The Startup Ecosystem of Ecuador

The government has rolled out various initiatives to boost tech talent in the country. Programs like Infocentros Comunitarios offer computer training and internet access to rural communities, while the Digital Transformation Agenda 2022-2025 prioritizes tracking student progress in digital skills from primary to higher education, ultimately aiming to grow the domestic ICT workforce.

Ecuador benefits from several ecosystem enablers, including coworking spaces like Latinnova and ConQuito, and the academy network of the Alliance for Entrepreneurship and Innovation (AEI). Startup Ventures serves as an angel investor network connecting SMEs and entrepreneurs with larger corporations, and the Venture Capital Association of Ecuador (ECUACAP) focuses on strengthening the venture capital and private equity industry in the country. Additionally, private sector organizations like Kruger Corporation support the ecosystem through programs like KrugerLabs. Thanks to these initiatives, Ecuador recently celebrated a major milestone with fintech startup Kushki achieving a US$ 1 billion valuation, becoming the country’s first unicorn. Success stories like YaEesta and FastFarma further showcase Ecuador’s growing startup scene.

Ecuador can capitalize on strategic advantages like using the US Dollar as its currency and sharing a time zone with the US, attracting American remote workers to relocate to Ecuador. By incentivizing these individuals to incorporate in Ecuador and hire local talent, the public sector could drive significant growth in the country’s startup ecosystem. Overall, Ecuador has the potential to become a thriving hub for startups in the region.