Argentina is a newborn country. The financial crisis that crippled the economy a few years ago caused the Argentine Peso's value to plunge by roughly 70% relative to the US Dollar. However, the country is back on its feet thanks to a boost provided by various national industries, together with an emerging cultural change, that can be clearly identified as an entrepreneurship movement.
Over the course of the last few years, the increasingly important role of entrepreneurship in the Argentine economy has manifested itself in three key ways: the establishment of Entrepreneurship Centers in universities across the country, the emergence of Business Plan Competitions (BPCs), and the implementation of several government new venture creation-related initiatives.
There has been an incredible push towards new venture creation in Latin America . This push has been particularly strong in Argentina : from universities to financial institutions, even including the government, there are evident measures and actions taken that have given entrepreneurs and startups a new place in society. In Argentina there is also optimism concerning the general economy due to recent GDP growth indicators and a positive outlook of the future.
There are a few data points worth sharing that help understand the general Argentine entrepreneurial spirit and drive. According to the Global Entrepreneurship Monitor (GEM 2004), Argentina ranks highly in many entrepreneurship-related indicators. For example, it is interesting to note that the country ranks 9th in the TEA, an index that measures entrepreneurial activity.
Business Plan Competitions
Another interesting point is that the number of Business Plan Competitions has been on the rise in the last few years. With educational institutions leading the way, various other actors have joined ranks, such as Financial Institutions, Media Companies, and even the City Government.
Here is a quick run down of what our BPC field of the most important players currently looks like in Buenos Aires :
- Educational Institutions
- Financial Institutions
- Media Companies
- Government
