Earlier this week, the U.S. Department of State joined the Inter-American Development Bank (IDB), Univision Networks, Kauffman Foundation, and m-Via to host Unleashing IdEA, a diaspora event launching Global Entrepreneurship Week.
It is truly an honor that the Kauffman Foundation chose our event to launch their week-long program, and it's something that we hope to make an annual tradition.
Global Entrepreneurship Week is about unleashing big ideas and doing what it takes to bring them to fruition. It is about identifying opportunities, taking risks, solving problems, being creative, and learning from both failures and successes. It is also about building connections with diverse partners, including diaspora communities.
Secretary Clinton -- and we at the Global Partnership Initiative -- strongly believe in the power of diaspora, and in the dynamic role they can play as entrepreneurs in their countries of origin.
For diaspora communities, diplomacy and development are intrinsic -- it is about their friends and families, and the homes of their forebearers.
As Secretary Clinton has said, diaspora communities are often the "first-movers" beating institutions to local challenges -- whether via humanitarian response or investment opportunities, or even non-traditional means of engagement such as arts or sports.
It is with this confidence in the power of our diaspora communities to contribute to the development of their countries of origin that Secretary Clinton launched the International Diaspora Engagement Alliance -- or IdEA -- at the first annual Global Diaspora Forum. This innovative partnership platform brings together diaspora communities, the private sector, and public institutions in a collaborative process.
In June, she announced that we are partnering with the IDB, Canadian International Development Agency (CIDA), United Kingdom Department of International Development (DFID), Digicel, Scotiabank, and others on the Caribbean IdEA Marketplace. The U.S. government, through the Overseas Private Investment Corporation (OPIC), is providing $50 million in support for this business plan competition for emerging diaspora entrepreneurs that will officially "open for business" on March 1 of next year.
And while Secretary Clinton was unable to join us in person this week, she announced via video message that we are now partnering with the IDB, Univision Networks, m-Via, and others to engage diaspora entrepreneurs from Central America and Mexico to support the development of diaspora-centered partnerships that promote trade and investment, entrepreneurship, and innovation in the region.
This partnership -- aptly called "La Idea" -- will establish a regional business competition initiative to support business and social entrepreneurs from the Latin American diaspora.
This partnership will provide access to capital and resources for successful participants of La Idea. Aimed to promote trade and investment between the U.S. and the region, this competition will support innovators whose projects meet the policy and credit requirements of all the partners. The U.S. government is committing $100 million from OPIC to support La Idea.
We see emerging entrepreneurs from the diaspora as changemakers not only in their communities at home, but also in their countries of origin -- and importantly, as conduits between the two. As Secretary Clinton said, through partnerships such as La Idea, we will harness their ideas, energy, and commitment to help us address some of the most complicated and pressing challenges of our time.