It is estimated that the amount of capital raised exceeded 3 billion dollars, the equivalent of that invested in 10 years.
This is a good time to be a Mexican entrepreneur. During the INCmty festival, Vincent Speranza, Director General of Endeavor México, an organization that supports high-impact entrepreneurship, announced that the amount of private capital (local and foreign) raised this year had exceeded 3 billion dollars.
This amount is equivalent to the amount invested over the last 10 years combined.
Speranza says that a high-impact entrepreneur is one who finds opportunities during a crisis. “During the pandemic, the economy was stagnating, but these entrepreneurs with a disruptive mindset thought big and acted big,” he said.
He recalled that the four Mexican unicorn companies reached a valuation of 1 billion dollars this year, acquiring a lot of the market.
It’s no coincidence that Kavak, Bitso, Clip, and Konfío have achieved Unicorn status because they are examples of high-impact entrepreneurship, Speranza said.
Juana Ramirez, Chairwoman of the Board of the Entrepreneurs Association of Mexico (ASEM), recalled that 99.2% of companies existing in Mexico were founded by entrepreneurs and only 0.8% correspond to large companies.
In order to achieve better payment conditions for micro, small and medium-sized companies, ASEM launched in 2019, alongside other initiatives, “the law of timely or 30-day payment, which consists of easier payment terms so that companies can receive payment for their products and services within a month.”
Ramírez, who is also CEO and founder of the Sohin Group, reported that 80% of IMSS income depends on entrepreneurs. “If we could understand that all social, educational, and infrastructure programs depend on entrepreneurs doing well, then entrepreneurship would be at the top of the public policy agenda.”
Motivating new startups from the beginning is essential, that’s why it’s important to support university students, says Salomón Amkie Cheirif, Institutional Relations Director at Santander Universities.
“That’s why we have to create an ecosystem that assists entrepreneurs at different stages, motivating them from the beginning, providing them with tools and guidance. We believe in entrepreneurs; startups come and go, but entrepreneurs have the ability to come up with more ideas,” he said.
Francisco Liñán, associate professor at the University of Seville and Vice Dean of Research, Transfer, and Entrepreneurship, added that entrepreneurship education is a strategic course of action for all future institutions, in all areas.
“Everything we do to support and develop entrepreneurship education will redound in the medium and long term, so we shouldn’t be afraid of it because it’s a key strategy for the future,” he added.
For researchers, it’s important that students have specialized training in an area (e.g. architecture, medicine, or biology) and at the same time have the chance to participate in entrepreneurial competitions, because this is how they can improve their skills and abilities. “In many cases, their degrees will lead them to self-employment and business creation.”
According to Philipp Sieger, associate professor at the University of Bern, students have an entrepreneurial spirit.
That figure grows to 32.3% five years after completing their studies.
The report, with insights from 58 countries including Mexico, shows that the percentages of intentional, nascent, and active entrepreneurs differ considerably between countries, but the general pattern is that “developing countries present higher figures than developed countries.”
The document notes that founding teams are of crucial relevance to both nascent and active founders. 46.5% of all nascent business owners plan to create their company with co-founders; 62.7% of all active entrepreneurs have at least one co-owner.
Mónica Ducoing, ASPEN Institute’s Head of Central America & Mexico at Aspen Network of Development Entrepreneurs (ANDE), left a message for people who do research in entrepreneurship. “More research generated in the entrepreneurial ecosystem is needed, which needs to be coupled with a dynamic, fluid and changing rhythm for it to have an impact… more academics are needed to interact in the entrepreneurship ecosystem.”