The Inter-American Development Bank (IDB) president, at a conference at the Stanford University, stated that Latin America needs to be more innovative. He stressed that the region is lagging behind in innovation on all indicators, from the percentage of Gross Domestic Product (GDP) for research and development to the number of researchers per million inhabitants to patents recorded each year. The advancement of technology makes it much easier to launch a company and great business opportunities are currently present in Latin America. However, access to capital is a challenge and is especially concentrated in big cities like Sao Paulo, Mexico City, and Santiago de Chile. The bank has invited entrepreneurs from the region, who are ambitious and aim for a global projection.
