Veronorte – Grupo SURA: an alliance to ensure greater innovation
The purpose of this new alliance between Veronorte and Grupo SURA is to drive the Company's innovation agenda, strengthening its ability to generate new business and increasing its overall knowledge regarding the different business ecosystems within Colombia. Grupo SURA has considered innovation to be an essential part of the sustainability of its business, as can be clearly seen from its strategic "Road Map to 2020" focusing on creating added value, enhancing growth and ensuring a sound financial performance. This is why, since November 2015, the Company has been working in conjunction with Veronorte in order to consolidate and develop a program so as to be able to identify and invest in companies showing substantial financial potential while implementing, at the same time, a corporate strategy focused on furthering the sustainable development in different regions. The purpose of this initiative is to analyze the entrepreneurial ecosystem, becoming acquainted with all those new developments in innovation that are being deployed in Colombia, while building a foundation for future partnerships with companies and projects that offer a corporate philosophy of building relationships mediated by a shared value, that is to say, where environmental, social and governance (ESG) factors are given the same importance as the inherent economic element. The alliance with Veronorte and this new program "is consistent with our philosophy as investors, since the shared value thus proposed is in keeping with our responsible investing principles" stated Carolina Mesa, Manager of Corporate Planning for Grupo SURA. Similarly, this alliance shall help to:Develop and consolidate new business and at the same time strengthen the relationship between the investor and the investee before proceeding with the investment in question. This shall allow for long-term relationships to be built based firmly on sustainability. Acquire a more detailed vision of the country´s business ecosystem, including new innovation and business dynamics that are only just emerging, as well as how these are evolving. Become acquainted with new business ideas that are gaining ground in Colombia. Actively participate in the country´s innovation agenda. Provide new business ventures with the experience, expertise and knowledge that the Company has acquired over the years, going beyond capital contributions to engaging in meaningful relations and consolidating alliances. Camilo Botero, Managing Partner and CEO of Veronorte stated that there were two dimensions which translate as proposals for this program. "Firstly, the exhaustive search to detect innovative projects within the country which, later, shall become investment opportunities in keeping with the Company's strategic objectives. Secondly , the "preparation program" shall allow Grupo SURA build a more receptive innovation strategy to help strengthen different business processes and projects in the country, helping investees to address their deficiencies and shortcomings and, based on a long-term vision, reduce and/or eliminate the risk inherent to future investments. Searching for and building new business realities is one of the building blocks of Grupo SURA's innovation agenda, helping to strengthen its corporate dynamics and furthering the development of its business. That is why adopting an intelligent vision with regard to Colombia´s business ecosystem, is a key focus for this alliance, thus allowing the Company to ensure the continuity of its strategic planning strategies, its responsible investing criteria and its overall commitment to sustainable development.