30 de April 2020

Local entrepreneurships going global after the Covid-19 crisis


Colombian entrepreneurships are seeking out capital as well as opportunities to expand their operations outside the country in the mid-term. These are two of the main conclusions drawn from a recent questionnaire conducted by the investment, entrepreneurship and innovation promotion agency, Invest in Bogota.


Since mid-March, Invest in Bogota has been working with over one hundred entrepreneurships on strategies to make them more visible and, in coordination with other actors in the ecosystem and as a product of Covid-19, it is working to make them a pillar of the city’s economic recovery after the quarantine ends. As part of this work, 47 entrepreneurships responded to a questionnaire that revealed their main needs, as well as their prospects for growth and development.

When asked about their plans to expand their operations to other countries, 78% of the entrepreneurs surveyed answered “yes.” Additionally, 80% affirmed that the main resource they currently need to continue developing their business is capital.

“As the coordinating hub of Bogota’s entrepreneurship and innovation ecosystem, our mission is to connect entrepreneurships with other actors from the sector to ensure that those that establish themselves in the city can have access to financing and, at the right time, can step out into the international market,” assured the Executive Director of Invest in Bogota, Juan Gabriel Pérez.

The resources that entrepreneurs seem to need most today include promotional activities to attract new clients, networking, relationship-building opportunities and guidance on different key aspects in order to develop their businesses.

Delving further into the need for trainings on different business topics, the majority of the entrepreneurs interviewed (53%) emphasized the importance of receiving guidance in order to develop marketing strategies. Other topics they consider to be useful are innovation, finance, tax and intellectual property issues.

A better reputation and more potential clients

With the visibility strategy that Invest in Bogota has taken on social networks and digital channels, along with the support from partners such as the Secretariat of Economic Development, the Bogota Chamber of Commerce, Wayra, Endeavor and Connect Bogota, among others, the questionnaire’s respondents declared that these strategies have mainly served them to improve their brand’s reputation, increase their potential client base and increase their sales in the midst of the Covid-19 emergency.    

Finally, with regard to the future actions that seek to position entrepreneurs as key players for developing the city’s economy once this situation ends, respondents emphasized the importance of establishing business round-tables, getting guidance from entrepreneurship experts, and receiving informational sessions that explain financing models and how to acquire resources.