How Start-Up Culture Is Changing Mexico for the Better Antonio Garza - TribTalk
go to original September 7, 2014

The story of Mexico’s private sector has long been one of monopolies and duopolies. These often massive companies dominate a range of Mexican industries, reaping the lucrative benefits of little to no competition, established distribution networks and widespread access to credit.

But another story is now emerging. Mexican start-ups, especially those in technology services, are taking off, and their success is quickly broadening the economic landscape.

Many Mexicans own their own businesses. In 2013, more than 10 percent of working Mexicans had their own company, ranging from neighborhood shops to high-tech manufacturing firms. These entrepreneurs are of all ages and social classes but are drawn most heavily from the youth (25- to 35-year-olds) in Mexico’s middle class.

Unlike just a few years ago, however, a cultural shift is underway in Mexico’s tech start-up community. New companies such as SinDelantal and Carrot are aiming to change the way Mexicans order food or think about renting cars. And business accelerators such as 500 Mexico City and the Institute of Business Model and Accelerator in Querétaro, as well as entrepreneurial movements and networks such as Tijuana Innovadora and Endeavor Mexico, are helping to get the next big idea off the ground.

Events for new companies are also popping up across the country. Startup Weekend, funded largely by Google for Entrepreneurs, has already hosted more events in Mexico than anywhere else in Latin America, bringing together developers, designers and marketers for 54 hours to launch start-ups. The results have been impressive, with Mexico’s technology industry growing at three times the global average.

Read the rest at TribTalk

Graphic: Tech.co

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