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Rosario Joins The Tech District Movement

On March 15, 2011, In entrepreneurs, technology, visionaries, by InvestBA
Rosario Tech District

City leaders envision over 100 tech-PYMEs and university research groups working in the AITR.

The beautiful City of Rosario will take another important step on its path toward economic diversification this year with the creation of the Rosario Industrial Technology Area, or AITR in Spanish. According to Agenciafe, the idea for the Tech District was conceived during the strategic planning phase of the Rosario Metropolitan Plan. That plan envisions no fewer than 100 small and medium-size business (PYMEs) clustered in the new Tech District.

Software, hardware, multimedia design, biotech and audiovisual production companies will all be courted with a combination of low interest loans and assorted tax incentives for relocation and expansion. The model has proven successful in other Argentine cities like Mendoza, San Luis and Buenos Aires where the GCBA has already attracted more than 70 companies to Parque Patricios with 130 tech-PYMEs anticipated by year-end 2011.

Sebastián Chale, Rosario’s Secretary of Production & Local Development, says the District “is an opportunity to give the city some excellent infrastructure, to promote economic development and create high-paying jobs.” He went on to describe the first phase of the project. “Those of us who have been working on this plan for the past seven months anticipate a budget of 10 million pesos (US$2.48 million) for an intelligent building that will house between 12 and 25 companies, roughly 150,000 square feet of high-tech companies, postgraduate classrooms and research centers tied to the universities.” (Full Story in Spanish)

For more information about IT opportunities in Argentina, visit our archives and download the new issue of InvestBA Privada.

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Mi Hijo, El Entrepreneur: A Changing Mindset Nurtures Argentine Start-Ups

On September 20, 2010, In competitiveness, creative class, entrepreneurs, technology, by InvestBA
Endeavor Conference Córdoba

Over 800 entrepreneurs attended the 6th Annual Endeavor Conference in Cordoba. (Photo: F. Ancorena)

“Today there is a sensation in the country that, instead of upward social mobility, children are going to be worse off than their parents. There’s now a tendency to spend less, because of the situation we are going through.”

While this quote sums up a general uneasiness in the United States 2010, the source was actually a Clari­n article describing Argentina 2003. The piece examined the national outlook in the wake of the 2001/02 financial crisis and posed the question, What Happened to the Country of “My Son, the Doctor?”

The saying, Mi Hijo, El Doctor, was a popular phrase describing the upper-middle class hopes that a child would achieve stable, professional employment with all the attendant social status and professional prestige.

Apparently the 800 Argentine entrepreneurs who just attended the 6th Annual Endeavor Conference in Cordoba didn’t get the “Become A Doctor” memo. “In North America, such an event would be unexceptional,” writes author and Fast Company contributor Rob Salkowitz, “But in Argentina, every one of these gatherings represents an important step forward in the maturation of a more diverse, robust and self-sufficient economy that the entrepreneurs and their allies in academia and the global NGO community are striving toward.”

Globant CEO Marti­n Migoya tells Salkowitz that “Some people here still have a negative opinion of business in general,” and that partially explains the Mi Hijo mentality. Slowly, that mindset appears to be changing in Argentina, more resources are being made available to aspiring entrepreneurs, and Buenos Aires has the highest start-up rate per capita in Latin America.

Imagining an Entrepreneurial Argentina

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In Buenos Aires, 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 Argentina 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)

For more information about Argentina franchise opportunities, visit our archives and download the new issue of InvestBA Privada.

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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 investment opportunities, download IncomeBA and the new issue of InvestBA Privada.

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