Startup businesses are no longer limited to famous cities like New York or London when you realize how much economic/financial growth Latin American cities are gaining over the years.
A large number of Latin American governments are taking serious actions toward the goal of making the southern area as innovative and active as the northern area of the American continent, and the rest of the world.
In a matter of fact, the Latin market engages the second most spoken language in the world which is of course Spanish. Not to mention that it’s highly segmented on economic lines which makes the whole area an extended land of opportunities and a promising boost in all different sectors, especially technology.
At all events, the Latin market is merging as a real strong competitor to its counterparts (the USA and Europe), especially with a massive population that happens to be increasingly reliant on the internet and mobile technology.
One more thing to mention; entrepreneurs are massively drifting to the continent to benefit from all the brilliant funding programs.
Speaking of entrepreneurs, each one is unique. In other words, each one carries a different idea and a whole different plan to reach their goals. However, that doesn’t stop Latin cities from offering them the perfect conditions to launch their businesses.
Now, One may always ask where is best?
Well… that’s why we’ve managed to collect information about the 5 most important and suitable cities for the startup business in Latin America.
Keep reading to find out more about these cities…
Latin America’s best destinations for businesses
1. Medellin, Colombia
Alright… let’s forget about the whole Pablo Escobar thing—shall we? —Colombia is becoming a whole new different country. Located in the Aburra Valley of the Andes Mountains of Colombia, Medellin represents the second largest city of the country, yet one of the hottest new places for startups.
According to ‘Columbia reports’, the government is working hard on bringing 63% of the population online by 2018, not to mention the huge boost in Smartphone adoption (69%)—according to GSMA report for Latin America.
Now, besides the great quality of life, low cost of living and the mild climate of Medellín, we must admit that the city provides everyone with a great sense of inclusion.
Another reason why any entrepreneur should love Medellin is how the city’s ability to provide a comfortable environment—politically speaking. Let alone the coherence of the developer groups, universities and the public sector in general.
2. Buenos Aires, Argentina
Anybody’s looking for tech talent should not look further because Buenos Aires is just the right place—literally! The city has a strong rally of tech workers who are not to be underestimated especially with the enormous attention they’re getting from major companies around the world.
Besides the many qualities Buenos Aires has to offer as in the low cost of living, accessible transportation and low cost of doing business; the city just rejoices with a unique entrepreneurial spirit.
Lisa Bessermen, founder of Startup Buenos Aires says
There’s this incredible entrepreneurial spirit that I have never seen anywhere else in the world. Because of or in spite of the economic instability or the political turmoil this country has faced, it’s created this breed of entrepreneurs that work really hard to create their own visions.
One more reason why you should go for Buenos Aires is that it’s also home for one of the most successful companies in South America Mercadolibre.
3. Santiago, Chile
With one of the lowest tax rates and highest trade deals, Santiago earns the label of ‘the economic and financial center of the country’. The startup scene in Santiago has quickly become known as the ‘Chiliceon valley’ for all good reasons.
One very important thing everybody needs to know is that the state-backed accelerator ‘startup Chile’ is one of the greatest programs ever.
Actually, it is a six-month program that offers graduates about $35,000 in equity-free financing and a one-year visa. The program now has graduated more than 1,100 startups which is something great enough to transform the whole country into an entrepreneurial hub.
4. Sao Paulo, Brazil
Besides the beautiful women; Brazil is basically the powerhouse of South America. If you ever wondered which city is the center of the economy, well Sao Paulo is the answer—No question.
Sao Paulo is an amazing city with a great environment for expanding operations and possibilities.
It brings pride to realize that one of the most successful, largest startups in Latin America “Drafiti” (Online fashion retailer) takes home in Brazil and is now available in six countries. Drafiti today is helping reshape the future of e-commerce in Latin America through its use of iBeacon technology.
One more thing to keep in mind is that ‘startup brazil’ program supports all companies less than four years old which provides enormous support in the form of physical infrastructure, legal advice and investment of course.
5. Monterrey, Mexico
It’s no surprise to know that Mexico has the closest links to the USA, therefore the United States happens to be the largest trade partner to Mexico.
Mexico’s richest city is Monterrey and it’s considered to be a symbol of progress in Latin America.
The tech sector in Monterrey has proven an important growth in the last couple of years (three times faster than the global average in the last 15 years) and it’s of course, contributed to the funding of the city.
Speaking of findings and support, ‘startup studio Monterrey’ has launched a very efficient program that helps entrepreneurs with specialized monitoring and workplaces, not to mention that entrepreneurs are not obliged to pay anything, but the incubator takes 6% of each project’s profits.