How Colombia is promoting technological innovation and entrepreneurial spirit

Salome Beyer Velez
Thu, 15 Aug 2024 22:38:33 +0000
Technology

Colombia has been quietly forging a new identity, transitioning into a burgeoning hub for the technology sector, according to the Gutiérrez Group, a consulting firm for foreigners living or investing in the country.

In fact, Colombia’s tech industry has seen a cumulative growth of 24.5% since 2010, and currently contributes 2.9% to the country’s GDP, as reported by Bloomberg.

According to the Gutiérrez Group, Colombia stands out in the global technology sector because it combines welcoming policies like digital nomad visas, a thriving start-up ecosystem and a spirit of innovation.

On the other hand, Colombia’s start-up scene is stronger than ever. According to the Colombia Tech Report 2023-2024, there are currently 1,720 start-ups in the country, with a comparative growth rate of 30% from the 2022-2023 period. Investment was mainly directed towards the Fintech (39%), Proptech (29%) and EnergyTech (8%) industries, which resulted in Colombia leading the Latin American ranking for demand and access to funding, as per the report.

Discovering Colombia’s potential

One of Colombia’s greatest strengths is the alignment between the public and private sectors, which helps in encouraging the sustainable growth and innovation of start-ups, as per the Colombia Tech Report.

“It is crucial to continue strengthening the policies and programs that foster entrepreneurship and the pull of talent within the tech sector,” the report notes.

Tech and innovation conferences are vital in uniting the entrepreneurial community in the name of collaboration, learning and the establishment of lasting relationships within the industry, in addition to providing networking opportunities between start-ups and investors.

From August 28 to 30, Bogotá’s Chamber of Commerce will host the seventh edition of Gofest, welcoming close to 25,000 entrepreneurs, innovators, investors and technology enthusiasts from around the world.

Image credit: Ghers Nicolas Fisman Nouel on LinkedIn.

With Brazil as this edition’s guest country, the event will offer everything from an online platform through which entrepreneurs can showcase their products and services, workshops and masterclasses, and a stage pitch competition for start-ups.

“At the (Bogotá) Chamber of Commerce, we believe in the importance of strengthening the business ecosystem with an innovative and futuristic vision where knowledge and new technologies become fuel for growth and competition,” notes the Chamber’s President Ovidio Claros Polanco.

This bet on tech entrepreneurship and innovation extends beyond Colombia’s capital city, however.

In 2024, Techstars is hosting the Colombia RoadShow through Startup Weekends in Medellín (September 20 to 22), Bogotá (October 18 to 20), and Manizales (November 1 to 3) having had events in Cali and Santander earlier this year.

With over 1,000 participants, more than 30 investors, 60 mentors and 200 business ideas in the Colombian edition, Techstars organizes the biggest pre-acceleration event in the world for aspiring entrepreneurs.

Medellín, which has been recognized as the world’s most innovative city by the Wall Street Journal, will also welcome TECH SPHERE 2024 on August 23. Focusing on cybersecurity, generative AI, and new business models, the event organized by Source Meridian seeks to connect industry experts and current university and post-graduate students.

“It is imperative to teach and promote entrepreneurial mindsets, abilities and attitudes to our students so that newly-graduated professionals can come into the industry with energy, innovative ideas and an agile execution,” signals the Colombia Tech Report.

Image credit: Startup Weekend Medellin via Flickr.

This article includes a partner of an Espacio portfolio company