Latin America: The Next Silicon Valley
Recently, Latin America has been developing into a bustling capital for leaders and innovators in the tech industry.
Central and South America have quickly shed its reputation of tyranny and poverty in exchange for becoming a vibrant source for commerce, ingenuity, and even luxury lifestyles. With an influx of tech industry leaders targeting Brazil, Mexico, Colombia, Chile, Mexico, Argentina, Uruguay, and Panama for development, the region is anticipated to undergo a rapid revitalization in the upcoming years. According to an article by TechCrunch, over 6 countries (Brazil, Chile, Colombia, Mexico, Panamá and Perú) qualify for investment-grade debt rating by Fitch and S&P. With an exciting penetration of both social and mobile technologies, Latin America is home to companies that have reaped impressive benefits by learning the rules of an ubiqutious, sometimes unwieldy game.
Tech ambassador Google recently announced that it will bring its 6th digital entrepreneurship campus to São Paulo, Brazil. With a powerful influence already in the U.S. and its tertiary campuses of Warsaw, Madrid, Seoul, Tel Aviv, and London, this will be the company’s first headquarters in the region. This introduction of bright minds and innovative products will surely accelarate the radical transformation of Latin America into a bustling center of commerce.
Facebook is part of the recent developments in the region. They are connecting users like never before: its Connectivity Lab uses Artificial Intelligence technology to create high-resolution maps to understand how to best provide internet to the 10 percent of the world that isn’t connected. Of the twenty countries are currently being mapped, Mexico is being analyzed. . Last October, Mark Zuckerberg chose Chile as one of the first countries to officially introduce the Facebook “Reactions” Emoji.” Additionally, the UberPool app is experiencing a surge in popularity in Mexico City since its introduction.
Growth in the economy signals a growing labor force. This also signals better jobs, and better jobs means people have more fiscal stability and increased buying power. Increased buying power; the ability to spend money on things like iPhones or Internet access without neglecting necessities such as food and shelter, in turn benefit tech companies like Facebook and Google.
The growing number of Latinos gaining access to the Internet and obtaining smartphones help expand its user base grew by 20 percent in 2013; a number that will continue to grow with the involvement of support of tech companies.
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