Somos Innovación Network: People Want More Innovation in Latin America – Survey

BUENOS AIRES, Argentina--(BUSINESS WIRE)--In the largest ever independent survey on the public’s attitude towards innovation in Latin America, new research from Somos Innovación (SI) uncovers why innovation plays such an important role in people’s lives, both locally and nationally.

According to a poll of over 5,000 people in Argentina, Brazil, Chile, Colombia and Mexico, public opinion is clear: people want more not less innovation in their lives, whether it’s access to a more diverse range of goods and services, or in creating interesting career opportunities and better paying jobs, people enjoy the opportunities that innovation brings to their lives.

Key findings:

• 87% of people across Latin America believe that encouraging innovation is crucial for the future economic growth and job creation in their country.
• When developing policies/regulations around a product or service innovation, 82% in all countries believe it is important governments take into account the views of the public.
• 85% across all countries believe that, in a democracy, governments should encourage innovation as it creates more freedom of choice for people.
• In all countries, the majority (84%) said they like to use products and services that make use of innovative ideas.

Colombia, the home for on demand food-delivery business unicorn, Rappi, is the LATAM country where desire for innovation is strongest, with 90% of Colombians saying they like to use products and services that make use of innovative ideas. In contrast, Brazil has the lowest agreement, but still with a majority of 66% of its people agreeing.

74% of people across LATAM believe it is important that governments do not stop innovation in its early stages by regulating a new product or service before they fully understand it. Not only is an authoritarian, protectionist and haphazard approach to stop innovation at odds with what the people across LATAM and within its countries desire, but the research reveals the current reality of regulation has created a disturbing climate of uncertainty and confusion on what is and isn’t illegal among innovative products and services.

For example, cryptocurrencies like Bitcoin are legal in all of the LATAM countries surveyed – yet only 45% of people in LATAM believe them to be legal. Perceptions on whether vaping and the use of electronic cigarettes is legal or illegal in LATAM bears little relation to whether vaping is prohibited or allowed in their country.

Federico N. Fernández, Executive Director at Somos Innovación, said:

“These results clearly show that people are crying out for more not less innovation. Innovation is good for governments and good for business. In contrast, poorly designed regulation is viewed as costly and distorts market dynamics, limits innovation and creates undesirable confusion and uncertainty for both consumers and innovative businesses.”