Startups in Progreso X lead innovation in Central America

Startups at Progreso X have become an engine of transformation for the construction industry in Central America and the region. Since 2019, this open innovation and corporate venture capital arm of Progreso has woven bridges between entrepreneurs and corporations to accelerate disruptive solutions.

The Progreso X team seeks more than technological innovation. Its purpose is focused on exploring, experimenting and scaling projects that prepare the organization for the future, always with a human and collaborative approach, says Gabriela Rodas, innovation manager at Progreso X.

The initiative was born with three clear objectives:

• Generate impact
• Strengthen the regional innovation ecosystem
• Position the Progreso brand in new business areas

Through these goals, startups in Progreso X find a strategic partner that drives their models into emerging markets.

“Progreso X operates with two main models. On the one hand, open innovation projects in co-development with business units. On the other, PX Ventures, the line focused on venture capital investments that evaluates startups and strategic funds to strengthen the portfolio,” Rodas tells Contxto.

Scouting and bootcamps

One of the flagship programs is Exponential Change Makers (ECM). It targets startups that address key challenges defined by Progreso and connects them with corporate leaders to design joint solutions. The model encompasses scouting, selection, bootcamps and pilot testing.

During six editions, ECM has received dozens of applications from around the world and has allowed startups from different regions to work with key areas of Progreso. The result is projects that integrate blockchain, artificial intelligence, on-site monitoring and digital platforms, says Sheidy Li Cam, Relationship Manager at Progreso X.

In tandem, Progreso X promotes FastTracks, an agile collaboration format that seeks specific startups for tbe specific needs of its business units. This mechanism streamlines the selection process and generates immediate results.

“Startups in Progreso X face significant challenges in reaching Latin America. Convincing them to see the region as a key market before the United States or Asia requires communication, local pilots and a clear vision of scalability,” says Li Cam.

Currently, Progreso X operates in eight countries:

• Guatemala
• Belize
• El Salvador
• Honduras
• Costa Rica
• Panama
• Colombia
• Dominican Republic

From Guatemala, its headquarters, the team accompanies entrepreneurs in market testing and expansion, says the Relationship Manager at Progreso X.

More than 30 startups

In five years, Progreso X has collaborated with more than 30 startups and maintains an active portfolio of 16. Several are in pilot, go-to-market and scale-up stages, highlighting the maturity of the ecosystem they are building, according to Rodas.

The medium-term vision seeks to consolidate successful pilots, strengthen the innovative culture in Progreso and generate new investment opportunities with PX Ventures, all with a focus on:

• Sustainability
• Construction systems
• Operational efficiency

For the team, the greatest satisfaction lies in seeing how the Startups in Progreso X generate a triple impact:

• Economic
• Social
• Environmental

“By driving solutions that improve housing, optimize processes and raise the quality of life, it confirms that collaborative innovation can transform entire industries in Latin America,” says Li Cam.