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Innovation will be the linchpin of Latin America’s economic revival

Ignacio Gaitán, president of the Colombian agency iNNpulsa, a government agency dedicated to promoting innovation and entrepreneurship, says that the innovation developed in recent months in Latin America to address the COVID-19 crisis, is key to the economic revival of the region where a “pact” between citizens will be needed to succeed.

In conversation with the EFE Agency, the president of iNNpulsa said that “the way countries have dealt with coronavirus and its social and economic consequences is going to be a big accelerator, because it is a reactive mechanism that will mark a before and after.”

According to the latest study of the Index of Systemic Conditions for Dynamic Entrepreneurship (ICSEd), in the Latin American context the top five countries are made up of Chile, Argentina, Mexico, Costa Rica and Colombia. In the world ranking of ICSEd the same countries rank 33rd in the case of Chile, 35 Argentina, 40 Mexico, 41 Costa Rica and 43 Colombia. To a large extent this is because there are governments in the region that encourage entrepreneurship, and also the fact that this activity is an alternative to generating income.

The president of iNNpulsa says it is valid to say that innovation will be the linchpin of the new normal. For Gaitán, “historically pandemics have changed social customs, but they were also great drivers of change in economies so, without fear, today we can say that the coronavirus has left losses but also gains such as having made Latin America more recursive and innovative”.

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