Communiqué:

The Booming of Entrepreneurship: What to Expect in the Upcoming Years in Colombia

Oct. 20, 2021

Daniel Acosta Guevara is the Co-founder and Head of Innovation of Legalnova* (legalnova.co). A high-tech professor in Colombia, he is a board member of the Colombian Association of Legal tech (alt+co). He holds an MSc in innovation management and entrepreneurship from the University of Manchester and is an international speaker and writer in entrepreneurship, legal innovation, digital transformation, and legal tech.

Much uncertainty still exists in the world about the ending of COVID-19 and the future of economies. To date, there has been no convincing evidence that the pandemic is yielding despite the fast response of science with vaccines. On top of that, Colombia is going through massive demonstrations and discontent caused by a cocktail of circumstances. The increase of poverty, corruption, imminent elections, and a government unwilling or incapable of representing its citizens are some of its ingredients.

Yet, as dark as the horizon may seem, the truth is that the resilience of Colombians is exceptional. Historically, Colombia has a proven record of stable economics, progress, and inflation, in comparison with other developing countries. For instance, a rebound in growth for 2021-2022 is expected by the World Bank.

As I see it, innovation and entrepreneurship have a prominent role in the upcoming years for our country. High-impact entrepreneurship was booming even before the COVID-19 outbreak and will be paramount for recovering the economy.
SMEs have been significant for Colombia. Yet, this time it is different. I am talking about the combination of technologies, innovation, digital transformation, and generational replacement. A rising generation is assuming the leadership and responsibility of production, consumption, and employment as entrepreneurs. And all of that is taking place at the peak of the fourth industrial revolution.

As argued by Christensen (1997), disruptive innovations are more likely to occur within start-ups—precisely what is happening right now in Colombia. Early movers such as Simón Borrero (founder of Rappi) and David Vélez (founder of Nubank) demonstrated that entrepreneurship can be as valuable as the top companies in the country, not only SMEs. For the first time, tech-based ventures are replacing incumbents.

A new wave of change and opportunities for investors in Colombia has begun. The country stands out as one of the fastest-growing ecosystems for innovation and new ventures in the world. Statistics show that investing in start-ups is increasing dramatically, and, perhaps, records will be achieved consistently in the following years.

Legalnova* is a start-up that promises disruption and new value to the market. It is a consultancy firm, designed for entrepreneurs of the digital era. Legalnova* involves innovation and technologies in its processes and services to cope with the needs of high-impact entrepreneurship. For instance, it is a pioneer in the world implementing legal design—the extent to which legal documents are designed with a user-centred vision. Using UX, UI, and design thinking we created our methodology for transforming the way legal services have been delivered for centuries. In addition, during this year, we will present the first lawsuit with legal design in Colombia, a milestone that certainly will mark a new chapter in the legal industry.

Moreover, plans for introducing blockchain and AI to our services are on the way. Automating processes and gaining efficiencies are part of the objectives we look forward to achieving soon. Undoubtedly, clients will be benefitting from fewer costs and time expend with professional services. Legalnova* is positioning as a start-up thought up for start-ups.

Entrepreneurship in Colombia is creating a market that demands services and solutions aligned with their needs and pains—not traditional firms with a conventional business model devised for incumbents. Our value proposition aims to serve, with innovation and technology, the increasing market of new ventures that will establish itself as the future economy in Colombia. If you desire to know more about us, our services, and the entrepreneurial ecosystem in Colombia, please contact us. We will be thrilled to share a cup of coffee with you.

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