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How to Make Latin America a Global Center of Entrepreneurship

How to Make Latin America a Global Center of Entrepreneurship

Posted by Juan Gavasa on October 31, 2013

As a U.S. VC with a keen interest in Latin America, I often come across officials and policymakers eager to promote entrepreneurship in their countries. This is for good reason – a successful tech sector can lead to healthy economic growth, job creation, and higher standards of living. In the US, 11% of jobs and 21% of GDP come from venture-backed companies.

Government agencies staffed by highly educated and motivated civil servants such as CORFO (Chile), iNNpulsa (Colombia), and MCTI (Brazil) have devoted their efforts to helping seed-stage startups. In this specific goal, they have had a considerable amount of success. Start-Up Chile alone has provided funding and support to over 750 startups.

However, these initiatives have not yet resulted in any game-changing exits. What should policymakers be doing differently? For answers, we can start with the founding, financing and success of three companies that have helped to spawn their local ecosystems.

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