotion and Support of Micro, Small, and Medium Enterprises, operates on two key service pillars that are essential for any entrepreneur:

Financial Services: Through accessible microfinancing, PROMIPYME has established itself as a vital ally for micro, small, and medium enterprises. These resources enable entrepreneurs to transform ideas into viable businesses, providing the capital necessary to launch or scale their operations.

Non-Financial Services: Complementing its financial arm, PROMIPYME provides training programs, mentorships, and technical assistance. This is where EmprendeLab plays a central role, acting as a bridge between entrepreneurs and the strategic tools they need to thrive.

In recent months, I’ve been part of redefining PROMIPYME’s image and function within the national ecosystem. Historically, PROMIPYME’s role has been misunderstood, often linked to social welfare programs. However, PROMIPYME neither hands out money nor participates in initiatives such as the Presidential Social Plan. Instead, it is a key institution under the Ministry of Industry, Commerce, and MSMEs, focused on strengthening the country’s productive fabric and systemic business competitiveness under the dynamic vision of its Director Fabricio Gómez Mazara.

PROMIPYME has taken a strategic turn toward modernization by prioritizing innovation and technology. This transformation not only highlights a commitment to operational excellence but also sets the stage to evolve from a traditional microcredit institution into a microfinance organization, cementing its role as a driver of business development in the Dominican Republic.

In line with these goals, and as part of the 2024 Annual Operational Plan, I conceptualized EmprendeLab, an ambitious initiative designed to transform the Dominican entrepreneurial ecosystem. Built on the foundation of collaboration between academia, the private sector, and the public sector, EmprendeLab focuses on five key categories: AgroTech, Commerce 4.0, Techno-Industry, Software, and Creative Industries.

A Space for Innovation and Experimentation

EmprendeLab goes beyond being a typical incubator or accelerator; it’s a space designed to foster an entrepreneurial culture that values constant experimentation. We believe in the attitude of testing, failing, and trying again as a cornerstone of learning and innovation. This modern incubation approach equips entrepreneurs not only with mentorship and resources but also with tools to navigate uncertainty and adapt quickly to market changes.

This initiative leverages my private sector experience, where I learned how innovation and agility can transform businesses. Now, in the public sector, my role is to act as a facilitator and guide, ensuring that brilliant ideas find the support and connections they need to flourish.

Read more about it here:

https://listindiario.com/economia/20240829/emprendelab-oportunidad-impulsar-proyectos-emprendedores-mipymes_823378.html

Synergy with Moneda and the Acceleration Mentorship Program

Recently, PROMIPYME and Moneda Tech Group collaborated on an acceleration mentorship program that has redefined our entrepreneurial ecosystem. Moneda’s mission to create tools that promote financial prosperity for the unbanked aligns perfectly with PROMIPYME’s goals.

Together with Héctor Terrero (CEO), Vinkgrid Guridi (Project Manager Engineer) and Piero Silverio (Brand & Business Strategy), we designed a one-of-a-kind mentorship program. Participants received high-quality training in crucial areas such as Product Management Strategy, User Experience (UX) Design, Product Engineering with AI, and Rapid Prototyping.

The impact has been monumental. Entrepreneurs across sectors now have practical tools to design more robust products, better analyze their markets, and harness the power of AI in their processes. This joint effort reinforces our vision of an entrepreneurial ecosystem that evolves alongside global trends.

Mentorship participants:

1. @socialsprintrd
2. @chiki_perezz
3. @wilmer_t.c_
4. @plstudiord
5. @max.roas
6. @lamorenitaelectromuebles
7. @mosfiestasyeventos
8. @tupunto.com.do
9. @arm4do_gaming
10. @mobiliapp

The Future of Acceleration in the Dominican Republic

I envision a bright future for the Dominican entrepreneurial ecosystem, albeit one filled with challenges that require creativity and determination. Business acceleration must go beyond traditional programs, preparing our entrepreneurs to compete on an international scale.

Through EmprendeLab, we are laying the groundwork for an incubation and acceleration model that transcends borders. Our goal is to position the Dominican Republic as a Caribbean innovation hub, where businesses stand out not only for their quality but also for their global impact.

Contributing to my country’s business development is not just a professional goal; it’s a personal mission. Over the past 11 months at PROMIPYME, I’ve worked tirelessly to create spaces of innovation that connect entrepreneurs with the opportunities they need. My experience and vision enable me to lead conversations that prioritize quality, sustainability, and long-term impact.

EmprendeLab embodies this philosophy: a space where ideas come to life, mistakes turn into lessons, and entrepreneurs find the support they need to overcome any challenge.

As we move forward, my objective is to continue fostering strategic alliances—such as the collaboration between Moneda and PROMIPYME—and incorporating emerging technologies to build an ecosystem that accelerates the launch of innovative products and services.

The future of acceleration starts now, with a vision to transform the present.

—

Cairo Arévalo, currently serves as Manager of Innovation and Special Projects at PROMIPYME. He has over 15 years of diverse international experience managing operations and finances, as well as researching financial inclusion since 2014. Cairo has also collaborated with Web3 and fintech firms and co-founded Bullish Times and Bullish Labs Ltd., a deep-tech-focused business development and marketing company operating internationally.