Colombia contributes 31 companies to the list, which is as many as the rest of Latin America in total. Despite their economies being significantly larger than that of Colombia, Brazil achieved 19, and Mexico scored five.
The results reveal a surge in entrepreneurship in the country in recent years. The Colombian government implemented various changes to produce this activity growth; iNNpulsa, a state innovation unit, encouraged ecosystem growth through funding and startup initiatives. President Duque also promoted the ‘Orange Economy’ to foster further growth.
“We are constantly highlighting the social role of companies and business people. They are the ones who create jobs, pay taxes, and wealth to be shared with those who need it most,” said Felipe Butirago, Vice Minister for Creative Industries and the Orange Economy.
Among the 31 listed companies, 12 are from Bogotá. This includes fintech Zinobe, the highest-ranked company, which boasts a company annual growth of over 100%.
In short, the Colombian startup ecosystem is thriving due to the wide range of opportunities in the market. Some of the growing industries include financial services, healthcare, tourism, logistics, and food and beverage.
Read more on Financial Times.