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First study about crowdfunding in Mexico positions the country as leader in Latin America

Mar 27, 2014

 - Study produced by the IDB’s Multilateral Investment Fund (MIF)highlights the opportunities crowdfunding offers for financial democratization and support to entrepreneurs. 
 - Establishing a clear regulatory framework and connecting  entrepreneurs with platforms are the fundamental challenges for Mexico.  

Download the study

Mexico City, March 27, 2012.- A new study released today by the Multilateral Investment Fund (MIF), member of the Inter-American Development Bank (IDB) Group, reveals that Mexico is perceived as the leader in crowdfunding, or collective financing, in Latin America. However, to maintain this position, the country must establish a legal framework and clear regulations that address the specific activities associated with the model. 

The study, presented by Enrique Jacob, president of Mexico’s Instituto Nacional del Emprendedor (INADEM) and Keisuke Nakamura, deputy manager of the MIF, shows that crowdfunding has opened a new path in Mexico, with various operating platforms, some which involve local entrepreneurs and others that are subsidiaries of platforms based in different countries. 

The new report evaluates seven platforms that have mobilized more than 17 million dollars in campaigns in Mexico.

“Crowdfunding offers new tools that allow us to boost innovative financial models,” said Nakamura. “A dynamic economy like Mexico’s can benefit from crowdfunding, as it is an efficient mechanism that democratizes financial opportunities for entrepreneurs, SMEs, and people that may be excluded, such as youth and women entrepreneurs.”   

According to the report,  titled “Crowdfunding in Mexico: How the power of digital technology is transforming innovation, entrepreneurship and economic inclusion,” the size and potential of the market, technological advances and access, the sophistication of investors, the growing local entrepreneurship culture, and the existence of a dynamic group of crowdfunding platforms all are part of creating a solid base for participating in this funding model in Mexico. 

Said Cesar Buenadicha, MIF specialist in social entrepreneurship, “This report represents just the beginning of an ample program of support for entrepreneurs and SMEs in Mexico. This program will bring public and private actors and academics together to create a framework that will lead to the sustainable growth of crowdfunding in the country.”

The study was developed by Massolution, a company that specializes in research and consulting on the design and implementation of crowdfunding solutions. 

ABOUT CROWDFUNDING

Crowdfunding, or collective finance, refers to any form of capital in which the financial needs of an organization or an individual are communicated to a large group of people. Members of the group can evaluate the merits of the request and the ways in which the funds will be spent in order to decide whether to contribute. Crowdfunding platforms are online portals that allow users to access information about each campaign and focus on the opportunities these projects offer in terms of social and economic impact. 

ABOUT THE MIF

The Multilateral Investment Fund (MIF), a member of the Inter-American Development Bank (IDB) Group, is funded by 39 donors and supports private sector-led development benefitting low-income populations and the poor - their businesses, their farms, and their households. The aim is to give them the tools to boost their incomes: access to markets and the skills to compete in those markets, access to finance, and access to basic services, including green technology. A core MIF mission is to act as a development laboratory - experimenting, pioneering, and taking risks in order to build and support successful micro and SME business models. More information at www.fomin.org.



 

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