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Entrepreneurs: Do you know your needs?

According to the Global Entrepreneurship Monitor 2018/2019 (GEM), Mexico has the second best environment to undertake in Latin America, after Argentina, although it still has many challenges to overcome, particularly in terms of tax burdens and regulation.

What do number say?

Globally, in the Context Index of National Entrepreneurship (NECI, for its acronym in English), the country ranks 23 out of 54 nations. This indicator prepared by Babson College and the London Business School, consists of 12 variables. Highlighting public infrastructure (7.64 points); education for entrepreneurship at a higher level (6.45 points) and the dynamics of the internal market (6.26 points). Contrast poor evaluation of entrepreneurship education at low levels (3.37 points); internal market burdens (4.08 points) and government policies: taxes and bureaucracy (4.1 points). Its total score is 5.21 points, which places it in the Latin American region above Chile (26) and Colombia (32), for example, but below Argentina which is located in position 21.

Entrepreneurship as an alternative

Each time many people in the country, are visualizing entrepreneurship as an alternative for generating resources and economic independence, as shown by the evaluation in the qualification of “social and cultural norms”. But the effort falls heavily on them, not only because it is not easy to enter the market, but also because of the high costs of lawyers, publicists and accountants (legal and commercial infrastructure).

Another important aspect is access to financing

In Mexico, and in general in Latin America, a greater “corporate capital venture” is required. That is, companies that decide to invest in Startups or entrepreneurs, to learn new solutions, for example the Chilean “Cornershop” (a delivery platform at home) that was acquired by Walmart de México to strengthen its e-commerce or the purchase of Bankaool (with a fully agricultural portfolio) by Ve por Más, to further strengthen its presence in the financial market.

How to maintain innovation policies?

Another relevant aspect, even when the Mexican is creative by nature, is to maintain innovation policies; as well as promoting this and the use of new 4.0 technologies according to the specialization of cities and regions in the country. For example, in Monterrey and surrounding areas, which have flourished in manufacturing, retail and food, these strengths must be leveraged and the entrepreneurial ecosystem promoted. Or in Guadalajara and surroundings, the stimulus to Startups of more technological order, due to its development in the region. Specialization is a fundamental factor to achieve important actors at the global level.

Entrepreneurial ambition in Mexico must be seized, there is still a way to go.

Also published on Medium.

Published inStartups

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