Starting A Worldwide Technology Business From Latin America

Innovation Starting A Worldwide Technology Business From Latin America Iang Yim Forbes Councils Member Forbes Technology Council COUNCIL POST Expertise from Forbes Councils members, operated under license. Opinions expressed are those of the author. | Membership (fee-based) Oct 7, 2022, 07:15am EDT | Share to Facebook Share to Twitter Share to Linkedin Cofounder and Chief Technology Officer of Nearsure , a remote-first nearshore staff augmentation company.

getty “The pandemic has accelerated Latin America’s startup boom. ” “Why global investors are flocking to back Latin American startups. ” “Startup funding triples to a record $15 billion in Latin America.

” These are just a few of the headlines that have dominated the tech space as of late. However, while the pandemic may have accelerated Latin America’s tech boom, the region was already on the precipice of an unprecedented period of growth in the business landscape. In 2017, Global Network Perspectives called Latin America the “second most enterprising region in the world” and cited an OECD report noting that expanding the region’s tech ecosystem would require conscious investment in technological advancement education, tremendous innovation and several other factors.

The stage is now set for new startups to thrive across the region. MORE FOR YOU Hiring Refugees: How One Big Factory Did It The Best Standing Desks To Boost Your Productivity And Improve Your Posture Five Things Black U. K.

Professionals Can Do To Increase Their Leadership Potential Speaking from personal experience, waiting for the perfect time to launch your business will mean waiting around forever. No time is better than now to get your organization off the ground. That’s not to say you won’t face challenges; entrepreneurship is by no means an easy venture.

However, it’s still an exciting venture that holds a lot of promise. • Focus on consumers first. In 2021, venture and technology growth investors contributed an estimated $19.

5 billion to Latin American startups, making the region the fast-growing in terms of venture funding for that year. However, businesses cannot rest on their laurels. While appealing to venture capitalists may often be a necessary step, it’s not the only basis for an organization’s growth—nor is it the best one.

Non-U. S. businesses generally grapple with less later-stage funding than startups within the U.

S. , so the focus must be on laying the groundwork for the business to thrive earlier on. Consumers are the best resource.

Look at the demands and needs of your prospective customer base, appealing to their desires rather than exclusively considering the needs of your investors. Personalization and customization are key; consumers want to see a business that focuses on them first. • Set achievable goals.

Sustainable growth is key. Too often, startups want to expand quickly—sometimes beyond their means. While this may seem appealing at first glance, if you grow too quickly without a solid foundation, it will all come crashing down.

Latin American startups must look to multiple sources for funding (including their own resources) and scale based on what they have. This typically means slower growth, but the growth should be meaningful and sustainable in the longer term. • Embrace a remote mindset.

If you’re looking to start a global technology business, relying on talent next door is simply not feasible. A remote-first mindset is critical for finding global talent, engaging employees and making meaningful connections with consumers and potential business partners. • Tap into regional talent.

At the same time, don’t forget about people in Latin America. I work with some of the most talented individuals in the world, and they’re within the region. Too often, entrepreneurs ignore the workers who are readily available to them and the people who have invested years into their tech education—instead believing that to compete with top companies in the U.

S. , they need to look in the U. S.

The fact is, talent in the region may not only be more cost-effective, but it can also be the best talent available. • Solve problems. Nothing is more important for creating a thriving tech startup than ensuring that you’re solving problems for your consumers.

Every successful entrepreneur I know has found their niche by closely examining market demands and discovering what’s missing. This requires thorough market research. Even if you have a great idea, you need to see if it actually has legs to stand on in the real world.

Conduct ample user testing, and create a plan and proposal; this can help you attract both prospective users and potential investors. • Think digital transformation first. From my experience, Latin America has excelled at digital transformation, creating an atmosphere driven by strong unity, collaboration and an ability to pivot.

The Covid-19 pandemic and its reverberations made it impossible for Latin American businesses to survive without digitally accelerating, and many rose to the occasion. “Too many executives view transformations as one-time events with clear beginnings and ends,” a McKinsey & Company report states. “Our data show that Latin American companies that have made their transformations ongoing efforts—essentially incorporating them as the new way of working—have identified up to three times the value originally planned for capture.

” Digital transformation can lay the groundwork for your ability to persist in a competitive space. It will mean growth, opportunity and a means by which you can achieve your goals. However, remember to consider factors other than tech talent alone.

You must cultivate and use your soft skills in addition to hard skills. You’re not just creating a tech startup; you’re creating a brand, a reputation and a movement. Forbes Technology Council is an invitation-only community for world-class CIOs, CTOs and technology executives.

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