Five new ventures, which are part of the “Entrepreneurial Community of the Galapagos Seafood System”, presented their business ideas and plans to representatives from different sectors of the archipelago. 

These ventures have received technical assistance in the context of the Coastal Fisheries Initiative Challenge Fund (CFI-CF) Ecuador, and are aligned with a New Vision of the Galapagos seafood system built in a participatory manner under this Initiative, which seeks to transform this system to make it resilient, autonomous, prosperous and fair.

During the meeting, Manuel Yépez, entrepreneur and co-founder of Galápagos Artesanal Sea Food, explained how traceability system, which allows complete tracking of seafood from catch to consumption, ensure responsible fishing, generate added value, and upgrade consumers’ experience:

For her part, the entrepreneur and chef Lucía Galarza asserted:

Other participating ventures propose diverse business models of great value for the archipelago, such as to transform fishing waste into inputs for the agricultural sector, produce sustainable gourmet tuna pate, and propose creating a platform to promote sustainable consumption of fish on the islands.

The aim of the presentations was to receive feedback from various stakeholders, especially from the financial sector. Liseth Lucas, representing Cooperativa de Ahorro y Crédito FUPROGAL, mentioned:

The event was held on February 3th 2022, and involved the participation of 50 people, including Katherine Llerena, President of the Governing Council of the Special Regime of Galapagos; Danny Rueda, director of the Galapagos National Park; Ana Albán, director of Fondo para la Inversión Ambiental Sostenible (FIAS); and representatives of the financial, retailing, and tourism sectors of Galapagos, as well as academia and NGOs.

Entrepreneurs prompted great interest during their presentations, which featured:

1. identification of a problem,
2. value proposition, and
3. development of a business model.

During the meeting, new business opportunities surged and potential financing sources were identified for these ventures.

The Entrepreneurial Community of the Seafood System is a platform to strengthen the local business and innovation ecosystem with the aim to support sustainable development and the resilience of the Galapagos islands.

The CFI-Challenge Fund is a Global Environmental Facility (GEF) project implemented in Galapagos by the World Bank Group with the technical support of the consortium led by the Charles Darwin Foundation, and made up by: Conservation International, Presencing Institute and Commonland.

We acknowledge the Galapagos Hub for Sustainability, Innovation and Resilience for supporting the workshop organization, and EDES Business School of the Universidad Técnica Particular de Loja (UTPL) for providing technical assistance.