(Picture: Canva)
Growth of New Businesses and Regulatory Framework Boost Ecosystem
Colombia has always stood out for its strong entrepreneurial culture. Over the past 15 years, this culture has undergone a remarkable evolution, adopting a new language that has given it a renewed identity. This movement has fostered the emergence of a generation of entrepreneurs who have leveraged technology to revolutionize various sectors and solve everyday challenges with innovative and highly scalable solutions.
The flourishing of these new ventures and the maturation of the ecosystem have been accompanied by significant changes in the regulatory framework. iNNpulsa, founded in 2012, played a crucial role in promoting an entrepreneurial culture based on scalable and innovative business models, driving the growth of technology startups. Years later, the Entrepreneurship Law (Law 2,069) of 2020 further strengthened this process, facilitating access to financing and simplifying bureaucratic procedures.
Success Stories with a Multiplier Effect
In addition to regulatory and environmental advancements, the true catalyst for the Colombian entrepreneurial ecosystem has been the emergence of success stories with a significant multiplier effect. Pagamentos Online (2002), which later evolved into PayU, transformed the fintech sector by revolutionizing digital payments. After its sale, its founders reinvested in several startups in the country and created Bold, a fintech that today leads the digitalization of payments for small and medium-sized enterprises (SMEs). Domicilios.com (2007) digitized access to restaurants and capitalized on the home delivery boom. Tappsi (2012) modernized urban mobility by connecting passengers with taxi drivers, and after its merger with Easy Taxi, its founders created TPaga.
Subsequently, other companies emerged, redefining their respective sectors. Rappi (2015) transformed consumption and logistics with its last-mile delivery model and ultra-fast deliveries, establishing itself as a benchmark for innovation in the region. Platzi (2016) democratized access to online education and became the first Latin American startup to join Y Combinator, paving the way for more entrepreneurs to access global accelerators and grow faster. Habi (2019) optimized the real estate market with technology, making the buying and selling of properties more efficient.
Significant Investment and Economic Impact
These companies, all belonging to the Endeavor network, have generated a considerable multiplier effect. Between 2016 and 2024, they received US$ 5.326 billion in investments, with Rappi leading with US$ 2.500 billion. Years ago, accessing capital was an almost insurmountable challenge, as experienced by companies like Domicilios.com and Enmedio, which operated in an ecosystem without local investors and pioneered this path. At that time, startups depended almost exclusively on limited local investments. Today, however, the Colombian ecosystem is attracting the attention of major regional and global investors.
High-impact entrepreneurship is measured not only by innovation but also by its ability to generate economic growth and real opportunities for Colombians. In 2024, Endeavor network companies generated 23,100 direct jobs and revenue of COP 24.5 billion, showing growth of 8.6%, well above the 1.7% GDP growth. But its impact goes beyond the numbers: the Network Entrepreneurs dedicated 190 hours of mentoring, accelerating the consolidation of new companies and reducing the learning curve for the next generation of entrepreneurs, who, in turn, are strengthening the ecosystem and building Colombia’s economic future.
Resilience and the Future of Colombian Entrepreneurship
The 2020 pandemic tested the resilience of the Colombian entrepreneurial ecosystem but also accelerated it. Digital transformation ceased to be optional and became a necessity, driving the adoption of technology in strategic sectors such as fintech, edtech, logistics, and B2B SaaS. In this context, Colombian entrepreneurs demonstrated that moments of crisis not only challenge but also create space for innovation. With vision and agility, they transformed the crisis into an opportunity to develop solutions that address real problems and generate a positive impact on society.
Following the pandemic, the macroeconomic environment changed, and access to investment became more challenging. Companies that manage to adapt, generate efficiencies, and achieve profitability will be the ones that consolidate and endure. Even if some do not survive, the ecosystem as a whole will be strengthened. These challenges highlight the resilience of the Colombian ecosystem, which will be strengthened by more robust companies with a long-term vision.
Each success story of a high-impact entrepreneur not only inspires but also paves the way for others to grow, generate opportunities, and transform the lives of millions of Colombians. What lies ahead is even greater: more innovation, greater investment, and a new generation of entrepreneurs who are redefining Colombia’s future on the global stage.
Resumo em Português:
A Colômbia evoluiu sua cultura empreendedora nos últimos 15 anos, impulsionada pela tecnologia e por um marco regulatório favorável, como a iNNpulsa e a Lei do Empreendedorismo. Histórias de sucesso como PayU, Domicilios.com, Rappi e Platzi tiveram um efeito multiplicador, atraindo investimentos significativos (US$ 5,3 bilhões entre 2016 e 2024). Em 2024, empresas da Endeavor geraram 23.100 empregos e COP 24,5 bilhões em receita. A pandemia acelerou a transformação digital, e o ecossistema demonstra resiliência diante de desafios macroeconômicos, com um futuro promissor para a inovação e o empreendedorismo no país.
Resumen en Español:
Colombia ha evolucionado su cultura emprendedora en los últimos 15 años, impulsada por la tecnología y un marco regulatorio favorable, como iNNpulsa y la Ley de Emprendimiento. Historias de éxito como PayU, Domicilios.com, Rappi y Platzi tuvieron un efecto multiplicador, atrayendo inversiones significativas (US$ 5,3 mil millones entre 2016 y 2024). En 2024, las empresas de Endeavor generaron 23.100 empleos y COP 24,5 mil millones en ingresos. La pandemia aceleró la transformación digital, y el ecosistema demuestra resiliencia ante los desafíos macroeconómicos, con un futuro prometedor para la innovación y el emprendimiento en el país.
