16 Dec ENDEAVOR SPAIN – MARÍA GONZÁLEZ PICATOSTE
Endeavor is leading the high-impact entrepreneurship movement around the world. Maria Gonzalez Picatoste, Community Engagement Manager at Endeavor Spain, shares with us what means to be a “startup eurolatina” and what makes LATAM an attractive market!
With the support of an unrivaled network of seasoned business leaders, Endeavor works to catalyze long-term economic growth by selecting, mentoring, and accelerating the best high-impact entrepreneurs worldwide.
1. What makes LATAM a great opportunity for startups?
Latam is a great opportunity for startups from all over Europe. However –and for the obvious reasons such as the common language and a shared history– for Spanish companies it is a very natural fit. In Latam, Spanish companies have found considerable business opportunities and very receptive markets that are sometimes overlooked by players coming from regions such as the US or Asia.
2. Why LATAM and no other regions?
Endeavor Entrepreneurs expand to markets all over the world. However, those who choose to expand to Latam do so because they find good growth opportunities.
3. What are the main challenges startups are facing when expanding to LATAM?
Entrepreneurs face numerous challenges when expanding to Latam. The biggest one is that we talk about Latam as one big market, but it is not. Every country has its own way of doing business and its particular idiosyncrasy. Another big challenge is that in many Latam markets you won’t get anything done without a local partner or a local operation, hence hindering exploration and piloting.
4. Three key learnings/recommendations for startups planning to enter the LATAM market.
a) Take the time to evaluate each market and the opportunity it represents before choosing how to enter the region. Each country in Latam has its own opportunities, but also its challenges. Do not rush to enter any market without dedicating the time to understand if that particular country is the best fit for your company and product.
b) Find local partners: many markets are very difficult to enter if you are not doing so hand in hand with a local player. On a related note, when you’re meeting with potential partners, always ask for references to other startups who have worked with them before.
c) Language is nuanced. Learn how to use it and interpret it. Each country in Latam has its own way of expressing certain things that are key to successfully developing a business relationship. You will need to understand those local nuances in order to properly manage time and expectations.