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Contxto – Startup Mexico (SUM) is making its second international jump.
Last Monday (31), the accelerator announced it had chosen Costa Rica as its next destination. But it’s not going at it alone. The SUM has partnered with San José-based ParqueTec, a local startup ecosystem and incubator program.
Startup Mexico goes abroad
As a result, it and ParqueTec will help their startups soft-land into each other’s countries.
Note that the program itself doesn’t offer funding directly and there are a few requirements which an applicant must fulfill. But if you know of a startup from Costa Rica looking to scale, they can learn more here.
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In any case, the SUM had already opened its campus in São Paulo, Brazil in April of last year. And undoubtedly these exchanges help diversify their respective startup ecosystems.
But that begs the question: Why did SUM choose Costa Rica?
Costa Rica: a hidden gem
While it’s not the largest of the Latam countries, there’s plenty of potential for startups in this Central American country.
The country’s high levels of political and social stability coupled with its skilled workforce have encouraged multinationals like Hewlett Packard and Microsoft to open offices there.
Likewise the government has shown a strong commitment to education and has dispersed 7 percent of its GDP in education, beating countries like Brazil (6 percent) and Mexico (5 percent).
In terms of other public initiatives, authorities recently launched two programs last August to help position the country in cybersecurity and bioeconomy technologies.
All of these factors are reflected in the recently published 2020 Global Innovation Index. According to the report, Costa Rica is the third most innovative country in the region after Chile and Mexico who correspondingly take first and second place.
So don’t judge a book by its cover. Costa Rica may be small, but it still packs a punch.
Related articles: Tech and startups from Central America!