Latin America is filled with a myriad of natural resources, and for generations many Latin American countries relied on exporting these endowments for their wealth. However, the tides are beginning to change in Latin America. For the first time in history, a large number of Latin Americans are choosing to be entrepreneurs. In 2010, just 2.6% of the world’s applications for patent registration were filed in Latin America. With the new surge of entrepreneurship in the region, expect that number to change.
With a new focus on entrepreneurial activities, developed countries are likely to begin looking at developing regions such as Latin America for sources of new companies and ideas. In Peru, a new online platform was created that allows people to buy movie tickets from their smartphones or tablets. While in Colombia, a medical start-up firm is developing new technology for skin grafts. The entrepreneurial spirit has definitely found its way into the culture of Latin America.
Despite growth in entrepreneurship, Latin America still faces large challenges. Few people in Latin America speak English compared to Asia and Africa. This creates a problem as English is the universal language for business and the majority of entrepreneurial activities. Additionally, governments of the region are under pressure to spend their funds on healthcare and education rather than innovation and technology. That being said, the future is still very bright in Latin America. With a dramatically changing culture, innovation and entrepreneurship can surely take Latin America to the next level.