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The competitive space of startups around the world has a new player in Brazil, whose innovative companies find themselves relocating tech talent to fill skills gaps. “Unicorns” are private tech startups valued at one billion dollars or more and most are in the United States and China. Brazil now has a solid group of five startup unicorns and a healthy local startup market. These companies are expanding regionally and internationally, triggering moves of skilled tech talent to locations where their skills are needed.
NuBank tops the list. It’s a financial services organization that extends credit cards to those without a bank in Brazil. Now valued at over $10 billion, the rapidly-expanding company aims to be the largest online bank outside of Asia. However, the CEO recently identified a challenge in finding talent with the right skills in Brazil. As a result, the company recently expanded to Mexico and has investors interested in additional LatAm expansion. These developments mean moves of skilled tech talent within the region to the São Paulo headquarters or another LatAm location.
Additional exciting startups in Brazil with implications for mobility include Loggi and Quinto Andar. The former is a São Paulo-based startup that created an app allowing businesses to flag nearby delivery couriers. The app then calculates a fee and tracks the route and delivery. As a result of its rapid expansion, this supply-chain innovator recently hired 1,000 engineers and plans to open a location in Portugal, which will create a new demand for skilled talent there.
Quinto Andar is an app that aims to shorten the home-finding timeline from one month to three days. To accomplish this, the app relies on “the automation of processes such as the scheduling of visits via the app, digital signature of rental contracts and the replacement of guarantors and deposits with the firm's own guarantee for clients with a good credit score (insured by an undisclosed third party).” The company plans to expand both regionally and internationally, using innovative technology for new business opportunities. As a result, it, too, will experience an increased need for tech talent around the world.
While not all startups reach the unicorn level, a healthy market of emerging startups exists that will join the competition for tech talent. For example, Cubo launched in 2015 as a coworking space for startups that includes networking events, lectures and workshops. Brazil continues to see investment in emerging companies in such tech sectors as healthtech, edtech and fintech, as well as software-as-a-service and on-demand commerce, according to Forbes.
Brazil continues to see investment in emerging companies in such tech sectors as healthtech, edtech and fintech, as well as software-as-a-service and on-demand commerce, according to Forbes.
The startup ecosystem in Brazil offers exciting innovation as well as new opportunities for tech talent relocation. São Paulo is becoming one of the top startup cities around the world. These new developments demonstrate for the mobility industry that Brazil’s startup ecosystem is one to watch.
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