Maria Elena Ibañez

Maria Elena Ibañez is a Colombian entrepreneur. She was the founder of the computer distribution companies International Micro Systems and International High-Tech Marketing. After her retirement from the computer industry she founded Intermark Foods in 2002.

Early life

Ibañez was born in Barranquilla, Colombia.^[1] She attended computer programming classes as a teenager^[2] and was the only person in her class to complete the course.^[3] In 1973 she moved to Miami^[1] where she earned a degree in computer science from Florida International University.^[4]

Business career

International Micro Systems

In 1980 Ibañez developed the first major US-based computer hardware distributor of American products to Latin America. At the time the cost difference for personal computers between the US and Latin America was over 100%, which provided an opportunity to undercut the local competition. She founded the company at the age of 23 soon after graduating from college. She was rejected by most major US computer companies, however she eventually signed a 9-month exclusive distribution deal for the Latin American region with Altos Computer Systems.^[5] Her new company was called International Micro Systems.

Ibañez began by meeting in-person with Colombian computer stores, as well as stores in Ecuador, Peru, Chile, and Argentina, returning after a three-week trip with $100,000 in pre-paid orders from companies she found in the Yellow Pages phonebook. By 1985 the sales of the company reached $15 million, and it was named among the top 100 fastest growing companies in the US.^[6] Ibañez sold the company to Micro America Distributors in 1988, though she continued to run the company and serve the parent company as the director of marketing. She left the company in 1991, when her division approached annual revenues of $70 million.^[7][8]

International High-Tech Marketing

After selling her first company she became the first computer software and hardware distributor on the African continent.^[9] The company, International High-Tech Marketing,^[10] was started similarly to how Ibañez started her first—by flying to Nairobi, Kenya and acquiring $150,000 in orders from companies she found in the phone book. She worked out of her garage and shipped $700,000 in orders within four months to various African nations, before moving to a larger location. Sales reached $2.4 million in the company's second year of business, and averaged $13 million over the 1990s. When the company reached the Inc. Magazine 500 fastest growing companies list like Ibañez's prior company, she became the first individual to build two separate companies to make the list after starting each from zero and with zero investment capital.^[11] She sold the business in 2000.^[12]

Intermark Foods

After selling International High-Tech Marketing, Ibañez founded a third company called Intermark Foods in 2002. The inspiration to start Intermark came from a conversation Ibañez was having with a fellow patron of her hair salon, who was discussing the Hispanic food business. The conversation led Ibañez to launch the company within the week and hired the woman who inspired her to work for the company. The company started as El Latino in 2002, a Hispanic food producer with an opening line of four types of Latin American cheeses^[9] in Doral, Florida.^[13] The first year of revenues was $1 million. By 2010 the company expanded to 256 products, with offerings beyond dairy including fruits, meats, sweets, and other food types. The original sales outlets for the company included Walmart and Publix.^[9][14]

Board memberships

Ibañez has served on the Board of Trustees for Florida International University, and on the boards of the Beacon Council, The Fiduciary Trust, Sprint, and President Bill Clinton's Southern Region Advisory Committee for Economic Development.^[4]

Personal life

In 2013 Ibañez received the American Dreamers award from Hispanic Unity's Entrepreneur Summit.^[15] She has also been a mentor for the US Small Business Association.^[16]

On November 1, 2002, the Commerce Department's Bureau of Industry and Security (BIS)announced the imposition of a $115,000 civil penalty and a five-year denial of export privileges upon Maria Elena Ibanez of Miami, Florida. Ibanez agreed to the penalty to settle charges that she caused, aided and abetted.....^[17]

In a 265-count draft charging letter, the agency detailed the actions of Maria Elena Ibanez, who allegedly provided her freight forwarder with false statements about the value of the computer equipment she shipped to such countries as Kenya, Malawi, Nigeria and Uganda from 1996 to 1998.

   At the time of these shipments, Ibanez was the owner and president of Inter-national High Tech Marketing (IHTM).  In 2000, IHTM pleaded guilty in federal court to five counts of illegal exports to Libya and Sudan and was fined $250,000.  IHTM is no longer in business, BIS reported.

In March 2002, the Miami U.S. District Court fined Ibanez $5,000 and placed her on five-years probation for conspiring to falsify commercial invoices. BIS imposed a five-year denial of export privileges order against her but suspended it as long as she doesn't violate export control rules during that period. One of the shipments cited in the charging letter showed Ibanez had declared the value of one computer-related item to be $100 but sent an invoice for $4,450. Another shipment with a declared value of $122 was invoiced at $17,817.80.^[18]

References