It’s no secret that brick and mortar stores have been slowly falling out of fashion over the past decade due to the convenience of and rapidly expanding online shopping market. Conglomerates such as Amazon have made it their game to widely popularize shopping from home, as well as next day shipping with Amazon Prime, and a myriad of home controls with their personal assistant Alexa. Coupled with the ongoing pandemic of COVID-19 ravaging the globe only accelerating this process, future entrepreneurs are looking hard at opportunities to tap into this exciting market. That’s why it’s very pleasurable to hear that Techstars are making big strides to supporting entrepreneurs looking to break into the fintech world in 2021.
For those unaware, Techstars is a company whose mission is to help entrepreneurs of all types succeed, as according to their mission statement they believe that entrepreneurs have the ability to mold and influence entire industries and global business at large. They have the ability to connect their startups with over 100 of the Western Union’s fintech companies as well as time to connect with like minded investors. Their most recent move has been increasing support in Latin America as there is a ton of potential and brilliant emerging entrepreneurs emerging from the continent. On top of this, Western Union already has a strong presence in Latin America so this addition will appear to be a seamless one.
While a part of the program, which is extremely competitive having only about a 1% acceptance rate, applicants are given a well-educated mentor who gets to know them and their ideas on a personal level to be able to provide the most appropriate and beneficial connections and opportunities. The Western Union specifically has approximately 85 mentors listed on their website to guide their participants. These mentors are also able to offer consulting advice for fundraising activities, which raise on average no less than €800,000 euros.
Companies such as Techstars are already hugely influential in their contributions to entrepreneurs globally and by extending that reach to Latin America only amplifies that impact. Since no country in Latin America is yet to be considered developed, this can serve as a major opportunity to those who may not have the resources or connections themselves to get their ideas on a major scale. With an increased emphasis of a more global and interconnected world, this is a large step to taking full advantage of that idea.