Stay up to date on our entrepreneurs, events, research and more. Check out our June newsletter here.
By Rodrigo Guerrero and Melissa Tran
Producers to receive a 40% subsidy to cover the cost of movies filmed in Colombia
On June 20, the Colombian Government passed Draft Bill No. 220, better known as Film Law 2, a government policy which will serve as a powerful resource for the Colombian film industry.
Andres Calderon and Rodrigo Guerrero, Endeavor Entrepreneurs and among the four co-founders of Dynamo, were crucial in shaping this law since its inception and advocating for its passage. The Dynamo team has been working hand-in-hand with the Colombian Ministry of Culture, the Film Office, Proimagenes Colombia, the Colombian Film Commission, and the Ministry of Finance, up until the passage of this landmark law during the 4th Plenary Debate in the House of Representatives. After President Santos signs this piece of legislation, Film Law 2 will take effect in January 2013.
The Dynamo team noted that the work of four MIT Sloan MBA students was crucial in supporting its advocacy for this law before the Colombian Government. These students worked with Dynamo during the Fall/Winter of 2009-10 through the MIT G-LAB program, a key Endeavor Global service on which Dynamo has made full use.
While researching strategies for Dynamo to bring Colombian films to the U.S. market, the MBA students realized that the Colombian government was lacking incentives for attracting movie producers to film within the country. Utilizing this key insight, the Dynamo team has been working since then to develop and push for Draft Bill No. 220, which will encourage national and international filmmakers alike to choose Colombia as a filming location.
Nine years after the passage of the first Film Law in 2003, Film Law 2 represents a fundamental step in the development and promotion of Colombian cinema. Specifically, this law allocates 25 billion pesos from the government budget, or approximately US$14 million, to create a National Film Fund in order to receive donations and contributions domestically and abroad towards Colombian filmmaking.
In addition, Film Law 2 will offer a subsidy to cover 40% of total expenditures on services and personnel for both national and international producers who choose to film in Colombia. The government will also cover 20% of the value of expenditures related to room, board, and transportation during filming within the country.
Dynamo is proud to have taken an active role in the design and passage of this landmark piece of legislation and looks forward to this new phase in Colombian cinema.
© 2017 Endeavor Global, Inc.
All Rights Reserved
Endeavor Global, Inc.
900 Broadway, Suite 301
New York, NY 10003
1 (212) 352-3200
Site by #BRITEWEB