Last week, Magma Partners was invited to participate at the Santiago Google Cloud Summit, which brought together startups, investors and executives from some of Chile’s biggest companies to learn about the future of cloud technology. The summit had sessions on everything from machine learning to drone technology and showed Google’s commitment to empowering Latin American entrepreneurs and businesses.
We are thrilled to see the world’s biggest tech companies, like Google, seeing the value of Latin American entrepreneurship and helping these startups reach the US market.
We spoke to around 300 executives, entrepreneurs, and developers who were attending the event and approached us to learn more about what Magma does. The Summit brought together over a thousand people throughout the day, proving just how much of an impact Google is having on Chile’s tech ecosystem. It is hard to find a company of any size that does not use at least one Google product. We advise our portfolio companies to use Google Cloud products, including Google Drive, to manage information across remote teams and keep backups of important documents.
The event offered Magma an opportunity to engage with the enthusiastic tech community in Santiago, and to see the diversity of that group. The attendees ranged from top executives at companies like Cencosud and LATAM Airlines to young, eager entrepreneurs, all of whom were there to learn about cutting-edge technologies. In our conversations, we learned about dozens of new initiatives cropping up across the region and several intrepid attendees inquired about investing in startups alongside us through FounderList.
We are grateful to Google for organizing the event to support the development of entrepreneurship and tech innovation in Santiago, and for inviting us to attend! It was great to see the energy and enthusiasm of the participants as they took on challenging new topics in technology. We look forward to continuing to work alongside Google to promote and support Latin American entrepreneurship in the future.
I’ve been writing a series of blog posts about doing business in different Latin American countries. You can read the entire blog post about Doing Business in Ecuador on my blog. From the link:
Ecuador is a geographically small, Andean country rich in history and home to 16.1 million people, which makes it nearly the same size as Chile by population. The capital city, Quito, is officially recognized as a world heritage site by the United Nations. In recent years, Ecuador has transformed into a much more stable place to do business with one of the best performing economies in Latin America.
With relatively easy access to the US, many companies are coming to Ecuador to take advantage of its excellent trade routes, sometimes friendly trade agreements, and dynamic workforce. The minimum wage raised to $375 USD this year, ranking as one of the highest in South America. Ecuador’s close proximity to bordering countries, Colombia and Peru, make it a prime location for trade and a source for cheaper materials.
Read the rest of Doing Business in Ecuador.
Episode 23 of Crossing Borders Podcast with Psafe’s founder Marco DeMello, a Brazil mobile security company that’s raised more than $90M in venture capital to create a profitable business.
Episode 22 of Crossing Borders Podcast is with Greg Mitchell of Angel Ventures Peru. We talk about getting started in Peru, the ecosystem and more.
Rocio Fonseca is the guest on Crossing Borders Podcast. Rocio, Start-Up Chile’s executive director, talks about what it was like starting up in Chile in the early 2000s, going to the US, working in Silicon Valley and coming back to Chile to lead Start-Up Chile.
This post is an excerpt from a series I’ve been writing about doing business and starting up in Latin American country. You can read the entire post about Panama on my blog.
Home to the famous 48-mile canal, Panama is a central location for import and export, serving as a connector to ports and cities worldwide. Panama has free trade agreements with many countries, including the United States. Its population has surpassed 4 million and continues to grow along with the average wage, which is currently US$1,238 per month.
Taking after its neighboring country, Costa Rica, Panama uses 65% renewable resources for its energy supply. The financial sector plays an important role in Panama’s GDP. Thanks to sizeable investments, Panama’s economy has prospered, leading to installations of Metro lines and significant city renovations. 2016 marked one of its biggest foreign investments, rolling in at US$5.2 billion.
Read the rest of the article about Panama: Investments make for a bright, sustainable future.
Thomas Allier is the cofounder of Viajala, which I like to call the Kayak of Latin America. Originally from France, he moved to Chile for Start-Up Chile and then moved to Colombia where he received investment from Mexican and Colombian venture capital firms.
I’ve been writing a blog series about doing business in Latin America and this is an excerpt of a post called Pura Vida: Pros and Cons of Doing Business in Costa Rica that I originally posted on my blog.
Costa Rica, literally “Rich Coast” in Spanish, is a fitting name for a country with diverse geography which ranges from tropical rainforests to vast oceanscapes. Five million people call Costa Rica home, and the official language is Spanish. Costa Rica’s GDP is US$74.9 billion with 72% attributed to imports and exports like coffee, sugar, and fruit. The average wage for Costa Ricans is about CRC654,059 (Costa Rican Colón) or US$1,150 per month.
Costa Rica is a prime location for entrepreneurs because of its proximity to the United States and because of its many free trade agreements. Its largest foreign investments come from the United States, which led to a 2016 marked a trade surplus of US$1.6 billion between Costa Rica and the US.
In the past few years, large tech companies like Amazon have invested in the Costa Rican market. One of the strong qualities of Costa Ricans, locally known as “Ticos,” is their literacy rate of 97.8%, The country has placed education as a top priority, and English is common among the young population.
Read the rest of my blog post about business opportunities and challenges in Costa Rica on my blog.
Guimar Vaca Sittic is an Argentine entrepreneur turned investor who specializes in marketplaces. Currently based in New York City, Guimar is a principal at FJ Labs.