It was 2008 when Paul Ahlstrom from Alta Ventures chose Mexico as the next big opportunity to create and promote a venture capital industry. It’s been a long time since then. I was able to visit Monterrey, Mexico a couple months back and see a growing startup ecosystem in Mexico that was starting to become noticed. Here’s a brief overview of the last six years, during which Mexico developed into an operational entrepreneurship ecosystem and one of the best options for the entrepreneurs in Latin America.
For a long time the roadmap to success for anyone in Mexico was; go to a private university and get a job in a big company, climb your way up, and end up having a great and secure job. This has changed so radically that today we find that recently graduated engineers are looking to create a startups instead of accepting a job offer in the U.S. In a short time there has been the development of an entrepreneurial ecosystem that’s growing in every aspect: startups, funding and education. Recent statistics for Mexico show that:
- Each year approximately 118,000 engineers graduate from college
- 80 universities are focusing on engineering as their main area of knowledge
- There are 45 venture capital funds
- There are 100 accelerators and 20 incubators
- 6.3% of people between the ages of 18 and 24 own their company.