Entrepreneurship in Ecuador
- Ecuador’s unemployment rate is 16.6%
- Ecuador’s population is ~13.2 mil. With a labor force of 4.36 mil
- The labor force is focused in three occupations: agriculture, industry and services.
- 65% of Ecuador’s population is below the poverty line.
- The average labor costs for Ecuador are 85 cents per hour.
- The Ecuadorian government is taking steps to encourage new business investments.
- The government created the Business Development Agency to provide Entrepreneurs with the necessary assistance to start a business.
- It used to take 2-6 months to register a business – Now it takes 22 days.
- The total franchise market size in 2001 was ~$110 mil and was expected to grow 15-20% for the next two years.
- In Ecuador, women are more likely to consider new and innovative solutions.
Venture Capital & Funding