Venezuela's economy is slowly inching towards recovery as entrepreneurs begin to explore new sectors beyond oil. The country's devastating economic crisis has led to the exodus of over 8 million Venezuelans, many of whom now reside in neighboring countries such as Colombia.
In a bid to revive domestic consumption and stimulate growth, some business leaders are turning their attention to sectors like agribusiness, real estate, and technology. For instance, Venezuelan superapp Yummy and fintech Cashea have managed to stay afloat despite the country's economic constraints.
According to Francisco Litvay, an entrepreneur who helps companies establish offshore operations in South America, the upside of investing in Venezuela could be enormous if the country stabilizes and attracts its diaspora back. He predicts that this could reignite domestic consumption and help revive sectors beyond oil.
One potential hub for growth is Caracas, which could eventually become a regional startup center similar to Medellín or Mexico City. Litvay points out that Caracas has many of the same characteristics that made these cities popular among digital nomads.
However, there are significant hurdles to overcome before Venezuela can attract foreign investment. The country's complex and unfriendly business environment, corrupt institutions, and unreliable infrastructure make it challenging for entrepreneurs to operate.
Despite these challenges, some entrepreneurs remain cautiously optimistic about Venezuela's future. Stephany Oliveros, a Venezuelan entrepreneur who now resides in Spain, believes that the country could experience a "reconstruction market" if political conditions improve. She points out that sectors like fintech, logistics, workforce upskilling, and consumer-facing apps could gain traction sooner than expected.
Oliveros also notes that Venezuela's startup ecosystem may benefit from years of scarcity, as founders build lean and scrappy systems to serve a returning professional diaspora. According to Global Entrepreneurship Monitor, 22.7% of Venezuelan adults were starting new businesses in 2023, despite the difficulty of sustaining them.
Ultimately, while there are still many obstacles to overcome, some entrepreneurs believe that Venezuela has the potential for a significant economic rebound if the country's political and economic conditions stabilize.
In a bid to revive domestic consumption and stimulate growth, some business leaders are turning their attention to sectors like agribusiness, real estate, and technology. For instance, Venezuelan superapp Yummy and fintech Cashea have managed to stay afloat despite the country's economic constraints.
According to Francisco Litvay, an entrepreneur who helps companies establish offshore operations in South America, the upside of investing in Venezuela could be enormous if the country stabilizes and attracts its diaspora back. He predicts that this could reignite domestic consumption and help revive sectors beyond oil.
One potential hub for growth is Caracas, which could eventually become a regional startup center similar to Medellín or Mexico City. Litvay points out that Caracas has many of the same characteristics that made these cities popular among digital nomads.
However, there are significant hurdles to overcome before Venezuela can attract foreign investment. The country's complex and unfriendly business environment, corrupt institutions, and unreliable infrastructure make it challenging for entrepreneurs to operate.
Despite these challenges, some entrepreneurs remain cautiously optimistic about Venezuela's future. Stephany Oliveros, a Venezuelan entrepreneur who now resides in Spain, believes that the country could experience a "reconstruction market" if political conditions improve. She points out that sectors like fintech, logistics, workforce upskilling, and consumer-facing apps could gain traction sooner than expected.
Oliveros also notes that Venezuela's startup ecosystem may benefit from years of scarcity, as founders build lean and scrappy systems to serve a returning professional diaspora. According to Global Entrepreneurship Monitor, 22.7% of Venezuelan adults were starting new businesses in 2023, despite the difficulty of sustaining them.
Ultimately, while there are still many obstacles to overcome, some entrepreneurs believe that Venezuela has the potential for a significant economic rebound if the country's political and economic conditions stabilize.
. i mean think about it, 8 million people left their homes because of the crisis but now they're looking to come back 
. that's millions of new entrepreneurs and consumers who can help revive sectors like agribusiness, real estate, and tech 
. caracas could become a regional startup hub similar to medellín or mexico city 
. it just goes to show that with the right conditions, venezuela can bounce back stronger than ever 
. and let's be real, years of scarcity can actually help startups get leaner and more efficient 
. so yeah, i'm keeping a positive vibe on this one 
. I mean, who wouldn't want to invest in a country with such rich culture and history? But let's be real, we gotta acknowledge the major setbacks 
. I'd love to see Caracas become a regional startup hub, but those corrupt institutions and poor infrastructure gotta get sorted out ASAP 
. But we can't just ignore the fact that 8 million people had to flee their homes because of economic chaos 
. It's a tough road ahead, but if the country gets its act together, I'd be rooting for them 
. But for now, let's keep our fingers crossed that they can overcome these hurdles and build something amazing from the ashes 
.
. What's to stop the government from messing up again? I mean, come on, they can barely take care of themselves, let alone a whole country 
. And don't even get me started on the business environment - corrupt institutions? That's just code for "they're not gonna play by the rules" 
. Yeah, good luck with that, Venezuela... I'll believe it when I see it 
.
its like the whole world knows about their economic crisis but we dont know whats gonna happen next lol the fact that theyre starting to explore new sectors beyond oil is actually kinda hopeful idk if its a good idea to turn to agribusiness or real estate though isnt that just a fancy way of saying " investing in the same old things that havent worked out so far 
i mean i wanna believe in venezuela tho i really do i just wish they could figure out a way to get rid of all that red tape and corruption 
! Those who believe in the country's potential could end up being the ones who turn it around. The startup scene is already showing promise with those 22.7% of adults starting new businesses... and who knows, maybe one day Caracas will be a major hub for entrepreneurs like Medellín or Mexico City 
!
. I think it's cool that some Venezuelan entrepreneurs are still optimistic about their country's future 
. It just goes to show that even when things seem tough, people can find ways to make it work. We could learn from them and apply those ideas to our own school projects 
.
let's keep fingers crossed for a stable and friendly business environment 
) and it just got so tough, man... He had to shut down and move on. But now, with all these new players and ideas comin' into the picture, I'm hopeful that things are gonna turn around 
! I mean, 8 million people leaving is crazy, but it's also kinda amazing how resilient these folks are 
. They're thinking outside the box (or in this case, oil industry 
). Agribusiness, real estate, tech... Venezuela has got potential! Plus, having all that diaspora back could be a game changer 
. It's not gonna be easy, but hey, progress is progress 
. And what about those who are still here? How will they fare in a economy that's still got some major issues to iron out?