Jewish Young Adults in Argentina Excel in Prestigious Entrepreneurial Contest

Amidst microscopes and test tubes, three young scientists recently infused a dose of ingenuity and entrepreneurial spirit to create a unique product and an award-winning business plan.

Paula Bey, Diego Levy and Briardo Llorente developed Biorem, an environmentally-friendly system to diffuse the effects of industrial waste.

"We came up with the idea thinking about the cyanide contamination that is an effect of extracting gold," they said, "but the system can be applied to any type of industry."

It was based partially on Biorem’s broad application and viability in the marketplace that its creators were awarded first place in a competition for young entrepreneurs run by The Ariel Foundation in partnership with JDC and Hillel. The prize funds were donated by a local entrepreneur, who serves on the Board of the Keren Atid—part of The Ariel Foundation that targets up-and-coming businesspeople from the Jewish community—in memory of his brother and brother-in-law.

The contest winners will use the $12,000 reward to equip a state-of-the-art micro- and molecular biology lab for the development of their biotech system and possibly other products.

This was the latest in a series of activities sponsored by Ariel to help stimulate the Argentine economy through employment and micro-enterprise programs.

Originally known as The Ariel Job Center, the The Ariel Foundation was established in 2001 by JDC and the Tzedaká Foundation in response to the staggering rates of unemployment and demands for job retraining, coaching, and business development. Its services are targeted at the Jewish community of Argentina, 33% of which was plunged beneath the poverty line virtually overnight in the country’s economic crisis.

More than 800 applicants submitted ideas for review in the contest, which formally ran from December 2006 through May 2007 and culminated in an award ceremony during the summer.

"All of the applicants received technical assistance to develop their projects," explained Sergio Postel, Director of The Ariel Foundation. "Of the 50 business plans vetted and evaluated, 10 were pre-selected to be brought before a committee of businesspeople—and they chose the three winners."

Second and third prizes, $6,000 and $4,000 respectively, were awarded to jumpstart development, production and marketing of an all-natural doggy treat and the tropical fruit Pitahaya. In both cases, these products are the first of their kind in Argentina.

Judges chose the winning business plans on the basis of their creativity and innovation, viability in the marketplace, financial sustainability, and social impact.

"The objective of the competition was to support the entrepreneurial spirit of young people, ages 18 to 30, who are exploring their potential in the business world," emphasized Postel. "These types of initiatives give a lot of incentive to young people to transform their ideas into working businesses."

September 2007