South African Tech Startups To Face Challenging Start Of 2023

Canarias Latam Tech offers a strategic bridge for Latin American startups looking to expand in Europe and Africa.

South African Tech Startups To Face Challenging Start Of 2023

Canarias Latam Tech, a program designed to strengthen the relationship between Latin America and Europe and give high-growth Latin American companies a platform to develop into European and African markets, was recently introduced by the internationalization department of the Canary Islands government, Proexca.

“We’ll collaborate with the companies to develop a curriculum that immerses them in the technology environment of the Canary Islands. We will explore interesting subjects like funding, access to the European market, Canary Islands digital infrastructure, public and private initiatives, support to scale a business, talent, etc. during this edition, which will take place in the first week of October, they exclusively revealed to Contxto.

The Canary Islands have established themselves as a key location for setting a business in Spain and Europe. In comparison to the 3.8% growth that Spain as a whole had during the first quarter of 2023, their yearly GDP increased by 7.4%.

Additionally, because of their geographic position, they have the opportunity to build institutional and business networks with the rest of Europe and West Africa, giving them preferential access to this market.

The area is well connected by air and sea, has prestigious colleges, technological parks, and Atlante, one of Europe’s most potent supercomputers, which can do more than 3 trillion computations per second.

A 4% corporation tax rate for innovative enterprises and large savings in R&D and technological innovation, along with the physical allure of the Canary Islands, make the archipelago appealing for businesses.

“We are convinced of the potential that the Canary Islands have for the scalability of Latin American businesses towards Europe or Africa, and we have already received expressions of interest from several technology-based companies,” Proexca says.

The managing director of Proexca, Dácil Domnguez Reyes, assured that the company is collaborating with the entire Canary Islands technological ecosystem so that digital businesses interested in locating there can more thoroughly assess all the opportunities and confirm the safety of conducting business there.

With the help of technology-based businesses from Latin America, Canarias Latam Tech aims to diversify the Canary Islands’ economy and create a high level of smart employment. Selected startups will travel for five days to the archipelago, where they will attend presentations at workshops and network with partners and potential business partners.

Being incorporated, generating recurrent revenue, and relying on technology are among the selection factors. The program’s website is now accepting applications through August 20th.

The major technical developments in Europe, Spain, and the Canary Islands are examined in a market analysis conducted by PROEXCA and Deloitte. Cloud, Artificial Intelligence, Blockchain, Cybersecurity, 5G, Big Data, IoT, Quantum Computing, Robotics, and Microchips are some of the industries that have profited and are expanding.

Canarias Latam Tech’s inaugural edition focuses on technological projects, financing, European market access, digital infrastructure, and talent. The Canary Islands, including Gran Canaria and Tenerife, are innovation hubs with specializations in tourism, renewable energies, and aerospace.

The Canary Islands have experienced a 235% increase in R&D activities from 2019 to 2022, showcasing its digital and entrepreneurship growth. With a mix of incubators, accelerators, investment funds, Business Angels, universities, technology parks, and centers of excellence, the Canary Islands are well-equipped to support startups.

Canarias Latam Tech offers a strategic bridge for Latin American startups looking to expand in Europe and Africa, with governmental backing, advanced infrastructure, tax incentives, and support from mentors and partners.