During the 2024 Global Entrepreneurship Congress+Puerto Rico, the Global Entrepreneurship Network gathered Latin American senior policy leaders for the Startup Nations Ministerial - a private assembly of government officials dedicated to assisting entrepreneurs and startups. The government leaders discussed a range of topics driven by the shared ambition of enhancing public sector support for the initiation and expansion of new and young businesses.
This year’s ministerial was co-hosted by Global Entrepreneurship Network President, Mr. Jonathan Ortmans and U.S. Small Business Administration Administrator, Ms. Isabela Casillas Guzman.
The GEC+Puerto Rico Ministerial discussions were led by the themes and topics included in the Global Entrepreneurship Network’s landmark report “Vision 2035: an entrepreneurial future for Latin America and the Caribbean”, which outlines a series of recommendations for the region. Key areas such as digital government and economy, access to finance, and inclusivity and culture were discussed during the meeting.
The morning session opened with remarks from the Ministerial’s co-chairs, Administrator Guzman and Mr. Jonathan Ortmans, which was followed by opening remarks from each minister.
The afternoon session featured discussions centered around successes and challenges Latin American countries are finding with entrepreneurship.
Mr. Walter Alejandro Panameño, Director of Innovation and Competitiveness of the Ministry of Economy in El Salvador, opened up the discussion of the potential of digital technologies to transform government services. The discussion regarding digitization considered different government initiatives to digitize and promote entrepreneurship, as well as the need for inclusion, simplification, digitization, and customer-centric approaches.
Ms. Rishma N. Kuldipsingh,Minister of Economic Affairs, Entrepreneurship and Technological Innovation in Suriname, initiated a discussion concerning the importance of improving financial infrastructure to support small and medium-sized enterprises (SMEs). Ministers discussed the need for financial literacy and commercial mentors and how traditional banking faces challenges in Latin America, and alternatives like revenue-based lending are important.
Administrator Guzman introduced the topic of trade and resource attraction, which prompted a conversation focused on the importance of government-backed programs in providing capital to small businesses, particularly those in underserved and underrepresented communities. Ministers emphasized the need for inclusion in digital transformation and collaboration to expand globally.
The final topic area discussed was inclusivity and outreach which examined the potential of entrepreneurship to drive economic growth and reduce inequality in Latin America. Ministers emphasized the need for a supportive ecosystem and a comprehensive approach to economic development, as well as the potential of Hispanic businesses in the U.S. economy and shared experiences as millennial entrepreneurs.
The afternoon session concluded with the ministers stressing the importance of empowering entrepreneurs and building bridges between countries to strengthen entrepreneurs and businesses in the region.
Ministers:
- Mr. Jache Adams, Chairman of Bermuda Economic Development Corporation, Bermuda
- Mr. Francisco Gamboa, Minister of Economy, Industry and Trade, Costa Rica
- Mr. Rogely Marte, Director for Entrepreneurship of the Ministry of Industry, Commerce and SMEs, Dominican Republic
- Mr. Walter Alejandro Panameño, Director of Innovation and Competitiveness of the Ministry of Economy, El Salvador
- Mr. Gibran Briones, Director of Investment Office of the Ministry of Economy, Mexico
- Mr. Juan Padres Romero, National Director of Entrepreneurship of the Ministry of Industry and Commerce, Paraguay
- Ms. Rishma N. Kuldipsingh, Minister of Economic Affairs, Entrepreneurship and Technological Innovation, Suriname
- Mr. Daniel Krupnick, Associate Administrator for the Office of International Trade, United States
- Ms. Carmen Sanchez, President of the National Development Agency, Uruguay
Experts:
- Mr. Cesar Buenadicha, Chief Discovery Officer, Inter American Development Bank Laboratory
- Mr. Nelson Perez, United Nations Trade & Development
Hosts:
- Mr. Jonathan Ortmans, Founder & President, Global Entrepreneurship Network
- Ms. Isabel Casillas Guzman, Administrator, U.S. Small Business Administration
- Mr. Matt Smith, Director for Policy & Research, Global Entrepreneurship Network
- Mr. Tom Hancock, Research Associate, Global Entrepreneurship Network