The City of San Francisco has launched a new economic development initiative called LatinSF which aims to serve as a conduit for business and trade between the City and Latin America by attracting Latin American companies to invest in San Francisco and by helping local firms in the City expand in the Latin American markets.
The initiative was officially launched by San Francisco Mayor Edwin M. Lee at Silicon Valley Day in Mexico City.
The Mayor is on an official trade mission to Latin America, and the visit has secured tangible results with the announcement of the first LatinSF partnership with Startup Mexico, a government-backed incubator and accelerator for tech firms in Mexico and the rest of Latin America.
The partnership ensures a steady flow of Latin American tech startups coming out of the accelerator will land straight in San Francisco.
Startup Mexico Director Marcus Dantus said that LatinSF is an excellent partner for Startup Mexico and they are looking forward to working with them to assist Latin American technology companies in accessing the amazing opportunities that San Francisco offers to innovative entrepreneurs.
Furthermore, LatinSF has secured sponsors such as AeroMexico and the Mita Institute and Tech Accelerator. MITA is also a business accelerator, tech forum and venture fund which is helping build the innovation economy in Mexico.
MITA General Partner and Fund Manager Robin Reyes said that San Francisco offers a singular ecosystem of needed mentorship, capital and business development opportunities for Mexico’s growing number of tech companies.
Reyes added that they are excited to be partnering with LatinSF to build deeper synergies between the innovation economies of Mexico and San Francisco.
LatinSF is being launched as a public-private partnership between the San Francisco Center for Economic Development (SFCED) and the Mayor’s Office of Economic and Workforce Development.
The initiative aims to replicate the success of the China-San Francisco economic development initiative ChinaSF.
SFCED Executive Director Dennis Conaghan said the demand for assistance for Latin American companies has been steadily growing, and they believe the timing is perfect to reach out to the region.
“We can never take our economic recovery and expansion for granted,” said Mayor Lee, adding that LatinSF was another way to diversify the economy, attract new companies and jobs to the City and create opportunities around the world for businesses based in San Francisco.