Latin America is a region of entrepreneurial masterminds. Our people carry the innovation gene and often turn complex challenges into opportunities for transformation and growth.
When combined with emerging technologies, this “can do” and innovative mindset has the potential to turn this region into a driving force, strengthen industries, provide meaningful work and impact the lives of many.
Now is the time to act
Many emerging technologies have already surged. Technology is the greatest agent of change in the modern world.
“Artificial Intelligence (AI), machine learning, conversational systems and the Internet of Things (IT) are a reality across the developed world, and are quickly permeating Latin America and other emerging economies,” reports the World Economic Forum.
In the tech world, it is very common to contract with external and freelance developers for a short-term project and reach outside the U.S. border to benefit from the vast network of cheap, independent developers and coders in Latin America.
Offering able staff in various sectors, Accountemps and Kelly Services have taken off as a widespread model to complete projects successfully, quickly, inexpensively and for decades.
Some companies are starting to see benefits, and others are creating networks to help connect the talent with clients (nearshoreamericas.com).
Similar Culture and Closer Time Zone to the US Benefits LATAM
These changes, together with a privileged location, being much closer to the United States and having Western culture, in addition to being much closer in terms of time zones, than, for example, India, stimulate entrepreneurs and investors to become increasingly interested in Latin America’s entrepreneurship.
Companies who seek talent from untapped LatAm markets. A good example of this is Colombia’s on-demand delivery app Rappi. It raised $1 billion in SoftBank funding because of its growth in on-demand delivery platforms.
Startups are making a real impact on digitization, productivity and economic development in the region, attracting more diverse and global funds.
Technology centers have flourished across Latin America despite continuing periods of political and economic uncertainty. Thanks to startups, the region is more connected than ever.
Changes in consumer behavior that would otherwise take years to materialize, have been accelerated by the pandemic. For example, according to the Central Bank of Costa Rica, 55 million transactions were carried out last year through the bank’s digital platform for small retail payments, Sinpe Móvil, marking an increase of 787% compared to 2019.
Latin talents in tech companies around the world
Foreign-born founders, including many Latinos, represent about 40% of entrepreneurs in Miami, as South Florida evolves from a “starting point” in and out of Latin America and the Caribbean, becoming a hub technology for the region.
For the US, South America is a “near the coast” location that offers time zones similar to offices in San Francisco and New York. Brazil, Argentina and Uruguay are prime examples in Latin America of locations close to the coast that are just one time zone from the East coast of the USA.
One million new programmers are needed to meet the expected regional demand by 2025, said the president of the Inter-American Development Bank (IDB), Mauricio Claver-Carone.
The Asia-Pacific region, followed by Latin America is expected to grow faster than North America, according to Evans Data’s Global Developers Demographic and Population Study.
Recruitment full steam ahead
Latin America has talents with strong tech skills, with lower labor costs compared to the USA and a lot of entrepreneurial spirit. If policy makers take steps to support digitization, technology-based innovation can help stimulate the economy and serve as a boon to the region’s economies in years to come.
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Peter Howard Wertheim & Dayse Abrantes - International Journalists
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