The Colombian entrepreneurial ecosystem has witnessed a remarkable increase, with a 30% surge in startups, totaling 1,720 companies, as per the latest Colombia Tech Report 2023 by KPMG. Bogotá and Antioquia have spearheaded this growth, being home to 80% of these startups. Fintech stands out as the dominant sector, comprising 17% of the startups, with Saas, HealthTech, and other industries following closely behind.
This report, a collaboration between KPMG Colombia, universities like EAFIT and CESA, as well as chambers of commerce and organizations including ANDI and INNpulsa, underscores the concentrated growth in Bogotá and Antioquia. Fintech has emerged as a frontrunner, along with innovative fields like Saas, HealthTech, business management, PropTech, and EdTech. Notably, industries like RetailTech and AdTech/MarTech, previously prominent, have been overtaken by the rising stars.
María Paula Peñaranda, Innovation Manager at KPMG Colombia, has highlighted the growing participation from regions beyond major cities, such as Valle del Cauca and Atlántico. This trend indicates a decentralization of entrepreneurship, bolstering the national economy.
Moreover, the report underscores the significance of strategic alliances and support programs facilitating access to funding and networking opportunities, crucial for the growth of new ventures. Fintech retains its lead in investments, capturing 39% of total investments in 2023, followed by Proptech and Energytech, focusing on renewable energy and energy efficiency.
Artificial intelligence emerges as a pivotal factor driving entrepreneurship in the region, with promising advancements in integrating AI technologies into business operations.
The entrepreneurial landscape in Colombia is evolving rapidly, with a diverse mix of sectors flourishing and a geographical decentralization, indicating a robust and resilient startup ecosystem shaping the future of the country’s economy.
