White House Launches $1 Billion Fund for Latin American Entrepreneurs with Endeavor Miami

To spur growth in the Western Hemisphere, the White House has earmarked $1 billion for startup investments in Latin America and the Caribbean, with support coming from private donors in 11 friendly countries.

It’s called American Angel Investor Network PartnershipsAND Miami’s Effort will act as a link between investors and developing enterprises.

The goal: to make this region the most economically competitive in the world.

In mid-July, the US National Security Advisor Jake Sullivan organized the Americas Partnership kick-off meeting at the President’s office Joe Biden Residence in Washington, D.C. The event came eight months after Biden hosted Leadership Summit to help create the program.

Sullivan said in a statement that the $1 billion in “private capital (will) help develop the next generation of entrepreneurs in Latin America and the Caribbean.”

He added: “I believe that if we — governments and investors — continue to work together and invest more in innovation in our hemisphere, we will be able to fully realize the region’s potential.”

The meeting was also attended by the Administrator of the United States Agency for International Development Samantha PowerMinister of Foreign Affairs of Uruguay Omar PaganiniMinister of International Development of Canada Ahmed HussenDirector General of the IDB Laboratory Irena Arias and senior officials from other Partnership of the Americas countries.

The initiative involves, among others: Barbados, Canada, Chile, Colombia, Costa Rica, the Dominican Republic, Ecuador, Mexico, Panama, Peru and Uruguay.

Paganini, whose country is at the forefront of Latin America’s efforts through its Innovation Centersaid he believes the program “will be a catalyst for startups to grow and expand into international markets, including the U.S., thereby increasing economic security and stability across the region.”

US private investors include California-based companies Partners for growthbased in San Francisco Kayak ventures and a New Jersey-based venture capital firm SOSVamong many others.

Claudia DuranDirector of Endeavor Miami and Regional Managing Director for North America in his Endeavor parent organization, said her group is proud to be at the forefront of a “pioneering effort to bridge the funding gap” between seed funders and high-impact entrepreneurs in the region.

“By mobilising underlying investments, this initiative not only provides potential financial resources but also fosters an environment in which innovation and economic growth can flourish,” she added.

Some Economist Influence Analysis CrunchBase’s 2021 data showed that Brazil and Mexico account for about 80% of Latin America’s private startup valuations. Fast-growing markets can be found elsewhere, including Colombia and Chile. And the Americas Partnership could accelerate the growth of those markets.

“Key to Latin America, the growth of private startups in the region has the potential to unleash positive spillovers into the economy, as seen in some of the world’s major innovation clusters, such as the United States, India and China, where startups are driving net market opportunities and improving affordable access to key services, including healthcare, financial services and education,” he wrote. Monika BallesterosSenior Manager of Policy and Analysis at Economist Impact.

“Fostering a vibrant startup ecosystem requires a coordinated effort by governments and the private sector to promote digital readiness and inclusiveness, as well as a harmonized policy, regulatory, and economic enabling environment.”

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