In 1886 Externado University of Colombia was born as an answer to absolutism and the suppression of the freedom of education imposed by the dictatorship of Regeneration. Was called “Externado” because the new institution received the influence of the most modern European educative centers. Externado implied, then, opening, freedom of study and education. At the present moment, Externado University has 11 Faculties.
Externado has a program called BoP Challenge. This program seeks to support the development of SMEs in Colombia so that they might acquire the knowledge and support necessary to enter the BoP markets with products that serve populations of low income, hopefully improving their situation simultaneously. This seeks to empower SMEs to contribute solutions to social problems via products and/or services that are both sustainable and profitable and create value both in communities as well as within the company itself.