TTR In The Press
Chile Is A Technological Reference When It Comes To Foreign Partnerships
Since October 2019, Chile has been in the worldwide news as a result of civil unrest. Many of the social demands that legitimately concern many Chileans focus on economic instability and concerns over foreign investments in Chile in areas including technology. However, this does not capture the opportunity that investing in foreign regions, such as Chile, has to offer.
I believe it's important that the technology industry recognize and partner with foreign organizations, and take pride in the advancements and cornerstones of different regions. At my company, a biometrics and identity authentication company, we celebrate the enormous advances that Chile has achieved. My company began as a startup and after 10 years, we are exporting “Made in Chile” creations to different corners of the world, including countries like England. There are many other disruptive companies leading as examples with technologies of the future.
Chile Is A Technological Reference
Last December, the Transactional Track Record (TTR) indicated that mergers and acquisitions grew roughly 39% in Latin America. Nevertheless, for economic growth, the outlook is not very favorable. According to various experts, 2020 will be a difficult period for Chile, with JP Morgan projecting growth at around 1.1% GDP. These statements show that Chile’s reality is not drastic, but rather an opportunity through adversity.
For decades Chile has grown in different areas, and the technology sector is no exception. In this area, we continue to be a reference in the region, as one of the most stable countries in Latin America. Recently, the country was ranked 42 out of the 63 nations evaluated by the Digital Competitiveness Index ranking, prepared by the International Institute for Management Development (IMD). It is true that we fell seven places in the latest version of this ranking, although we have remained as leaders in technology in the region.
Chile also has a recognized presence of multinational companies that today are leading the great technological and digital transformations in the world. Entities such as Google, IBM and Cisco have data and innovation centers in Chile that position us as an interesting business platform in Latin America.
Additionally, in Chile there is a genuine interest in technology throughout the country. In 2018, the Ministry of Science, Technology, Knowledge and Innovation was created to promote an ecosystem focused on the development of new capacities to innovate, integrating national talents together with world-class representatives in technology.
These are mere examples of how viable foreign regions are for technological partnership and innovation. It is vital that collaborators and companies look outside their own countries to regions with unique opportunities.
Why Tech Companies Should Look To Foreign Regions For Opportunity
Tech companies have the chance to expand into foreign territories and regions that show promise in the technology sector. While we in the technology industry are at a turning point in relation to the path we want to continue on, we are aware of the enormous challenges of our reality: greater clarity in regulations, fraud prevention, financial portability, personal data protection, biometrics and cybersecurity.
Although we have made progress in these areas, only through open dialogue and collaboration will we be able to build a clear vision and strong technological foundation for our industry. Therefore, I invite readers of this column, leaders in innovation, multinational companies with a focus on technology and those who are developing the new disruptive technologies of the future to trust in foreign regions and collaborators.
Where To Begin
When developing a partnership between two companies located in different countries, there are many important factors to consider. Take the first step by establishing a specific project you and your foreign partner plan to work on together. Since you're dealing with two different markets, make sure you analyze both markets for opportunities, while keeping in mind their respective tax rates and privacy laws. Tech leaders should review the practices and models of different countries to see how investments and businesses work in specific regions. Only then can you define administrative and operational processes.
Global digital transformation is a task that requires the collaboration of many actors, both domestic and foreign. Huge challenges lie ahead, and technology is key to overcome them, based on a vision that contributes to our competitiveness, social welfare and the incentive to innovate.
There are thousands of creative and disruptive companies looking for new partners and the incorporation of new solutions. I believe that only with foreign technological collaboration will we eventually place our world in realities that we have not yet imagined.
Source: Forbes - United States