Top 5 Latin American Countries Leading in B2B Startups

Latin American B2B startups face a unique challenge: while most of the region’s entrepreneurial energy is concentrated on consumer-focused businesses such as restaurants, retail, and tourism, the real test lies in scaling ventures that provide business services. 

Consulting, software, logistics, fintech, and technology solutions offer higher value, innovation, and productivity. According to the Global Entrepreneurship Monitor (GEM) 2024, a handful of Latin American countries are starting to stand out for their proportion of startups in this sector.

Entrepreneurship Dominated by Consumption

Entrepreneurship is far more than a passing trend; it is the foundation of every economy. Small businesses, neighborhood shops, and tech startups all contribute to job creation, innovation, and competitiveness.

In Latin America, however, the majority of new ventures fall under consumer services, which respond quickly to everyday demand but rarely scale to global levels. The GEM report highlights the importance of shifting focus toward B2B solutions, which not only address business challenges but also strengthen the sophistication of an entrepreneurial ecosystem.

The Role of the Global Entrepreneurship Monitor

The Global Entrepreneurship Monitor (GEM) provides one of the most comprehensive analyses of global entrepreneurship. Its 2024 edition included:

• Adult Population Survey (APS): more than 2,000 adults surveyed in each country about motivations, perceptions, and entrepreneurial activity.
• National Expert Survey (NES): insights from academics, business leaders, and policymakers on ecosystem conditions such as financing, education, and regulations.

In total, the 2024 GEM covered 51 countries in the APS and 56 in the NES, representing 63% of the global population and 77% of global GDP (Statista estimates global GDP surpassed US$110 trillion).

The Latin American Leaders in B2B Startups

While consumer services remain dominant, five Latin American countries stand out for their higher proportion of B2B startups, according to the Global Entrepreneurship Monitor (GEM) 2024:

• Chile: Between 20% and 22% of entrepreneurs focus on business services, while 70% remain in consumer-oriented ventures.
• Brazil: Around 15% to 17% are dedicated to B2B, compared to 65% in consumer services.
• Argentina: Between 12% and 14% of entrepreneurs are in B2B, while 70% still operate in consumption.
• Costa Rica: Roughly 10% to 12% of ventures focus on business services, with a dominant 75% in consumer activities.
• Ecuador: Less than 10% of entrepreneurs operate in B2B, while 72% are concentrated in consumer services.

This data reflects the gap between consumption-driven entrepreneurship and more sophisticated B2B ventures. Countries like Chile and Brazil lead the way, showing stronger diversification toward consulting, software, logistics, and financial solutions.

Ecuador: An Entrepreneurship Powerhouse

Ecuador illustrates both the opportunities and challenges of the region. According to GEM:

• 1 in 3 adults (33.4%) is starting or managing a new business, the highest rate among the 51 economies studied.
• 4 out of 5 Ecuadorians believe they have the skills to start a business.
• Over 50% see local opportunities, but 40% hesitate due to fear of failure.
• A striking 90.6% of new entrepreneurs report starting a business out of necessity (“to make a living because jobs are scarce”), one of the highest levels in the world.

The Road Ahead for Latin America

The GEM report underscores that Latin America’s concentration in consumer services is not inherently negative; it signals a dynamic and active economy. However, the challenge is clear: to diversify toward B2B startups that solve business problems with scalable, technology-driven solutions.

As more adults across the globe say it is easier than ever to start a business, Latin America must channel this entrepreneurial energy into projects that raise productivity and connect the region to global markets.