Endeavor Insight, in collaboration with Endeavor Colombia, released a new study mapping the tech ecosystem in Bogotá and demonstrating the importance of the multiplier effect. As part of Conferencia Endeavor 2013, the map identifies a rich network of connections among more than 230 Bogotá tech companies. These connections have underpinned the growth of the Bogotá ecosystem over the last two decades, with successful entrepreneurs inspiring, mentoring, and investing in the current generation of tech founders. The rapid growth in the number of Bogotá tech companies, particularly over the past five years, reveals a number of key findings:
1) Over 90 Bogotá tech entrepreneurs have founded more than one company. The enthusiasm for serial entrepreneurship has not been met by a commensurate growth in the number of scaleup companies–companies greater than three years old and growing by 20% or more per year.
2) Both mentorship and investment are very limited, with a relatively small number of entrepreneurs giving back to other entrepreneurs in the network. As Bogotá’s tech ecosystem matures, it will need both high quality mentors and smart capital to accelerate the growth of its most promising companies.
3) Bogotá tech lacks a “big win”–a company that has seen significant financial success or a liquidity event. Wins like these provide the capital, both financial and human, necessary to initiate the multiplier effect.
Building on this study and Endeavor Colombia’s leadership of the high-impact entrepreneurship movement there, the conference, held October 31st in Bogotá, featured panel discussions, presentations, and workshops highlighting the importance of high-impact entrepreneurship in Colombia. Endeavor entrepreneurs from throughout Latin America, including Hernán Kazah (in photo above, on far left) from Mercado Libre and René Lankenau from Advenio attended, along with regional and global business leaders from General Electric and Peixe Urbano.
Click here for some local press coverage of the event.
To view the whole map presentation, click here.