Although the end of the program was announced on Thursday this week, Telnova has indicated its intention to continue this initiative. / Courtesy
Approximately 30 companies increased their sales levels through the INnovaLab Innovation Lab, implemented and funded by Grupo Ternova and the United States Agency for International Development (USAID).
“This partnership has successfully fostered innovation and growth for Salvadoran companies, resulting in exceptional results of over $3 million in revenue and over 106 new jobs,” Grupo Ternova announced this Thursday. CEO Rodrigo Tona said, indicating that sales targets will be achieved. It was over 50%.
This activity was developed within the framework of the program “Strengthening the capabilities, human and technical resources of MSMEs and start-ups”. The effort involved an investment of $1.2 million, of which $598,000 was funded by USAID and Ternova, with $700,000 matched in matching contributions from participating organizations and businesses.
Business intelligence services company Pensertrust is also a beneficiary. His CEO at Pensertrust, Paul Barrenecea, assured them that they had built connections and become references within the program.
The company was able to generate approximately $750,000 in sales through business management tools and innovations.
Over 2 years.
INnovaLab was founded in 2020 by Ternova, USAID, and the Salvadoran Industrialists Association (ASI). The company’s training program did not begin until May 2022. This includes an 18-month work plan to develop marketing, digital capabilities, workshops and mentoring.
Willian Duncan, US Ambassador to El Salvador, recalled that small and medium-sized businesses are a fundamental part of the business engine, so the program focused on promoting sales and employment growth.
Better panorama.
ASI Director-General Jorge Arriaza pointed out that the key to the country’s development is private and public investment to create new jobs and growth.
Along similar lines, Arriaza noted that the industrial sector is recovering after reporting four consecutive quarters of contraction in economic activity and declines in employment. He said positive developments in external markets would lead to an improved outlook.
In this sector, ASI estimates that exports will reach $8 billion by the end of 2023. Ariaza outlined this increase as shipments could pick up in October and November.
Source: Diario.Elmundo
