By Patricia Martinez, Expedition PR
Entrepreneurship is growing in many regions around the world, and Latin America is no exception. As an alternative to stimulate the economy after the global financial crisis, many countries expressed their commitment to promote entrepreneurship initiatives as a growth strategy. This includes emerging economies like Brazil, Colombia and Chile.
Bogota, Rio de Janeiro, Montevideo and Santiago are some of the cities with growing tech hubs and cradles for new business models. Those initiatives moved up Latin America in innovation and entrepreneurship rankings.
Let’s take a look at what strategies are being used to support startups and innovation.
From the public sector, countries like Colombia, Brazil and Chile have opened up their legal framework to make the process of registering a new company less time consuming and more accessible. In El Salvador, there is a governmental institution in charge of assisting entrepreneurs to start their companies from scratch, providing free training sessions and personalized consultancy services at a very low price. This price is even lower for women or youth living in at-risk neighborhoods.
In Brazil, the SOFTEX Program, already created in 1992, has the goal of promoting the country’s international competitiveness in the software sector. Initially conceived to increase the export of software, it’s now centered on strengthening entrepreneurship and business development in Brazil. It fosters partnerships between the public and private sector, giving participating companies access to industry contacts and events.
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