The business landscape during 2023 presented significant challenges and opportunities. In the first, there was the negative: insecurity, where they were victims of extortion and many were forced, unfortunately, to close their companies, and in the second, that is, in opportunities, such as access to bank loans.

This is indicated by professors and economic analysts, who also see additional potential in small and medium enterprises: technology management.

José David Hidalgo, a teacher at UISEK, indicates that there is increasing focus on sustainable and technological venturesas well as increased attention to digital transformation and adaptation to the ever-changing business environment.

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“The speed with which the world and digital technology is changing requires entrepreneurs to stay up-to-date and take advantage of the opportunities offered by the digital age. Furthermore, sustainability and social responsibility are increasingly relevant (and valued) aspects of the business landscape,” says Hidalgo.

According to the Economic Commission for Latin America and the Caribbean (ECLAC), the Ecuadorian economy recorded year-on-year growth of 3.3% in the second quarter of 2023more than was predicted at the beginning of the year.

And in its latest report, from December, it predicts a 1.9% increase in the economy, which is expressed according to the level of increase in the gross domestic product (GDP) of the country. The prognosis of the organization is GDP increase of 2% until 2024.

Silvia Noroña, an expert on entrepreneurship, points out that entrepreneurship has improved in several aspects such as culture, social capital and networks. “These aspects make the country promote entrepreneurship more and more, for example, this year the Regulation for the Promotion of Entrepreneurship in the Quito City District was approved.”

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Faced with these scenarios, economic analyst Jorge Calderón sees important niches for business development in 2024 and they are related to artificial intelligence, augmented reality, foreign trade and process automation.

“Trends are clearer because of what is consumed internationally, and Ecuador is no exception. There are virtual problems, related to the environment and no doubt to international trade,” says Calderón i He adds that the latter were not massively exploited by micro, small and medium-sized companies.

“Between 5% and 7% of MSMEs are dedicated to foreign trade, namely export and import, and the vast majority is without added value, it is clear that it is trade in goods as they are”, analyzes Calderón, who suggests that they use the advantages of the trade agreements that the country achieves, for example, with China and Costa Rica.

These are the business ideas of 2024:

1. Development of technological skills

These are educational platforms aimed at developing skills such as programming, artificial intelligence to prepare new generations for the labor market of the future.

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2. Tourist destinations

The use of virtual reality or artificial intelligence, which allows tourists to virtually explore destinations, providing immersive experiences, is another alternative where we use technology.

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3. Sustainable agriculture

Connect farmers to consumers, promoting sustainable agriculture and facilitating access and information about the sector.

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4. Foreign trade

This may apply to those who already have a job.

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5. Advice on cultural and creative products or services

Selling the products of local artists and designers, contributing to the development of the orange economy and facilitating the commercialization of visual and performing arts, among others.

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Noroña confirms that a good crime-free ecosystem is needed for a venture to become big business.

“In Ecuador, five out of ten micro-enterprises have suffered some kind of violence, creating unrest and insecurity among owners, which strongly affects the cost of doing business. The contribution of this sector to the economy is crucial, therefore it is necessary to take significant measures to control crime in the country”, he says, adding that it is essential to strengthen the capabilities of these companies.

In the meantime, Hidalgo indicates that we must continue to facilitate access to investment capital and loans for entrepreneurs, promote educational programs and establish support networks.

And for Calderón, there is still a lack of greater government support in terms of creating an environment for the development of this business, including companies and consumers. He mentions the Organic Law on Entrepreneurship and Innovation (ZOPI), for which he assures that there is no precise data. “There are no clear statistics on where they are, what they are doing, so that productive chains can be generated.”