The Latin American and the Caribbean region has given birth to multiple businesses and entrepreneurs, the popular ‘multilatinas’ among them. Home of
, such as Kavak in Mexico or Rappi in Colombia, Latin America is still developing its full potential. In Mexico, the business magnate Carlos Slim, one of the richest person in the world and the
, has a diverse list of investments and business creations. The fourth wealthiest person in the region was a woman, Iris Fontbona. Fontbona’s home country, Chile, had the second-highest
in a recent study. A mining magnate and billionaire businesswoman, Fontbona laid the path and set high standards for the new generation of female entrepreneurs in Latin America.
Motivations to establish a business
What has been pushing women to start new companies in a market region that is
predominantly male-dominated? Many reasons may be encouraging women to start their entrepreneurial journey. The COVID-19 global pandemic brought struggles to the lives of many, especially in the financial aspect. With the labor income in the region, necessity became a major driver for entrepreneurship. In 2022, six Latin American countries had over 84 percent of their female entrepreneurs starting a business because
there were no better options of employment. Compared to the male rate, the necessity-driven entrepreneurship rate in this region was higher for women. Although the rate was not particularly high in neither Uruguay nor Chile, these countries registered the largest gender difference in the necessity-driven entrepreneurship rate.
Overcoming barriers
Opening a start-up is not an easy task and besides the common struggles that come with starting a new business, women also must face predominant issues on account of their gender, for instance, when it comes to funding for their start-ups. Further, according to the
gender gap index in Latin America, countries such as Uruguay, the Dominican Republic, and Brazil had scores that translated into women from these countries having approximately 29 percent fewer opportunities than men in education, the economy, health, and politics. Besides, the
share of Latin American women in business leadership roles stayed below 25 percent for all surveyed countries. As a result of these and many more additional barriers, women are less inclined to get involved in
early-stage entrepreneurial activity than their male counterparts. Although the future seems brighter and women are already making a difference, there is still a lot that needs to be changed on the road to equality in women's participation in the entrepreneurial sphere in Latin America.
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