Entrepreneurship in Bolivia: Technology as a Driver of Development and Change.

In recent years, Latin America has seen a significant increase in entrepreneurship, particularly in technology. Bolivia is no exception. Between 2020 and 2023, the number of technology communities, initiatives, and activities in the country grew by 62%, according to the Digital Technology Ecosystem Mapping report. This growth reflects the rising influence of startups on the global business fabric and their power to reshape industries and economies.

Exploring this topic is vital, especially when considering that fostering scenarios that promote entrepreneurship in Bolivia can provide accessibility to vulnerable areas. Particular emphasis should be placed on technology-driven ventures and their potential as engines of development and change.

Innovation is a key driver for economic growth. Technological entrepreneurship in Bolivia introduces new ideas and solutions that address local and global challenges. A clear example of this is Bolivia’s debut in the 2023 Startup Ecosystem Index, featuring its three major cities: La Paz, Cochabamba, and Santa Cruz.

The Importance of Entrepreneurship in Bolivia

According to the Latin American Artificial Intelligence Index (ILIA), Bolivia is starting to stand out in the region thanks to the innovation and creativity of its entrepreneurs. These businesses not only create jobs but also foster competition and diversity in the market, which in turn leads to improvements in the quality of products and services.

The progress shown by these indicators drives overall economic growth in Bolivia and supports the development of various regions across the country.

Tech Entrepreneurship in Bolivia and Its Social Impact

olivia is emerging as a promising hub for tech entrepreneurship. According to a report by Bolivia Emprende, the country's tech startup ecosystem has grown significantly in recent years. Events such as the Top 10 Bolivian Startups 2023 Ranking, which highlights the most innovative and promising startups in the country, underscore a shift toward leveraging technology to address specific problems and situations.

Data shows that 80% of Bolivian startups focus on solving local issues, demonstrating a strong connection with community needs.

SOLYDES Foundation: A Pillar for Entrepreneurship in Bolivia

SOLYDES Foundation is committed to supporting technological entrepreneurship in Bolivia. Through financing programs and training, the foundation helps startups overcome challenges and seize market opportunities. This support is crucial for the development of a collaborative and sustainable entrepreneurial ecosystem.

Two notable projects exemplify their efforts:

• SOLYDES Accelerator: A platform that supports the transformation of innovative ventures.
• Escalatec: Bolivia’s first venture capital firm aimed at boosting startups by guiding their expansion process.

SOLYDES Accelerator: Empowering Innovative Ventures

SOLYDES Accelerator is a program designed for innovative startups in Bolivia, focusing on enhancing their knowledge and skills in business management, technology, and leadership through workshops, mentorship, and personalized technical assistance.

This free four-month program provides intensive training and venture capital investment opportunities, aiming to help tech startups scale, access markets, and generate qualified jobs, contributing to the country's economic and social development.

Startup Acceleration

SOLYDES stands out as Bolivia's only accelerator offering venture capital investment opportunities to selected projects. Entrepreneurs go through a highly competitive recruitment process, ensuring that the most promising projects participate.

The SOLYDES acceleration program is designed for innovative startups seeking to strengthen their knowledge and skills in business management, technology, and leadership. This four-month program offers workshops, mentoring, and personalized technical assistance, covering topics such as product validation and the development of solid business plans.

Investment in Startups

Beyond acceleration, SOLYDES invests directly in startups, identifying tech projects with high social and economic impact potential. The foundation provides the necessary funding for their development, focusing on sectors such as:

• Environment
• Health
• Technology

These investments aim to improve the quality of life in Bolivia by fostering key industries.

Ecosystem Development

SOLYDES plays a critical role in building entrepreneurial ecosystems. Through collaborative activities with diverse stakeholders, the foundation connects entrepreneurs with investors, universities, corporations, and other relevant players. This approach fosters an environment where innovative solutions to local and global problems can thrive.

Workshops, events, and mentorship networks create a dynamic and sustainable ecosystem where entrepreneurs receive the support they need to elevate their projects to the next level.

Impact of the SOLYDES Accelerator in Bolivia:

• 35 active startups graduated
• 135 direct jobs created
• Startups with $1.2 million in sales
• 7 startups expanded internationally, securing $2.9 million in investments

Escalatec: Boosting Digital Talent in Bolivia

Escalatec Bolivia’s first venture capital firm, supports startups with high growth and expansion potential in Latin America.

Founded in 2019 as a program under SOLYDES Foundation, Escalatec collaborates with FUNDA-PRÓ to strengthen Bolivia’s tech ecosystem and provide access to venture capital.

Escalatec focuses on investing in early-stage startups, especially those seeking pre-seed and seed funding, and guides them through their expansion process by connecting them with local and regional clients and investors.

It is worth mentioning that there is an emphasis on Bolivian digital talent with the potential to grow, create jobs, and offer innovative solutions for Bolivia and the rest of Latin America.

In the organization, there is a special focus on investment in the following fields:

• Agrotech
• Fintech
• Edtech
• Healthtech
• Saas
• E-commerce
• Marketplaces

Escalatec offers investment tickets ranging from $50,000 to $250,000, forming partnerships with founders who have a clear vision and the ability to execute their plans for regional expansion.

Escalatec is committed to harnessing Bolivian talent to create innovative solutions that transform the regional tech landscape.

According to SOLYDES Foundation, tech entrepreneurship in Bolivia has the potential to drive change and development. Through innovation and creativity, these businesses can transform the economy and improve the quality of life for Bolivian citizens.

By addressing local and global challenges, tech ventures generate employment opportunities, foster market competition, and contribute to a more diversified economy. Fundación SOLYDES plays a pivotal role in this process through SOLYDES Accelerator and Escalatec, programs dedicated to enhancing business management, technology, and leadership skills.

For more information about how SOLYDES Foundation supports and empowers startups in Bolivia, or details on the SOLYDES Accelerator or Escalatec programs, visit our website or contact us at: info@solydes.org

By reaching out to the foundation, interested individuals can receive personalized guidance on participating in these programs. This direct connection is a unique opportunity to turn innovative ideas into tangible realities, contributing to Bolivia’s sustainable development and socio-economic progress.