Date

09 de Octubre 2020

These are the main characteristics of startups in Bogota

entrepreneurship
Business environment, entrepreneurship

An analysis carried out by Invest in Bogota based on surveys with local startups highlights aspects such as the age ranges local entrepreneurs have, the economic sectors in which most of the ventures are concentrated or the willingness of companies to receive resources to leverage their growth.

Entreprenurship

Bogota, October 16th 2020. Through a survey in which 248 startups participated, Invest in Bogota, coordinator of the entrepreneurship and innovation ecosystem of the capital, completed the first characterization of startups in Bogota Region.

The document shows some of the main characteristics of startups in the city, including the age ranges of entrepreneurs, the percentage of startups that have had access to entrepreneurship education programs, the participation of women in their boards of directors, debt profiles and access to capital, among others.

"This characterization will allow us to identify the needs of the business ventures in the city, in order to connect them with the programs of the public sector and private companies that can strengthen them and support their processes of consolidation, acceleration and capital raising," said Juan Gabriel Pérez, Executive Director of Invest in Bogota.

Carolina Durán, District Secretary of Economic Development, highlighted the importance of these exercises that allow the city identify the type of startups that are being generated, the ones the city needs, the ones that require more support to generate more impact and even those ventures that are born local with a global vocation which are attractive to international investors.

What is the age of these entrepreneurs in Bogota Region?

The survey shows that the highest concentration of entrepreneurs is located in the age range between 33 and 42 years, with a 37.5%, followed by the age range between 28 and 32 years with a 17.34%, and then between 23 and 27 years with a 10.89%. The remaining percentage is in ages over 43 years.

In addition, most of those surveyed said they had received entrepreneur-related education (83.1%), mainly through entities such as the Bogota Chamber of Commerce, Apps.co, and the ICT Ministry, in addition to accelerators, courses, seminars or private graduates.

When analyzing the economic sectors in which the startups of Bogota Region are concentrated, the survey identifies that Information Technology (IT) services are in the lead with a 23.7%, followed by business and consulting services with a 18.5%, creative industries with an 8.8%, manufacturing industries with a 7.6%, and commerce with a 6%. The remaining percentages are in sectors related to processed foods, activities of administrative and support services, transportation, health, entertainment and tourism services.

High-impact entrepreneurship with female participation

44.4% of the entrepreneurs surveyed classify their companies as high impact or scalable. The average sales of the startups included in this segment are in the range of 840 to 1,600 million Colombian pesos. In addition, in terms of female participation, more than 70% of the total startups surveyed, have at least one woman in their Board of Directors.

"Although this percentage is positive, our interest and commitment is to see more and more women founders or at the head of these enterprises that are the ones that trigger the changes of the future," concluded Secretary Durán.

In relation to access to capital, more than 80% of the analyzed startups have not received any type of financing, while 58.4% state that they would receive a loan today under current market terms.

Access the report, “Characterization of startups in Bogota Region, through this link.