Why We Expanded Our Company to Colombia
Launchway Media has some pretty exciting news: we have opened another office in Medellín, Colombia. Though most of our team remains in Buenos Aires, we have recently begun operations in this beautiful Colombian city.
So why did we decide on Colombia?
The amazing coffee was definitely a big pull, but also Colombia is experiencing an entrepreneurial boom, and we wanted to be right in the middle of the action.
Entrepreneurship is Booming in Colombia
Entrepreneurship as a whole is simply thriving in Colombia. According to Global Entrepreneurship Monitor, 71% of adult Colombians view entrepreneurship positively and 60% of adult Colombians are potential entrepreneurs.
And Colombians are hungry for success, which is why a global study by the World Economic Forum and Global Entrepreneurship Monitor found that just two global economies – Colombia and Chile – have a irregularly high amount of early-stage entrepreneurial activity combined with an unusually high proportion of ambitious and innovative entrepreneurs.
This, combined with a high rank in the World Bank’s Doing Business report, makes Colombia an exceptionally innovative country.
What’s interesting about Colombia, and what makes it so attractive to startups, is not just the entrepreneurial spirit. The Colombian government has made noteworthy efforts to encourage startups and small businesses to succeed.
The Government is Helping Entrepreneurs
The Colombian government is making powerful efforts to improve entrepreneurial framework and support growing businesses. Federally-sponsored organizations such as Ruta N offers early-stage companies support in the way of promotion, finance, and recruitment.
iNNPulsa, a government supported group, promotes entrepreneurship, innovation and productivity by offering grants. The government also hopes to bring over 65% of the country online by 2018. This goal is certainly achievable, as the country already has a smartphone adoption rate of 69% (compared to US at 75%).
The government has been passing laws that promote entrepreneurship as well. Law 1014, passed in 2006, aims to promote entrepreneurship across many industries and sought to create a national and regional network for entrepreneurial development.
Three years later, Law 1286 passed to create a national system of science, technology, and innovation, whose purpose was to support high-technology, high-impact entrepreneurship. These, and many other laws that promote and protect small businesses, have helped Colombians get startups off the ground.
As a company that works with startups, we wanted to extend our offerings to a place where entrepreneurship is seen in a positive light. Not only do many Colombians seek to start businesses, but the government efforts promote these endeavors, making doing business in the country much easier.
We’re excited to be part of the startup ecosystem in Colombia and to meet the innovative startups leading the way.