Peru is not always the first destination one can think about for an internationalization. Indeed, by being located right next to Chile, Brazil or Argentina, Peru had trouble to be on the entrepreneurs’ radar. That being said, this trend is changing at a fast pace, and as of today, the country positions itself as one of the fastest growing in Latin America. How?
– Via its Economy
Peru has developed a steady economic growth since the 1990’s. Now, innovation is at the heart of the Peruvian economy. This is why the R&D is being funded more than ever. This was made possible by the government but also and most importantly, by the Inter-American Bank. The result of that new focus was largely positive: companies and innovators were able to take the risk of investing in the research and development required to create innovative products and services.
Furthermore, the access to grants and additional resources was improved and reorganized through the Fondo de Investigación y Desarrollo para la Competitividad (FIDECOM).
– Through its Politics
The government is also dedicated to improve the status of startups, not only by allocating more resources, but also through specific programs. For example, they launched Start-Up Peru, a program aimed at supporting high-impact entrepreneurs to venture and execute their tech-based innovative ideas.
They are also building many infrastructures like incubators or accelerators to help even more entrepreneurs. In order to do that, they are following the steps of their neighbors like Start-Up Brazil & Chile, which are already well established.
– Thanks to its innovative population
Nowadays in Peru, we encounter a better diffusion of the entrepreneurial culture in the media. Entrepreneurs represent a large part of the active population and women entrepreneurs lead the way (23% of the female active population are entrepreneurs, 22% of the male active population are entrepreneurs).
Peru is initiating a shift in the way it helps entrepreneurs and their business. But, as it is only the beginning, the country requires more stakeholders with experience, know-how and resources.
On another note, even if the government is helping entrepreneurship by opening incubators and accelerators, their number is not large enough to help all the new innovative startups in Peru.
The economy is still adapting to that new trend as it was massively dominated by the mining sector. As for the population, a better entrepreneurial training is required. That being said, Peruvians have always been an innovative and hard working people who will continue to exploit their potential.
Have you ever considered Peru as a market to tackle? Why? At Beeleev, we think that Peru is now a major player for internationalization and we cannot wait to present you our Peruvian Beeleevers. Meet them now!