Where is entrepreneurship going with the economic reactivation?

With the presentation by the National Government of a bill through which it is intended to promote entrepreneurship in the country, the discussion is opened on whether the creation of new companies is the formula for the economic reactivation of the country and the mitigation of the effects of the pandemic.

This bill (House of Representatives No. 122-2020) intends “to generate a favorable environment to help the growth of these collective and individual initiatives, and with this to be able to generate greater economic growth and social development ^{[i ]} “. Through four fundamental axes (differential rates, education, financing and institutions), the government offers the following benefits to those who wish to embark on creating their own business:

• Reduction of burdens and procedures for entrepreneurs in the country.
• Better conditions in the public procurement market.
• Incentive for growth with the arrival of more actors to the investment and financing ecosystem.
• Strengthen and consolidate iNNpulsa, with the aim of optimizing resource management and encouraging a comprehensive vision.
• Facilitate the appropriation of entrepreneurship and entrepreneurial culture in Colombian youth through schools and higher education institutions.
• Grant benefits for entrepreneurs, which allows them to advance in their activity and be able to develop and grow their business.

Within the framework of the process of this law, Medellín and Antioquia are not lagging behind with the initiatives to promote and strengthen the entrepreneurship ecosystem. In June of this year, Empresas Públicas de Medellín signed a memorandum of understanding with iNNpulsa to position Medellín as the epicenter of smart cities, within the fourth industrial revolution. To this is added the initiative of the Mayor’s Office of Medellín, together with the University of Antioquia and the Entrepreneurship Park, to accompany 50 local entrepreneurs and provide advice on marketing models, sales channels, financing, among others. Additionally, Endeavor Colombia has launched its ScaleUp program in Medellín, which seeks to promote entrepreneurship so that they become high-impact companies.

Support for small paisas entrepreneurs is one of the pillars of the Development Plan of this administration, which seeks to promote “knowledge aimed at the creation and implementation of new projects or companies, in pursuit of the economic stability, equity and equality in access to opportunities and improvement of social conditions ^[i] . ”

The entrepreneurship component was also present at the last edition of the Colombiamoda fair in which, in addition to supporting about 55 local entrepreneurs in the production and staging of the event, a specialized Marketplace was created for promote enterprises related to the sector.

In summary, supporting entrepreneurship and business creation is one of the most powerful strategies available to both the national and local governments for the economic recovery and sustainable development of the country. In the future, the sectors that have the greatest growth projection are agriculture, sustainable mobility and technology-based enterprises, sectors with which it is sought to consolidate compliance with the objectives of sustainable development.

By María Clara Estrada , associate of the Practice Groups Administrative & amp; Constitutional and Infrastructure of Gómez-Pinzón Abogados.