The implementation of the Orange Economy Law (Law 1834 of 2017) brings with it a series of benefits for entrepreneurs from different sectors, encouraging them to create and develop industries that generate value based on intellectual property. Consequently, Colombians who decide to start their innovative businesses will be able to enjoy significant support from the National Government, which will grant a series of benefits through the strengthening of cultural and economic programs.
The current application of the Orange Economy Law is an opportunity for those entrepreneurs who meet the indicated characteristics, who will be able to enjoy benefits such as: access to credit lines and technical cooperation that the National Government will create through the Territorial Development Financier, the income tax exemption for seven years for those companies that earn income from the development of technological value-added industries and creative activities. Another institution that will provide its support is Bancóldex, which consists of financing mechanisms to which entrepreneurs with creative objectives can access, and they can also access seed and entrepreneurial capital, which consists of an approximate fund of 150 million dollars with favorable rates for their businesses and other benefits that allow the creation, development, and consolidation of innovative companies that comply with the aforementioned regulations.
These benefits are based on the government's constant search to create employment, develop the economy, and foster the social fabric with the enrichment of culture and creative economy in the different territorial entities. Thus, until December 31, 2021, entrepreneurs may take advantage of the aforementioned benefits, in order to strengthen their companies and consolidate in the market thanks to the support they can access.
Finally, we highlight the importance of the execution and exploitation of the Orange Economy, a program that has come to Colombia to encourage innovators and provide them with support to make their company possible, granting them strategies and programs adjusted to their purposes and fields of action, always considering sustainability and the formation of a social fabric through the growth of the economy.