Brazil, a country familiar with big business is now nurturing a growing network of small business incubators, tapping universities for young entrepreneurs with a start-up spirit.
Chantal James/Special to The Christian Science Monitor
Rio de Janeiro, Brazil
But this incubator, where about two dozen start-ups are divided into tiny offices with shared bathrooms down the hall, has helped young entrepreneurs create operational software for bus companies, new equipment for maintaining oil and gas pipelines, and robotics technology to measure environmental damage associated with petroleum exploration.
In doing so, the Genesis Institute is helping to grow a new class of technological entrepreneurs in Brazil.
The news about Brazil's booming economy is dominated by big business, foreign investment, a huge consumer appetite, and the prospects of oil. But Brazil has also blazed forward as an entrepreneurial leader. And while entrepreneurs here face a bureaucracy that could deter the most determined go-getter, they are also being nurtured by a government that sees them as a key engine of job growth. The government's Financing Agency for Projects & Studies (FINEP) has launched its largest project ever to support start-ups.
"We are betting this will have a transformative effect on the country," says Eduardo Costa, FINEP's innovation chief.
Brazil is, in many ways, poised to transform. The country has led the region in R&D, investing in it the recommended 1 percent of GDP, according to the Organization for Economic Cooperation and Development (OECD). A 2007 Global Entrepreneurship Monitor shows Brazil as a leading entrepreneurial country, with 13 of 100 residents involved in a start-up.