Latin America catches entrepreneurship fever
Thursday, January 9, 2014
From Venezuela’s oil, to copper from Chile, Argentinean soybeans, bananas from Ecuador, Mexican silver, and timber from Brazil – the vast region is blessed with a fabulous array of commodities the world wants and needs.
But Latin America has been less good at exporting ideas. When it comes to entrepreneurship and innovation, the region has a poor record.
While the countries of the Organisation of Economic Co-operation and Development (OECD) spend an average of 2.4% of their gross domestic product (GDP) on research and development, in Chile and Mexico – the only two Latin American members of the club – the figure is 0.4%. In other countries of the region it’s even less.