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In BA, The Creative Class Runneth Over

On August 25, 2010, In buenos aires events, competitiveness, creative class, entrepreneurs, visionaries, by InvestBA
arteBA 2010 Sign

Annual events like arteBA and BAFWeek showcase BA's rising tide of creativity and entrepreneurial activity.

Entrepreneurship and creativity are two of our favorite topics @InvestBA. When we were choosing content category names for the site, we opted for The Creative Class as a nod to urban studies theorist Richard Florida. In his 2002 best seller, Florida developed a Creativity Index to rank cities based on key criteria like Talent, Technology and Tolerance (aka the Three T’s). The review from Atlantic Monthly summed up the book’s thesis beautifully: Why cities without gays and rock bands are losing the economic development race. Most BA visitors come away with the impression the city is chock full of the first, trying hard to nurture the second and taking the regional lead with the third. (Given the recent marriage decision, “gay friendly” tourism will flourish here like no other corner of the Americas.)

Now comes the annual ranking from Global Entrepreneurship Monitor (GEM) that confirms our suspicions we’re living in a magnet for creativity and entrepreneurial activity. “Buenos Aires is the Latin American city with the highest start-up rate per capita,” writes BBC Mundo’s Veronica Smink adding, “BA also fares well in comparison with some of the world’s major cities, taking seventh place in terms of entrepreneurial activity ahead of cities like New York, Paris, Madrid, Barcelona and Amsterdam.” The majority of BA entrepreneurs are between 18-35 years old and focused on technology, design and visual arts. In closing, Smink says start-up growth should continue its upward trajectory given Argentina’s rich talent and human resource advantages.

The GEM report’s only negative? The failure rate of local start-ups is fairly high after 2-3 years. But in the immortal words of Winston Churchill, Success is going from failure to failure without losing your enthusiasm. Or in the words of Michael Scott, If tomorrow my company goes under I will just start another paper company. And then another and another and another. I have no shortage of company names. (Full article in Spanish)

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After 20 Years, 200 Franchises to Choose From

On August 6, 2010, In competitiveness, entrepreneurs, franchises, by InvestBA
Cardon Argentina

Franquicia Nuestra: Luxury goods retailer Cardon began franchising in '97 and today has over 110 stores.

In Argentina, it can be difficult for a small business to get off the ground, given a variety of bureaucratic, financial and legal hurdles. As such, the franchise business model has become an attractive alternative for local entrepreneurs looking to launch their own business with the backing, resources and support of a well-established franchise brand. Today the Argentina Association of Brands and Franchises estimates there are 400 franchises currently operating in the country, but Emprendedores News Director Marcelo Berenstein says when you take a closer look and weed out the wannabe franchises with only 1 or 2 locations, the number of businesses with a growing franchise network is closer to 200. “We find ourselves with companies classifying themselves as franchises, and soon thereafter they begin to disappear from the market,” says Berenstein, adding a call for better industry standards, “It’s clear the absence of a law regulating activity (which exists in the E.U., the U.S., Mexico and Brazil) creates that opportunity for anyone who wants to call themselves a franchise.” So what are the secrets of success of the 200 best franchise networks and individual franchisees? Berenstein says they work hard, they look at the business from all sides, they don’t believe money comes easily and they have a very long-term vision. The other 50%, he says, will fail and—rather than accepting responsibility—typically blame the market or “franchise network complexities” for their demise. (Full article in Spanish)

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Uruguay: “A Good Place to Visit Your Money”

On March 8, 2010, In entrepreneurs, foreign investment, uruguay, by InvestBA
Foreign investment in Uruguay rose over 400% from 2004 to 2008. Much of it came from the U.S.

Foreign investment in Uruguay rose over 400% from 2004 to 2008. Much of it came from the U.S.

That’s how Josh Spero describes Uruguay for readers of Spear’s Wealth Management Survey. In the current Tax & Trust section, Spero offers one of the most sophisticated and accurate depictions of  the “Switzerland of South America” and “Argentina’s kid brother.” The narrative begins with a description of Uruguay and Switzerland’s shared advantages for foreign investors: Banking secrecy laws? Check. Favorable tax regime? Check. But the present-day similarities end there considering that Switzerland is knee-deep in recession while Uruguay emerged relatively unscathed having already beefed up its banking system and capital ratios almost a decade ago. Proof of confidence is evident in the country’s direct foreign investment numbers: From $397 million in 2004 to $2.2 billion in 2008 with Spain, Argentina and the United States accounting for the bulk of the funds flowing in. “Part of what has been driving this foreign investment,” Spero says, “is Uruguay’s seductive taxation rules, both for individuals and corporations.” And after spending time in the capital city of Montevideo, the financial reporter is left with one undeniable takeaway: “There are opportunities for entrepreneurs everywhere you turn in Uruguay.” Spero lists commercial real estate development, telecoms and land for “property, pleasure and space” as three of the most attractive investment opportunities. For more information about Uruguay and investment opportunities along this portion of The Tango Coast, visit our archives or download the latest edition of InvestBA Privada.

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BA Gets Serious About Medical Tourism

On October 21, 2009, In competitiveness, entrepreneurs, medical tourism, tourism, by InvestBA
Medical Tourism in Argentina is on the rise with companies like RefreshMed, Xetica and Procrearte in the lead.

Medical Tourism is on the rise with companies like RefreshMed, Xetica and Procrearte in the lead.

For the past three years, “medical tourism” has been a loosely-defined concept occasionally surfacing on the pages of popular magazines. In 2006, Time ran a story titled “Outsourcing Your Heart,” while Entrepreneur named “medical tourism” to its 2007 Hot List of emerging trends and business models for aspiring entrepreneurs. Fast forward to 2009 and the industry buzz around medical tourism is large enough to warrant a World Medical Tourism & Global Health Congress, being held next week in L.A.  Going forward, Argentina is poised to capture a greater share of outsourced U.S. health care over traditional destinations like Inida, Thailand and Singapore. Similarities in time zones, language and countless tourism options are just a few of Argentina’s competitive advantages. And just to make it official, Argentina’s National Tourism Agency, finally decided to go after this $60 billion global industry with a marketing campaign (Full Story) called Medicina Argentina.

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Tech Start-up Advantages in BA

On September 5, 2009, In creative class, entrepreneurs, by InvestBA

CNNMoney and Fortune Small Business profile New York tech entrepreneur Martin Frankel who moved to Buenos Aires in 2006. (Full article) Frankel’s first investment was purchasing an ownership stake in Sugar, a Buenos Aires bar popular with expats for cheap pints of beer (Sugar on Facebook). The most recent venture, areatres, offers a high-tech, flexible workspace solution for entrepreneurs and small businesses in the heart of Palermo Soho. Frankel, 33, summarizes the appeal of Buenos Aires for an aspiring U.S. entrepreneur, “Part of the appeal of coming here was controlling my own destiny,” says Frankel, 33, who earned an M.B.A. from George Washington University. “You can take entrepreneurial risks for a lot less than you can in the States.” Withers Davis, the Chief Technology Officer of MokuZoku cites some of BA’s other advantages, “We researched San Francisco, Vancouver, India and Buenos Aires. The time zone is just one hour off Eastern time in the U.S., which is a huge advantage over Asia. And Buenos Aires has talent in the areas we need.” For more information on areatres, visit their website or company blog.

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