Colombia and Mexico: Innovation and entrepreneurship as a new paradigm for regional development in Latin America Book in Scopus uri icon

abstract

  • © Jerome S. Engel 2014.Companies that are the main drivers of economic development of successful regions around the world operate under special industrial, social and environmental conditions, which empower their business activities and offer their work forces high standards of quality of life and social benefits, all under sustainable value systems. This is not the case of most Latin American regions, which try to maintain coexistence between their areas of great economic growth and the extremely poor communities that provide them with basic resources, work forces, and services. The resulting imbalance creates situations of inequality, violence and insecurity that undermine economic progress. In emerging and developing economies the success of any innovative entrepreneurial initiative must be linked to a cooperative articulation of the regional socio-economic-environmental conditions. There is no possibility for a lasting coexistence with a steady economic bonanza when unequal social sectors, deplorable support infrastructures, irrational exploitation of natural resources, and non-inclusive, non-transparent rule of law persist. By examining certain prosperous regions, it was found that holistic visionaries, smart infrastructures, innovation systems, entrepreneurship programs, effective governance and access technologies are some of the main enabling factors that developing regions must encompass to become sustainable wealth creators.

publication date

  • January 1, 2014