The “Colombia Tech Report 2023-2024,” a joint effort by KPMG, EAFIT, CESA, EIA, the Chambers of Commerce of Bogotá, Barranquilla, and Cali, ANDI, ANDI del Futuro, and INNpulsa, has been released, revealing a flourishing startup landscape in Colombia. The report highlights a remarkable 30% increase in startups compared to 2022, with a total of 1,720 startups now operating in the country.
Regional Distribution and Key Sectors
Geographically, Bogotá and Antioquia continue to dominate the startup scene, accounting for 80% of the total. Within these regions, Medellín and Cali stand out as vibrant startup hubs.
In terms of industry focus, six sectors stand out as particularly prominent:
- Fintech (17%)
- SaaS (10%)
- Healthtech (6%)
- Business management (6%)
- Proptech (6%)
- Edtech (6%)
Opportunities Beyond Major Cities
While Bogotá and Antioquia remain the primary startup hubs, the report also indicates a promising trend of increased startup activity in other regions. The Valle del Cauca and Atlántico regions have witnessed a 10% growth in new startups, followed by Santander (3%), Caldas (2%), and Risaralda (1%). This trend suggests that the startup ecosystem is expanding beyond traditional tech hubs, creating opportunities for entrepreneurs across the country.
Enhancing the Startup Ecosystem
María Paula Peñaranda, Innovation Manager and Emerging Giants Leader at KPMG Colombia, commented on the report’s findings, emphasizing the importance of fostering a supportive environment for startups.
“Colombia offers fertile ground for the emergence of new ventures,” Peñaranda stated. “This year, we are witnessing a significant shift with greater participation from regions beyond the major cities. This transformation presents an opportunity to leverage startups as a driving force for the national economy.”