Spring break for MIDI’s Agora Partnerships team was more than just fun in the sun. The team combined a socially-responsible business trip with a great vacation, in a destination we are convinced is the undiscovered gem of Central America. Nicaragua, sadly, seems to more often than not conjure visions of political turmoil. For those of us who decided to take the plunge, the reality that awaited us not only proved these preconceptions wrong - it wildly surpassed our expectations! Nicaragua today is a peaceful land of breathtaking natural beauty, untapped business potential and entrepreneurial creativity and, best of all, home to some very charming people!
Todd Fertig, Michelle Fertig '06, Jaya Balasubramaniam '06 with the Baby Food Entrepreneurs
The trip was conceived as part of the “fieldwork” component of the consulting projects MIDI (Managers for International Development Initiatives) offers business school students every semester. The organization the MIDI Nicaragua teams consulted for, Agora Partnerships, is reflective of MIDI’s student-NGO partnership strategy: it is a two-part social venture company consisting of a Fund and an NGO founded by Ben Powell, Columbia Business School MBA 2005, and Ricardo Teran, Georgetown graduate and repatriated Nicaraguan. Agora uses qualified MBA students to assist entrepreneurs in developing countries structure their ideas into sound business models, and to present investment recommendations to the Fund.
The synergies between the MIDI-NGO collaboration model and Agora's business model quickly became apparent. After an evening of "Caballo Ballo," a traditional Nicaraguan feast hosted by Agora partner Ricardo Teran, the teams met with nine entrepreneurs to discuss three separate business plans for manufacturing and selling organic tea, baby food, and dried fruit snacks. The meetings included a workshop in which the students facilitated in-depth analyses of the business plans, products and markets. The teams provided the entrepreneurs with concrete suggestions to improve the business plans, including steps that had to be taken by scheduled sessions at the end of the weeklong trip.
MIDI project coordinator Lucia Darino '06 presents Ricardo Teran with Columbia Business School Mug
In addition to conducting consulting sessions, the teams also attended meetings with some of Nicaragua's top business leaders. Ricardo Teran Sr., president and CEO of CorporaciÑn Roberto Teran, gave a presentation on the economic and political situation in Nicaragua. The presentation was complemented by meetings with ProNicaragua, a public-private partnership that serves as Nicaragua's main investment promotion agency. ProNicaragua, which boasts several Ivy MBAs in its management, has helped spur growth in the country through such innovative investment ideas as partnerships with India-based call-centers for multinational customer service operations. The team also met with NGOs such as TechnoServe to learn about their operations in the country and to determine how they could provide partnership opportunities for Agora's ventures.
Being Spring Break, the trip was not confined to business. The team ventured off the beaten track to Las Isletas - volcanic islands on Lake Nicaragua, the second largest fresh-water lake in Latin America, and the only one home to sharks. After an idyllic (and shark-free!) time at Las Isletas, the team spent some time on the untouched and pristine beaches under clear, star-lit nights. After a hike around the rim of a volcano and, for the more adventurous sorts, canopy-tree jumping in coffee plantations atop Mt. Mombacho, the team spent a couple of days in the historic town of Grenada. The baby-food team used the time in Grenada to do some hands-on market research by visiting several supermarkets and pharmacies to study the market for baby food and buying patterns of Nicaraguan mothers. These visits revealed some valuable information such as product placement, pricing strategies, flavors, etc. The team is in the process of using this data to estimate market demand and to assist the entrepreneurs perform break-even analysis and pricing.
The trip ended back in Managua with a day-long follow-up meeting, during which specific action items, communication plans and project deliverables for the rest of the semester were conceived. The trip provided a perspective that no amount of pre-trip brainstorming at Uris Library could have ever yielded. Above all, the trip created opportunities for knowledge exchange that epitomizes the Columbia experience. It fostered strong ties with business leaders who give back to the community and simultaneously promote profit-yielding business ideas.
The Team atop Mt. Mombacho
A strong Columbia Business School connection has been established in Nicaragua, as epitomized by the level of satisfaction the entrepreneurs and business leaders expressed time and again with the quality of technical and personal interaction shared with the MIDI teams. This will surely be fostered as Agora works to replicate and continue this partnership tradition. The Columbia connection, the country's excellent position for significant economic growth, the breathtaking landscapes and the kindred spirits of the country who graciously introduced us to their traditions and included us as family, makes Nicaragua the place to go - and grow.
Press Releases
MIDI's Spring Break in Nicaragua - A Place to Go, A Place to Grow
Working for Agora Partnerships, students conduct consulting sessions with some of Central America's budding entrepreneurs. By Jaya Balasubramaniam '06 and Michelle Fertig '06, Bottom Line.