Technology mecca Silicon Valley has turned its sights south. Latin America has become the newest target for California’s most innovative companies, who see the region as prime place to bring their knowledge (and dollars) to.
Several countries, particularly Brazil and Chile, have started government-funded programs in an effort to attract more investment to their startups. Brazil has developed TI Maior, a strategy program from the Minister of Science and Innovation, which will invest $250 million to attract international companies to establish technology-investigation centers.
Relevance Media, a San Francisco-based company that specializes in audiovisual tools for branding to companies, was selected by the TI Maior program.
“Brazil is a huge opportunity for companies like Facebook, Twitter or Google -- an emerging market with a 200 million population,” Jesse MartÃnez, who co-founded Relevance Media with his brother Ed.
With the $100,000 awarded by the program, the company will secure its launch in the South American country.
In Chile, a pioneer in government programs, 670 companies from 64 countries have taken part in StartUp Chile, which was launched in 2010. Through the program, international companies come to the country for an economic incentive, a year-long work visa and a desire to work with the community.
Another program, Contact Chile, which puts businesses in contact with one another across countries, helped 100 companies last year.
Along with these endeavors, various companies not funded by the government have also started programs. Google and UPS, along with crowdfunding sites Indiegogo and Kickstarter, have established centers in Santiago to train Chilean entrepreneurs to achieve investment via the Web.
Although on a smaller scale, Colombia is also taking part, according to website VentureBeat. Colombia has an advantage considering its relationship with the U.S. and its strategic position in South America.
Silicon Valley Turns To Latin America
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