Venezuela's entrepreneurs see a glimmer of hope in emerging sectors beyond oil as the country navigates its tumultuous political landscape.
In recent years, the nation's devastated oil sector has dominated headlines, with US companies weighing investment opportunities worth $100 billion. However, beyond this dominant narrative, some business leaders and entrepreneurs are beginning to envision alternative paths for Venezuela's economic resurgence.
Francisco Litvay, founder of Sudamerica Hub, a firm that helps companies establish offshore operations in South America, acknowledges the significant challenges Venezuela faces in attracting foreign investment. Nevertheless, he believes the upside potential is substantial if the country stabilizes and its diaspora returns, potentially reigniting domestic consumption and reviving sectors such as agribusiness, real estate, and technology.
Litvay points to companies like Yummy and Cashea, both founded by Venezuelans, as well as the Venezuelan Association of Private Capital, which has kept the startup ecosystem alive despite extreme constraints. If conditions improve, he suggests that Caracas could emerge as a regional hub for startups, leveraging its mild climate, geographic proximity to North America, and vibrant culture.
Stephany Oliveros, a Venezuelan entrepreneur who fled in 2017 and now resides in Spain, sees opportunities emerging beyond oil in areas like fintech, logistics, workforce upskilling, energy reliability, healthcare access, and consumer-facing apps. She believes companies that can serve the returning professional diaspora will "win early" and notes that the startup ecosystem may even benefit from years of scarcity, as founders build lean, adaptable systems.
However, the path ahead remains fraught with obstacles. Litvay cautions that any political transition must address entrenched corruption and establish credible economic reforms to make Venezuela an attractive destination for investors. The country's current ranking in the World Bank Ease of Doing Business index, 188th out of 190 countries, underscores the complexity and hostility faced by businesses operating there.
Despite these challenges, Oliveros remains cautiously hopeful about Venezuela's future, likening it to South Korea's remarkable economic transformation. While a "South Korea moment" may seem unlikely, she believes Venezuela can still create opportunities for itself through perseverance and innovative entrepreneurship.
In recent years, the nation's devastated oil sector has dominated headlines, with US companies weighing investment opportunities worth $100 billion. However, beyond this dominant narrative, some business leaders and entrepreneurs are beginning to envision alternative paths for Venezuela's economic resurgence.
Francisco Litvay, founder of Sudamerica Hub, a firm that helps companies establish offshore operations in South America, acknowledges the significant challenges Venezuela faces in attracting foreign investment. Nevertheless, he believes the upside potential is substantial if the country stabilizes and its diaspora returns, potentially reigniting domestic consumption and reviving sectors such as agribusiness, real estate, and technology.
Litvay points to companies like Yummy and Cashea, both founded by Venezuelans, as well as the Venezuelan Association of Private Capital, which has kept the startup ecosystem alive despite extreme constraints. If conditions improve, he suggests that Caracas could emerge as a regional hub for startups, leveraging its mild climate, geographic proximity to North America, and vibrant culture.
Stephany Oliveros, a Venezuelan entrepreneur who fled in 2017 and now resides in Spain, sees opportunities emerging beyond oil in areas like fintech, logistics, workforce upskilling, energy reliability, healthcare access, and consumer-facing apps. She believes companies that can serve the returning professional diaspora will "win early" and notes that the startup ecosystem may even benefit from years of scarcity, as founders build lean, adaptable systems.
However, the path ahead remains fraught with obstacles. Litvay cautions that any political transition must address entrenched corruption and establish credible economic reforms to make Venezuela an attractive destination for investors. The country's current ranking in the World Bank Ease of Doing Business index, 188th out of 190 countries, underscores the complexity and hostility faced by businesses operating there.
Despite these challenges, Oliveros remains cautiously hopeful about Venezuela's future, likening it to South Korea's remarkable economic transformation. While a "South Korea moment" may seem unlikely, she believes Venezuela can still create opportunities for itself through perseverance and innovative entrepreneurship.
They gotta fix that corruption and get the country's reputation back on track. And yeah, maybe one day Caracas could be a hub for startups like Barcelona or Singapore, but for now, it's all about takin' small steps towards recovery. 
. Entrepreneurs are starting to see some light at the end of the tunnel, which is awesome! I mean, who wouldn't want to invest in a country with such rich resources like oil? 
But it's all about diversifying and exploring new sectors beyond oil. Agribusiness, real estate, tech - these are areas where Venezuelans can shine, right? 
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. Venezuela can't afford to look like 188th out of 190 countries in the World Bank Ease of Doing Business index 
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. They've come so far, and with perseverance and innovative thinking, they might just make it happen 
. Those guys had a whole different economy built from scratch before they started taking off, you know? Venezuela's got some major catch-up work to do. But at the same time, I can see why entrepreneurs are getting excited about other sectors beyond oil - fintech, logistics, energy reliability... those things could make a real difference in people's lives 
. The key is gonna be addressing corruption and getting some economic reforms done ASAP 
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These entrepreneurs seem pretty optimistic about fintech and logistics, which I can see why - they're areas that can be adapted easily, even with unstable politics.
If it does, that could definitely give some much-needed momentum to the economy.
️. And then we've got these fintech companies popping up, giving the diaspora a way to send money back home and helping with economic stability 
. Francisco Litvay's on point about Caracas becoming a startup hub - I mean, have you seen those Cashea and Yummy companies? They're killing it! 
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. And btw, who cares about Ease of Doing Business ranking when you've got passionate entrepreneurs like Stephany Oliveros fighting for a better future 