Why is Colombia one of the best destinations for startups?

Why is Colombia one of the best destinations for startups?

In recent times, Colombia has become an increasingly attractive destination for startups. It offers a favorable and attractive environment for the development of new ideas and business projects. Below, we will explore the reasons behind this phenomenon and why Colombia stands out as an exciting place for the emergence and growth of these start-ups.

These are the reasons that make Colombia the best destination for startups:

1. Booming Entrepreneurial Ecosystem: The entrepreneurial ecosystem in Colombia has experienced significant growth in recent years. Through accelerators, incubators, and coworking spaces, startups receive the support and resources they need to flourish in this business environment.

2. Incentives and Policies of the Colombian Government: The Colombian government has established policies and programs to promote innovation and entrepreneurship. These include tax benefits, subsidies, and financing especially for emerging companies in the technology field.

3. Human Talent and Quality Education: The Colombian population is young and highly educated, which guarantees a constant flow of talent in key areas such as technology, engineering and design. This availability of qualified talent is an essential factor for the success and growth of startups.

4. Access to International Markets: Colombia's strategic location in Latin America allows startups to access larger and closer international markets, such as Brazil and Mexico. This geographical advantage drives the expansion and global projection of emerging companies in the country.

5. Investor Support and Venture Capital: Startups in Colombia are gaining popularity among investors and venture capital funds. This provides an additional source of financing that contributes to the growth and development of these companies.

6. Constantly Improving Technology and Connectivity: The technological and connectivity infrastructure in Colombia has experienced significant advances, which facilitates the creation and operation of digital start-ups, removing barriers and promoting innovative and scalable solutions.

7. Competitive Cost of Living: The cost of living in Colombia is competitive compared to other countries, allowing startups to reduce operating expenses and be more efficient in their operation.

8. Pleasant Climate and Impressive Landscapes: The climate in Colombia is generally warm and pleasant throughout the year, which is an attraction for those seeking a more pleasant working and living environment.

9. Improvements in the Health System: The health system in Colombia has undergone recent improvements, providing greater peace of mind and security to workers who move to the country.

10. Quality of Life and Rich Cultural Diversity: Colombia offers an enriching and exciting quality of life thanks to its rich culture and breathtaking landscapes. This appeals to those seeking meaningful experiences and diverse opportunities for personal and professional growth.

11. Gastronomic Influence: Colombian gastronomy is a fascinating mix of indigenous, African and Spanish influences. This has resulted in an interesting combination of flavors and culinary techniques, with a growing supply of restaurants offering high-quality international food at reasonable prices.

12. Bilingualism in the Work Environment: Although Spanish is the official language, the high number of English-speaking people in the country facilitates communication with foreign employees and investors, fostering greater collaboration and the internationalization of startups in Colombia.

Notable startups born in Colombia include:

Rappi: A home delivery and on-demand services platform that has experienced rapid growth in Latin America, offering fast and convenient solutions to its users.

Ayenda Hotels: A chain of budget hotels that uses technology to facilitate reservations and stays in high-quality establishments at affordable prices, expanding rapidly throughout the region.

Nequi: A digital financial services platform launched by Bancolombia in 2017, which allows users to easily make payments, transfers and manage their money without the need for a traditional bank account.

Attraction of Working in Foreign Startups within Colombia

For Colombian professionals, working in foreign startups within the country is attractive due to the opportunities for professional growth, international experiences, and the innovative and challenging work environment that these companies offer.

In addition, receiving income in dollars contributes to expanding the business ecosystem in Colombia and promoting greater collaboration between local and international talent, promoting the joint development of the entrepreneurial industry in the country.