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Contxto – Scale-ups from seven emerging tech sectors can now apply to the Brazil Tech Awards 2019 in São Paulo. The competition is accepting online applications and seeking innovative companies all around the globe looking to expand to Brazil.
Industries of interest include smart cities, health, fintech, entertainment, agrotech, manufacturing, as well as “madtech” (marketing meets advertising technology).
Organized by LatamTech.UK, this event intends to support worldwide businesses wanting to start operating in Latin America’s largest country. The prize package will be equivalent to 70,000 pounds worth of services.
Among the rewards is free WeWork office space in São Paulo for one year, business development services from Deloitte, accounting, advocacy, as well as digital marketing by Eydos Digital. Sterna will also offer coaching. Legal aid, business development opportunities, and public relations will be provided as well.
To be eligible, companies must have a yearly turnover or investment of over US$1 million. Once the jury of 10 experts evaluates applications, six finalists will then travel to São Paulo on November 27. There, they will present three-minute pitches for the anticipated Demo Day.
In preparation for the high-stakes, the chosen cohort can anticipate free mentoring. After all, practice makes perfect. In the end, whoever comes out triumphant can expect plenty of investment opportunities to scale their business from their native countries to Brazil.
Initially the event was reserved to EU companies only, nevertheless, conditions have changed and now it doesn’t matter where the company is originally from, as long as it considers Brazil a great option for expansion.
Based on event correspondence, there are 28 Brazilian and foreign partners involved in this endeavor. Moreover, Germany, the Czech Republic and Russia recently launched similar initiatives.
Brazil’s bullish economic outlook
According to the event, Brazil’s economic situation is gradually improving, especially with the recent “landmark” Mercosur-EU Agreement. Not only does this alliance remove trade barriers between the EU, Argentina, Brazil, Paraguay and Uruguay. Ultimately, it benefits all of the parties.
For Mercosur countries, this deal eliminates 93 percent of tariffs for EU-bound exports. The remaining percentage is said to get “preferential treatment.” All the while, Latin American markets will have higher access to agricultural products on the EU market.
From the EU’s perspective, this arrangement will improve the export environment, removing duties on 91 percent of goods that EU companies export to the South American bloc.
Now with a combined market 800 million people, this deal makes it more possible for scale-ups and startups alike to operate in the Brazilian market. In general, Brazil is the fourth largest Latin American market for EU direct foreign investments.
Considering this, Brazil expects to increase its GDP over the next 15 years from US$87.5 billion to US$125 billion.