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The entrepreneurial spirit is alive and well and growing rapidly in Latin America. Many locations throughout the region are viable alternatives to Silicon Valley and European cities such as London, Paris, and Amsterdam. Numerous Latin American cities are emerging as strong competitors and people from all over the world are immigrating there to benefit from networking opportunities and generous funding sources. Below are five cities from which to choose:
Due to the support from both private and government funding, in the past 15 years the tech industry has grown three times faster here than the rest of the world. Monterrey is Mexico’s richest city and is considered one of the best places in the region to start and grow a business.
São Paulo, Brazil
With the largest economy in the southern hemisphere, this city has the perfect corporate landscape for local and foreign startups. Its environment is ripe for expanding operations and building networking opportunities. The Brazilian government has created programs providing support for companies less than four years old in the form of legal advice, training, financial investment, and infrastructure. They aim to attract innovative startups in the technology field.
Rapidly becoming known as “Chilecon Valley”, Santiago is the cultural, economic, and financial center of Chile. It is increasingly appealing to international entrepreneurs, which the government attracts through several start-up programs. Participants receive a year-long resident visa, a grant of $40,000 US, and guidance from fellow entrepreneurs. Additional assistance comes in the form of reduced regulations – businesses can be fully registered in less than a week, compared to 30 days in the rest of the continent.
Buenos Aires, Argentina
This is one of the most dynamic startup spots in the region because of its cosmopolitan atmosphere. It is also the financial, commercial, and political center of the country. Local governments recognize the benefits of having a thriving business community and are investing $3.5 million US in support of start-ups. In addition, more than 35% of the population hold advanced degrees, while, in 2015, the minimum wage was a very reasonable $548 US per month.
In the last two years, there has been an exceptional 25% growth in startups. In order to boost new commerce which strengthens and promotes technological, scientific, and innovative development, business centers are being created by the local government. They are also supporting new businesses in PR, finance, and recruitment. As a bonus, communication with The United States is easy because this area is in the same time zone as the US’s West Coast.
Entrepreneurship is Predicted to See Fast Development in the Future
Latin American governments recognize that by supporting and assisting local business growth, they can build a stronger foundation to sustain economic development and job creation for the people of their country. Building a business from the ground up can be difficult, but having the support of an entire country makes sustaining a start-up and finding networking opportunities that much easier.
Sharemoney.com can also help if you need to move funds to Latin American countries, whether it’s Brazil or Argentina. Due to the low cost of living and high education levels, the economies and popularity of Latin American countries are on the rise. Consider these cities when developing your business plan and entrepreneurial spirit.